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Connell C - LB Mar 2022

Civitas Social Housing reports healthy results

Civitas Social Housing,
Image from Civitas Social Housing’s news page

Civitas Social Housing, a care-based and healthcare real estate investment trust, has reported its full-year results for the year ended 31 March 2022. The value of its investment property increased over the year by 5.8%, from £915.6 million to £968.8 million.

Its annualised rent roll increased by 6.5%, from £50.8 million to £54.1million, while net rental income went up by 6.1%, from £47.8 million to £50.7 million.

EPRA earnings dropped by 2.6%, from £30.6 million to £29.8 million. The REIT’s operating cash flow increased by 3.8% from £36.1 million to £37.5 million.

Its IFRS diluted earnings per share went up by 24.7%, from 5.8p to 7.23p and EPRA diluted earnings per share decreased by 2.2% from 4.93p to 4.82p. Dividends per share went up by 2.8% from 5.4p to 5.55p.

The REIT’s loan to value ratio is 34.4% and its weighted average cost of debt is 2.5%.

A total of 77 properties were acquired during the year – 29 properties for £21.9 million providing homes for vulnerable adults, 47 properties for around £8.1 million to deliver asylum accommodation, and one property in Lancashire for £1.4 million providing a home for 13 individuals with learning disabilities and mental health care needs.

Michael Wrobel, Civitas Social Housing’s non-executive chairman, said: “Our investment advisor, Civitas Investment Management Limited, has exceptional knowledge of the industry and continues to add to its team to enhance our portfolio. CIM has been working on an initiative to introduce a variation to our leases, that will not impact revenues or asset values, but which aims to strengthen the industry by addressing concerns expressed by the regulator for social housing.

The sector in which the company invests offers many positive attributes, in an increasingly uncertain world. We benefit from high levels of intrinsic underlying demand for our properties. All of our leases benefit from CPI uplift on rents, some of which are subject to a 4% cap. Together with our partners, we enable the delivery of high-quality, value for money care services for our tenants. Our initiatives on new lease clauses and further projects with E.ON to reduce our carbon footprint, will deliver further benefit to our stakeholders. We look to the future with confidence.”

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