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02 Jul 2021

Civitas Social Housing

Company Notes

Secure, inflation-linked income with strong ESG credentials

On 30 June Civitas Social Housing published its annual results for the year to 31 March 2021. Over the financial year, the fund’s IFRS NAV per share rose by 0.4% from 107.87p to 108.30p. Since its launch in November 2016, the fund has delivered a NAV total return of 5.8% per annum. The property portfolio was valued at £916m at the year-end, compared with the amount invested since launch of £803m.

Rental income for the year was £47.8m, up from £45.9m in the previous year. Rents have been received as expected, unaffected by the Covid-19 pandemic. EPRA earnings per share were 4.93p, up 6.5% from 4.63p in FY2020. Dividends totalling 5.40p per share have been declared in respect of the year, in line with the target rate. EPRA dividend cover for the period was 91.6% on an actual basis, while the EPRA run-rate dividend cover was 100% as at 31 March 2021. The Board has announced a target dividend of 5.55p per share for the year to 31 March 2022, representing an annual increase of 2.7%. This reflects the fund’s progressive dividend policy to seek to grow dividends each year broadly in line with CPI inflation.