30th Jun 2021 10:47
(Alliance News) - Civitas Social Housing PLC raised its dividend on Wednesday, noting a slight increase in net asset value per share in its most recent financial year.
The Exeter, England-based real estate investment trust reported an IFRS NAV per share at March 31 of 108.30 pence on a diluted basis, rising 0.4% rise from 107.87p the previous year.
Civitas, which invests in social care housing and healthcare facilities, said its total investment properties were independently valued at GBP915.6 million on March 31, up 4.2% from GBP878.7 million at the same point the year prior.
Meanwhile, the trust's annualised rent roll grew by 5.0% year-on-year to GBP50.8 million from GBP48.4 million.
The company said the increase in rental income reflects takings from properties purchased in previous years and new investments, as well as on track rent indexation. Civitas added that it expects its rent roll to increase further in the coming year.
The investor noted EPRA earnings of GBP30.6 million in the year to March 31, up 6.3% from GBP28.8m the year before.
Civitas increased its dividend in line with previously stated targets to 5.4p, up 1.9% from 5.3p the previous year. For financial 2022 the company is aiming for a 5.55p per share dividend.
With regard to its future, the company said it: "Sees compelling opportunities to invest further in this sector. A substantial pipeline of over GBP200 million has been developed with long standing and trusted counterparties and a good start made on deploying the recently acquired debt facility from M&G. The pipeline leaves open the prospect of future equity raises subject to market conditions and investors' views."
Shares in Civitas Social Housing were trading up 0.3% at 116.40 pence each in London on Wednesday.
By Scarlett Butler; [email protected]
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