10th Aug 2022 11:10
(Alliance News) - Civitas Social Housing PLC on Wednesday reported a strong performance in the first quarter of its financial year, with net asset value rising over the quarter on contractual inflationary increases to the rent roll.
As at June 30, net asset value per share increased 1.4% to 111.89 pence from 110.30p at the end of March, as the social housing investor's portfolio benefits from inflation-adjusted long-term leases, and occupancy agreements with approved providers.
For the quarter, Civitas declared a dividend of 1.425 pence per share, in line with its annual target of at least 5.70p, a 2.7% increase from 5.55p the prior year.
Looking ahead, Civitas said demand for care-based community housing remains high and is expected to increase further still.
"The increased target dividend for the year ending March 31, 2023 reflects both the strong underlying cash generation that the company's portfolio is delivering and the board's positive view of the company's prospects for the current financial year," the company stated.
Shares in Civitas Social Housing were up 1.0% at 82.64 pence on Wednesday morning in London.
By Dayo Laniyan; [email protected]
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