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Civitas Social Housing posts solid interims

Civitas Social Housing

Civitas Social Housing has posted a solid set of interim results in which most metrics saw positive moves.

Its IFRS net asset value (NAV) per share nudged up slightly to 108.01p in the six months to the end of September (March 2020: 107.87p).

The group’s property portfolio was valued at £898.5m, up 6.77% on last September. It now has a portfolio of 618 properties providing home to 4,292 people following the addition of two assets in the period for £15.6m.

The portfolio now produces an annualised rental income of £49.5m.

EPRA earnings per share was 2.49p, compared to 2.29p in the corresponding period last year. It paid dividends during the period of 2.675p, which is 100% covered by earnings on a run-rate basis.

The target divided for the year to 31 March 2021 is up slightly to 5.4p.

Pipeline

The company has identified a pipeline of potential acquisitions worth £180m and hopes to have further debt facilities in place in the coming weeks to enable them to grow the portfolio.

Michael Wrobel, chairman, said: “The demand for care-based housing continues to grow, with Covid-19 having reinforced the benefits of safe, secure homes over long-term institutionalisation. We have identified an attractive pipeline of approximately £180m, of which we intend to take advantage and are considering options for funding these high quality properties including through a new debt facility. We are now also able to extend our counterparty relationships to such organisations as the NHS and leading charities and examples of these properties are included in the present pipeline.

“We see compelling opportunities for growth, and we look forward to the future with confidence.”

CSH : Civitas Social Housing posts solid interims

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