Civitas Social Housing PLC Net Asset Value, Dividend Declaration and Update (2171M)

TIDMCSH

RNS Number : 2171M

Civitas Social Housing PLC

27 July 2017

27(th) July 2017

CIVITAS SOCIAL HOUSING PLC

("Civitas" or the "Company")

Net Asset Value, Dividend Declaration and Investment Update

The Board of Civitas Social Housing PLC ("Board"), the first London listed REIT dedicated to investing into regulated social housing in England and Wales, is pleased to announce its net asset value ("NAV") for the period from IPO (18 November 2016) to 30(th) June 2017, a second quarterly dividend and a commentary on the continued success in the deployment of capital.

Net Asset Value

As at the close of business on 30 June 2017, the unaudited EPRA/IFRS NAV was 105.3 pence per ordinary share. This represents an increase since IPO (based on 98.0 pence per ordinary share), of 7.5 per cent. per ordinary share and reflects an independent RICS "Red Book" portfolio valuation undertaken by Jones Lang LaSalle Ltd. as at 30(th) June 2017.

Following the reversal of a contingent provision for deferred tax provided for as at 31(st) March 2017 the EPRA and IFRS NAV is the same as at 30(th) June 2017.

Dividend Declaration

The Board has today declared a second quarterly dividend in respect of the three months to 30(th) June 2017 of 0.75 pence per ordinary share, payable on or around 31(st) August 2017 to shareholders on the register on 4(th) August 2017. The ex-dividend date will be 3(rd) August 2017. The dividend will be paid as an ordinary UK dividend.

As noted previously, the Company is targeting a total dividend of 3.0 pence per ordinary share for the period ending 31 December 2017 and 5.0 pence per ordinary share in the calendar year from 1(st) January 2018 to 31 December 2018.

Investment Update

In the period since IPO to 26(th) July 2017 the Company has made the following investments and created a nationally based, diversified portfolio of regulated social housing in England and Wales.

 
 Period                  31-Mar-17   30-Jun-17   26-Jul-17 
----------------------  ----------  ----------  ---------- 
 Investment (GBPm)         106.1       206.0       229.0 
----------------------  ----------  ----------  ---------- 
 Properties                 82          167         212 
----------------------  ----------  ----------  ---------- 
 Tenancies                  487        1,130       1,351 
----------------------  ----------  ----------  ---------- 
 Local Authorities          32          68          73 
----------------------  ----------  ----------  ---------- 
 Housing Associations        5           7           8 
----------------------  ----------  ----------  ---------- 
 Care Providers             25          42          42 
----------------------  ----------  ----------  ---------- 
 

The Company is pleased to note the total investment of GBP229 million (before purchase costs) as at 26(th) July 2017 which reflects the breadth of opportunity and sector relationships that Civitas Housing Advisers Limited, the exclusive Investment Manager has developed on behalf of the Company.

In addition, the Investment Manager has developed a significant pipeline of further opportunities which are at various stages of due diligence. If completed these investments would represent a value in excess of the remaining investable equity and potential debt finance.

Quarterly Fact Sheet

The Company has today published its Fact Sheet for the quarter to 30(th) June 2017 and this is available to view on the Company's web site, http://civitassocialhousing.com/investor-relations/reports-and-publications/.

Note:

(1) The target dividend is a target only and not a forecast. There can be no assurance that the target will be met and it should not be taken as an indication of the Company's expected or actual future results.

For further information, please contact:

Civitas Housing Advisors Limited

   Paul Bridge                           Tel: [phone] 
   Andrew Dawber                   Tel: [phone] 

Cenkos Securities PLC

   Sapna Shah                           Tel: [phone] 
   Tom Scrivens                        Tel: [phone] 

Pagefield

   Philip Dennis                       Tel: [phone] 
   David Leslie                          Tel: [phone] 

Notes:

Civitas Social Housing PLC is the first Real Estate Investment Trust offering pure play exposure to social housing in England and Wales. The Company is managed by Civitas Housing Advisors Limited. The Company is listed on the premium listing segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in November 2016.

This information is provided by RNS

The company news service from the London Stock Exchange

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July 27, 2017 02:03 ET (06:03 GMT)