30th May 2018

CIVITAS SOCIAL HOUSING PLC

(“Civitas” or the “Company”)

The Board of Civitas Social Housing PLC (“Board”), the first London listed Real Estate Investment Trust (“REIT”) dedicated to investing into regulated social housing in England and Wales, is pleased to announce its quarterly net asset value (“Net Asset Value” or “NAV”) as at 31 March 2018.

Net Asset Values

IFRS NAV

The unaudited IFRS NAV, disclosed below, reflects an independent RICS “Red Book” valuation prepared on an individual asset basis by Jones Lang LaSalle Ltd.

IFRS NAV

31 Mar 2018

30 Sep 2017 or 14 Nov 20171

Increase %

Ordinary NAV (£’000)

369,395

361,300

+2.2%

Ordinary NAV per share

105.5

103.2

+2.2%

C Share NAV (£’000)

298,752

295,960

+0.9%

C Share NAV per share

98.9

98.0

+0.9%

1 Comparable figures for the C share reflect the net proceeds at issue on 14 November 2017.

Portfolio NAV

The unaudited Portfolio NAV, disclosed below, reflects an independent RICS “Red Book” valuation prepared on a portfolio basis by Jones Lang LaSalle Ltd.

Portfolio NAV

31 Mar 2018

31 Dec 2017

Increase %

Ordinary NAV (£’000)

398,505

394,985

+0.9%

Ordinary NAV per share

113.9

112.8

+0.9%

C Share NAV (£’000)

302,766

297,110

+1.9%

C Share NAV per share

100.3

98.4

+1.9%

Individual properties acquired by the Company are often relatively small in size and as such, benefit from being incorporated within a larger diversified portfolio. As at 31 March 2018, the Company had acquired 414 properties in 46 transactions.

The Portfolio NAV is intended to provide shareholders with an indication of the inherent value likely to be obtained by the sale of the portfolio as a single entity within its existing corporate structure. It is considered that comparable market transactions offer both support for the carrying value of the Company’s properties on a portfolio basis and demonstrate the willingness of acquirers to pay enhanced values for larger portfolios.

The IFRS NAVs will be announced on a quarterly basis going forward supported by the Portfolio NAVs.

Total Return

The Company achieved a total return in respect of the Ordinary Shares of 10.8% from IPO to 31 March 2018 based upon dividends declared and paid in respect of the calendar year 2017 and the growth in capital value as expressed by the IFRS NAV as at 31 March 2018.

Investment Update

During the period a number of the leases entered into by the Company have seen their lease income increase as a result of annual indexation clauses and the run-rate of lease income at 31 March 2018 was £28.4 million. This is expected to grow significantly as the Company moves to full investment over coming months and supports the Company’s target dividends.

In the period since IPO the Company has made the following investments and created a quality, nationally based, diversified portfolio of regulated social housing in England and Wales;

Period

31-Mar-17

30-Jun-17

30-Sept-17

31-Dec-17

31-Mar-18

Investment (excluding purchase costs) (£m)

106

206

284

431

472

Properties

82

167

282

384

414

Tenancies

487

1,130

1,820

2,405

2,621

Local Authorities

32

68

82

99

109

Housing Associations

5

7

10

10

11

Care Providers

25

42

50

59

64

Following investment of the £350 million Ordinary Share equity and corresponding draw-down of £92.5 million of debt in respect of the Ordinary Shares, the Company is now making good progress in deploying the proceeds of the C Share issue. A total of £85.8 million has been invested in the C Share equity of which £41 million was invested in the quarter to 31 March 2018.

The Company has also continued to expand the network of Housing Associations and care providers that it interacts with, to further diversify the portfolio. In particular the Company is undertaking initial due diligence in respect of several potential new Housing Association partners that it is seeking to work with during 2018 and beyond and building relationships with additional care providers both from a due diligence standpoint and also as potential sources of properties to acquire.

Market Update

The need for increased levels of housing of all types and tenures continues to be a prominent issue for all political parties. The government has recently set a new target to provide 300,000 new homes each year and is investigating various initiatives to achieve this, with current supply being well behind that required.

The current shortfall in housing provision is felt acutely within the specialist areas of care. The result that good quality properties that are established to provide healthcare in the community are today in significant and growing demand and likely to remain so for many years to come.

Against this backgrounds the market to acquire Specialist Supported Housing remains robust with a range of both private and public buyers seeking to purchase properties and with an element of upward pressure on pricing as a result. Despite this, the Company utilises its relationships, existing agreements and buying power to acquire good quality properties at competitive prices that remain firmly within the yield range set out at the time of IPO in 2016.

In addition, properties and counterparties continue to be turned-down (£300+million in total since establishment) as a result of the due diligence and acquisition requirements set by the Company. The issues identified earlier in the year by First Priority Housing Association have emphasised further the importance of ensuring that counterparty, transaction and lease structures are robust and sustainable.

The Company itself continues to enhance its own due diligence procedures with the development of its best practice investment protocols and procedures to further secure rental income and deposits resting with housing association partners.

On 9 May 2018 the Company announced that all leases held with First Priority had been successfully assigned to Falcon Housing Association.

Pipeline

The various sources of pipeline properties originated by the Investment advisor and made available to the Company offer a good level of opportunity from which the Company can, subject to due diligence acquire a substantial number of additional properties. This is further supported by the agreements that the Investment Advisor has successfully put in place with relevant counterparties.

As a consequence, the Company remains confident of its ability to deploy the C Share equity in a timely manner consistent with the terms of the conversion of the C Share into Ordinary Shares later this year.

Dividend

As announced on 10 May 2018, the Directors approved a quarterly dividend of 1.25 pence per Ordinary Share. The Directors are targeting to pay a total dividend of 5.0 pence per Ordinary Share in respect of the calendar year to 31 December 2018. The Directors also approved the first dividend for the C shares of 1.13 pence per C share. The holders of C Shares are entitled to a cumulative preferential dividend of 3.0 per cent per annum pro-rated up to the conversion of the C Shares.

The Dividends will be paid on or around 8 June 2018 to holders on the respective registers as at 18 May 2018, the corresponding ex-dividend date being 17 May 2018.

Quarterly Fact Sheet

The Company has today published its Fact Sheet for the quarter to 31 March 2018 and this is available to view on the Company’s website, http://civitassocialhousing.com/investor-relations/reports-and-publications/.

Manager’s Update

The Company has today published a manager’s update for the quarter to 31 March 2018 and this is available to view on the Company’s website, http://civitassocialhousing.com/investor-relations/reports-and-publications/.

Annual Results

The annual report and accounts, including notice of the Annual General Meeting, of the Company for the period from IPO to 31 March 2018 will be published on or around 12 June 2018.

Annual General Meeting

The annual general meeting of the Company will be held at 2pm on 2 August 2018 at Norton Rose Fulbright offices, 3 More London Riverside, London, SE1 2AQ

For further information, please contact:

Civitas Housing Advisors Limited

Paul Bridge Tel: +44 (0)20 3058 4844

Andrew Dawber Tel: +44 (0)20 3058 4846

Cenkos Securities PLC

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

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

Pagefield

Philip Dennis  Tel: +44 (0)7947 868206

David Leslie    Tel: +44 (0)7584 070274

Notes:

Civitas Social Housing PLC is 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.

Download PDF