Civitas Social Housing Quarterly NAV Rises, Keeps 2018 Dividend Target

LONDON (Alliance News) - Civitas Social Housing PLC on Wednesday declared its quarterly ...

Alliance News 30 May, 2018 | 1:47PM
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LONDON (Alliance News) - Civitas Social Housing PLC on Wednesday declared its quarterly dividend amid a rise in net asset value over the past six months.

Net asset value as at March 31 was GBP369.4 million, or 105.5 pence per share, up 2.2% from GBP361.3 million or 103.2p per share as at September 30.

As at the end of March, Civitas had acquired 414 properties through 46 transactions since its IPO in November 2016.

Civitas Social Housing said it has approved a quarterly dividend of 1.25 pence per share, with the intent to pay a total dividend of 5.00p per share for 2018.

"The need for increased levels of housing of all types and tenures continues to be a prominent issue for all political parties. The government has recently set a new target to provide 300,000 new homes each year and is investigating various initiatives to achieve this, with current supply being well behind that required," Civitas said in a statement.

"Against this backgrounds the market to acquire Specialist Supported Housing remains robust with a range of both private and public buyers seeking to purchase properties and with an element of upward pressure on pricing as a result. Despite this, the Company utilises its relationships, existing agreements and buying power to acquire good quality properties at competitive prices that remain firmly within the yield range set out at the time of IPO in 2016," the company added.

Shares in Civitas Social Housing were up 0.9% at 101.35 pence on Wednesday.

By Dayo Laniyan;

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Civitas Social Housing Ord 102.40 GBX 1.99 -

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