30th Jun 2020 10:29
(Alliance News) - Civitas Social Housing PLC on Tuesday said its net asset value per share increased only slightly in its most recent financial year, though it hiked its dividend.
The real estate investment trust reported an IFRS NAV per share as at March 31 of 107.87 pence on a diluted basis, a slight 0.7% rise from 107.08p the year before.
Civitas explained that the modest increase reflects "the indexation of leases less the costs of capital expenditure that the company chose to undertake for the long-term benefit of the portfolio."
Investment property increased by 6.3% to GBP878.7 million from GBP826.9 million. Rental income increased by 28% to GBP45.9 million from GBP35.7 million and diluted EPRA earnings per share rose 28% as well to 4.63p from 3.63p.
Civitas increased its dividend by 6.0% to 5.30p per share from 5.00p per share. For financial 2021 it is aiming for a 5.4p per share dividend.
Non-Executive Chair Michael Wrobel said: "The company is pleased to report a strong set of results that, to date, remains unaffected by Covid-19. During the quarter to 31 March 2020, the company recovered more than 99% of the rents expected to be paid and we have continued to enjoy good recoveries since this time.
"Having received shareholder consent to broaden our counterparties to include the NHS and charities, we see a significant and compelling addressable market for our services. We have the opportunity to further develop our strategic relationships with care providers and local authorities."
Wrobel added: "Despite the uncertain environment caused by Covid-19, we consider that the prospects for the company remain positive and we look forward to continuing to support the government's policy objectives to provide community settings for people with long-term care needs."
Shares in Civitas were up 1.4% at 109.07p in London on Tuesday morning.
By Anna Farley; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
CSH.L