7th Nov 2019 11:47
(Alliance News) - Civitas Social Housing PLC said Thursday its net asset value edged slightly upwards over the second quarter of its financial year, as it gathered more rent from its portfolio.
As at September 30, the social housing-focused property investor said its net asset value was 107.23 pence per share, up from 107.21p at June 30.
Civitas Social's annualised rent roll also climbed higher over the three months, to GBP46.5 million from GBP46.0 million at the end of June.
The company's portfolio net asset value however decreased by 0.4% over the period to GBP736.4 million from GBP739.2 million. Civitas said the portfolio was valued at a 5.05% net initial yield, up from 5.03% seen at June 30.
During the period, Civitas acquired five properties for a total of GBP3.5 million.
Also within the quarter, the Regulator of Social Housing issued a risk report relating to the social housing sector, which was regarded as more positive on lease-based housing associations, compared to an April update.
The regulator has stated publicly that it has no issues with the lease-based model, Civitas noted.
"Demand for the properties provided by the company remains very strong across the UK and supported living is a preferred care solution for government and for most local authorities. Our experience increasingly confirms that this demand is greatest for the provision of properties in which higher acuity care is delivered, as this generates the highest cost saving for the state and local authorities and the best personal outcomes for individuals," the company said.
Civitas declared a dividend of 1.325 pence per share for the quarter.
Shares in Civitas Social Housing - which is headquartered in London - were up 1.3% at 86.50 pence on Thursday.
By Dayo Laniyan; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
CSH.L