Civitas on track to meet full-year dividend target

(Sharecast News) - Civitas Social Housing said on Tuesday that it had been unaffected by the Covid-19 pandemic, with more than 99% of rents due in the last quarter now collected.
The social housing specialist said its "strong" financial and operational performance during the three months to 31 December had been in line with expectations, with rent collection unaffected by the pandemic.

As at 1 February, over 99% of rents due had been collected across its 619 properties. The balance was expected "shortly", Civitas added.

As a result, the FTSE 250 firm announced a 1.35p per share quarterly dividend, in line with the full year target of 5.4p.

The net asset value per share was 108.17p, compared to 108.01p at the end of the previous quarter. NAV was affected by higher discretionary capital expenditure and the purchase of a new property, in Chorley, Lancashire.

Civitas said: "As the anniversary of the first Covid-19 lockdown approaches, the sector in which CSH operates continues to demonstrate strong fundamentals and robust operational characteristics.

"Demand for high quality homes in the community to provide lifelong housing for people with learning disabilities, mental health and autism is continuing to grow. In addition, substantial demand exists for housing for those that have suffered homelessness and also require long-term suitable housing in the community, with additional support to prevent them from returning to homelessness."