2nd Dec 2019 09:51
(Alliance News) - Civitas Social Housing PLC on Monday raised its interim dividend as its profit and revenue rose, on the continued build up of the value of its portfolio.
For the six months to the end of September, the social housing-focused property investment company said its pretax profit rose by 65% to GBP17.4 million from GBP10.6 million the year before.
This was on revenue that grew by 45% to GBP22.7 million from GBP15.7 million, which more than offset a lower gain on the fair value change of investment properties to GBP3.2 million from GBP6.9 million.
Net asset value per share as at September 30 was 107.23 pence, up 1.1% from 106.06p the same date the year before, and 0.1% from 107.08p at the end of March.
Civitas's investment property portfolio value increased by 24% to GBP841.5 million from GBP678.7 million the prior year. The portfolio at the end of September comprised 599 properties housing 4,114 tenants.
Civitas declared an interim dividend of 2.65 pence per share, up 6.0% from 2.50p the year before, and is targeting an annual payout of 5.3p, up 6.0% from 5.0p.
"The company is pleased to report a strong set of results with our key performance objectives met. We continue to operate and grow the largest portfolio of specialist supported living accommodation which has been further increased to 599 properties, 4,114 tenancies and with a total of GBP764 million capital deployed since IPO," said Non-Executive Chair Michael Wrobel.
"The supply-demand imbalance in specialist supported accommodation continues to be severe and driven by strong demographic trends resulting in specialist supported living being one of fastest growing sub-sectors in healthcare real estate," Wrobel added.
Shares in Civitas Social Housing - which is headquartered in London - were up 0.1% at 88.50 pence on Monday.
By Dayo Laniyan; [email protected]
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