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Connell C - LB Mar 2022

Civitas Social Housing announces interim results

Civitas Social Housing

Care and healthcare real estate investment trust Civitas Social Housing has announced interim results for the six months ending 30 September 2021.

Civitas’s annualised rent roll increased by 6.06% to £52.5 million and there was an increase in net operating cash flow to £19.8 million.

The company’s IFRS property valuation increased to £946.3 million, with an IFRS valuation net initial yield of 5.27% compared to average purchase yield of 5.84% (prior to purchase costs).

There was growth in IFRS net asset value per share to 108.49p (30 Sept 2020: 108.01p per share) and the weighted average unexpired lease term was 22.7 years.

Two dividends were paid during the six-month period totalling 2.74p.

The REIT has a portfolio of 648 properties providing homes to 4,391 people. It acquired 29 properties during the six-month period for £21.9 million providing homes for 96 vulnerable adults, with the purchases funded from existing reserves and the drawdown of the M&G debt facility. Wrobel, non-executive chairman of Civitas Social Housing, said: “These results demonstrate the strong performance of the company in financial and social terms. The provision of homes for life for the most vulnerable remains a priority which in turn enables the company to deliver measurable social impact and responsible economic returns for shareholders.”

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