Civitas Social Housing PLC

(“Civitas” or the “Company”)

 

Interim Results

Period from 18th November 2016 (IPO) to 30th September 2017 (the “Period”)

 

Civitas Social Housing PLC (Lon:CSH), the first London listed REIT dedicated to investing into regulated social housing in England and Wales, is pleased to announce its interim results for the period ended 30th September 2017.

 

Financial Highlights

  • Investment Portfolio independently valued at £343.3m
  • +11.8% increase in Portfolio NAV per ordinary share (“Share”): 109.6p as at 30th September 20171
  • +5.3% increase in IFRS NAV per Share: 2p as at 30th September 2017
  • +13.1p per Share Earnings based on Portfolio NAV: based on comprehensive income and property revaluations
  • +6.7p per Share Earnings based on IFRS NAV: based on comprehensive income and property revaluations
  • Total of 2.25p per Share of dividends declared over the Period
  • Contracted Annualised Rent Roll: £17.4m based upon £285.3m capital deployed at the end of the Period
  • Average Net Initial Yield: 6% before property purchase costs
  • Weighted Average Unexpired Lease Term:3 years

 

Operational Highlights:

  • 282 properties acquired in the Period, across 83 Local Authorities, based on long-term leases signed with 10 Housing Associations, providing dependable accommodation for 1,827 tenants supported by 50 care providers

 

  • The Good Economy, the social advisory firm, in their first independent Social Impact Report on Civitas noted encouraging evidence that Civitas can deliver on its social objective of increasing the provision of high quality social homes to improve the quality of life for low income and vulnerable people in social need while achieving financial returns for investors

 

Post Balance Sheet Highlights

  • 29 properties acquired post the Period, totalling £16.2million
  • £52.2m 10 year fixed rate term loan facility from Scottish Widows
  • £302m of equity raised through a C share issue
  • £40m 3 year floating rate revolving credit facility from Lloyds Bank

 

  1. This NAV has been restated from the NAV of 109.8p per Share announced on 18 October to correct a clerical error.

 

Michael Wrobel, Non-Executive Chairman of the Company, commented:

 

“The Company’s financial, operational and social performance over the period has been very encouraging. Civitas continues to benefit from being a first mover and being able to invest in scale. It has achieved what it initially set out to; creating a property portfolio that offers investors the opportunity of long-term income and the potential for capital growth, whilst providing tenants with high quality stable homes. With the addition of the funds raised through the recent C share issue and debt issuance, we look forward to further capitalising on our pipeline of opportunities”.

 

A copy of the interim report is available here and it has also been submitted to the National Storage Mechanism (http://www.morningstar.co.uk/uk/nsm).

 

ENDS

 

 

For further information, please contact:

Civitas Housing Advisors Limited

Paul Bridge               Tel: +44 (0)20 3709 4622

Andrew Dawber       Tel: +44 (0)20 3709 4626

Cenkos Securities PLC

Sapna Shah               Tel: +44 (0)20 7397 1922

Tom Scrivens           Tel: +44 (0)20 7397 1915

Pagefield Communications Limited

Philip Dennis         Tel: +44 (0)7947 868206

David Leslie           Tel: +44 (0)7584 070274

 

 

About Civitas

 

Civitas Social Housing PLC was the first Real Estate Investment Trust offering pure play exposure to social housing in England and Wales. The Company is managed by Civitas Housing Advisors Limited. The Company’s Ordinary Shares are listed on the premium listing segment of the Official List of the Financial Conduct Authority and were admitted to trading on the main market for listed securities of the London Stock Exchange in November 2016. The Company’s C Shares are listed on the standard segment of the Official List of the Financial Conduct Authority and were admitted to trading on the main market for listed securities on the London Stock Exchange in November 2017.

 

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