Civitas Social Housing Dividends - CSH

Civitas Social Housing Dividends - CSH

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Civitas Social Housing Plc CSH London Ordinary Share GB00BD8HBD32 ORD 1P
  Price Change Price Change % Stock Price Last Trade
-1.60 -1.51% 104.40 16:35:15
Close Price Low Price High Price Open Price Previous Close
104.40 104.40 107.00 104.60 106.00
more quote information »
Industry Sector

Civitas Social Housing CSH Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

winnings1: I would think that the rental income for CSH is virtually guaranteed by the authorities involved (Social Housing). So, as opposed to offices etc. not much in thw way of Covid-defaults here. Looks like a sensible & safe return on capital here with the share price currently at just 103p. IMHO, Winnings1 .
george stobbart: 100% rent collected, 100% dividend covered, Dividend increased in line with inflation, NAV increased as well. Plenty of cash on the BS for new acquisitions. All looks good for now
davebowler: Liberum; Civitas Social Housing Improving housing association diversification Mkt Cap £605m | Prem/(disc) -9.4% | Div yield 5.4% Event Civitas Social Housing's NAV per share increased by 0.3% to 107.6p at 31 December 2019, resulting in a 1.5% NAV total return for the quarter. Dividend cover for the quarter was steady at 0.87x based on EPRA earnings. The run-rate on dividend cover is now 0.97x based on the annualised rent roll at the quarter end. Lease indexation events were in line with targets for the quarter. The net initial yield on the portfolio (based on individual asset valuations) has remained stable at 5.29% (September 2019: 5.28%). We note the company's exposure to Westmoreland Supported Housing has reduced to 6.4% from 10.8% at 30 September 2019. Leases have been reassigned to other partner housing associations. Civitas has drawn part of the new £60m five-year debt facility with National Westminster Bank. The facility is expected to be fully drawn shortly. Near-term investments include the high-specification properties in Wales to provide high-acuity care for a number of conditions. These properties are being acquired on completion of the development. The pipeline of potential opportunities includes a number of investments from property-owning specialist care providers. Liberum view NAV performance was in line with expectations for the period. We expect acquisition activity to pick up in the coming quarters which should lead to full dividend cover for FY 2021. We forecast dividend cover of 0.92x in FY 2020 (March year-end), rising to 1.03x in FY 2021 as new acquisitions come through. We forecast £140m of acquisitions by March 2021 and we expect the dividend to be fully covered on a run-rate basis from Q1 2020. Sentiment towards the sector improved materially in the final quarter of 2019. The fundamentals of the asset class remain strong based on current needs and this is expected to rise over the coming years. We believe the discount will continue to narrow in 2020 as the sector matures and demonstrates the sustainability of the income profile. Civitas has been one of the key stakeholders involved in implementing initiatives to ensure the long-term sustainability of the sector. These include force majeure clauses in the leases, assisting housing associations with governance changes and board appointments and supporting the establishment of a not-for-profit community interest company to bring greater resource and expertise to housing associations. On a portfolio level, Civitas has also been working on increasing the amount of the portfolio that is supported by 25 year back-to-back care provider leases (30% of portfolio) and also investing in higher acuity care facilities.
spectoacc: Of all the stocks I dumped ahead of the Labour minority govnt (oops), losing CSH has caused the most angst. Good luck holders.
spectoacc: Repurchases continuing to be little more than a rounding error, some minor concerns on divi coverage, but - seemed nicely positive this morning. NAV (even the non-Red Book) continuing to be very supportive of the price, c.£1.07/share.
roha1: understanding of this sector is poor - even amongst the city brokerage community - not surprising given the sector is new to them. the real risk to the sector relates to changes in central govt funding policy towards specialist social housing (unlikely?). perception of regulator of social housing related risk is to some degree a red herring. housing associations should be thought of as no more than managing agents. the question to ask is are CSH assets fit for purpose, leased at market rents (i.e. not over rented), and occupied by tenants with long term special needs in areas of substantial supply / demand imbalance. if the answer to all these questions is yes (which it is), the risk of non payment is almost zero. if housing associations become financially stressed losses are imposed on void property stock, and or over rented premises. property which is fit for purpose and occupied at appropriate mkt rents would be unaffected and in extremis CSH could re-assign their leases to more financially viable HAs - which they have already been the case since IPO. n.b. many of these smaller specialist care related housings associations have grown rapidly in recent years and inevitably there have been associated growing pains. these issues are now being addressed to ensure their operations / governance are more professionally conducted going forward. other bear arguments focus on the mismatch of leases between housing associations and local authorities on one hand (typically shorter) and between housing assciation and social housing landlords on the other (typically longer). this misses the point that underlying tenants have long term specialist care needs (often longer than the lease) and will be funded by central govt whilst they are in situ - unless there is a change in govt funding policy...
spectoacc: Excellent report, thanks. "It warned investors, that if it had to intervene in future it could not guarantee they would not suffer financial losses." "Analysts believe the share price falls in Civitas and Triple Point triggered by the report are justified given the real estate investment trusts may have to slow – or even stop – investing the £230 million and £150 million of borrowings they have arranged, with knock-on consequences for investment and dividend returns." ‘The RSH currently has regulatory judgements on over 240 RPs outstanding, Only three of these are non-compliant for both governance and financial viability and they are tenants of the listed social housing Reits,’ he said. Numis Securities said it was ‘more wary’ of the risks now that it was clear the sector faced more than ‘teething problems’ and that the regulator was prepared to intervene ‘in order to achieve the best outcome for tenants, which may be to the detriment of investors. Personally, I wonder if a c.20% discount to NAV (tho NAV itself can be a variable feast) is pricing in quite a lot already on CSH.
2sporrans: Yes SA, could be some of the share price drop is Corbyn/Mcdonnell regime discount being priced in. But, if so, a similar drop in Civitas's peers - or near peers - ought to be evident. Are you aware of any? I'm not as not invested in any other specifically Social Housing REIT. However, I hold a bigger stake in Impact Health Reit [IHR] which is largely dependent upon state financing of its tenants in its care homes; tenant income: 59% LA / 8% NHS / 33% private. In contrast to CSH, IHR has performed well recently: share price up ~7% past 3 months, RPI dividend raise for 2019-20....currently ~5.75%. Guess that while the risk from a Labour Gov't is potentially pretty crippling, in reality the rhetoric would prove far more deleterious than the reality. On t'other hand, these REITs won't suffer [directly] from the woes of business/financial downturns to the extent that most REITS will [very variable, as portfolios and length/terms of rental agreements vary widely]; at least their incomes will keep on coming in full to extent the downturn[s] prove to be merely cyclical and not 'structural'.
2sporrans: There was an issue with First Priority - one of Civitas's RP's [Registered Provider - Housing Association]earlier this year That caused a dive in the sp, recovered later after Civitas took action to assist FP to meet obligations/standards. Excerpt from the RNS [above] 10Apr19 - "Advisor's Update": "Focus on the Tenant. Since each of the underlying tenants has a recognised high level of acute needs to qualify for life long care in the community, Civitas has the ability to reassign the lease if the RP is not performing its obligations, thereby ensuring continuity of care and accommodation for individuals and longevity of income for Civitas. This was achieved in the case of First Priority and would be available to be undertaken in the future if needed." Why the woes of this dissociated RP should cause an even deeper dive in the sp, ongoing is a moot point. Guess it's a kind of compounded concern; there's maybe a fair bit of rot amongst theSe RPs? Interestingly, Civitas have expressed their intention to raise the dividend this year; so maybe best just to hold and see if the RP concerns abate, share price revives and hopefully a fillip from divi raise news. Then reconsider how much one wants to [continue to] hold... IHR looks like could be a better model/bet to me and paying over 6p divi, ~5.75% currently.
spectoacc: Read last few RNS's! From what I can gather (and I've only come to it recently), the issue is the tenants. ie the co that signs the lease and runs the care home (or whatever) may be of dubious financial and operational quality. May all turn out fine, but the regulator has picked on several smaller operators recently. CSH isn't alone in being affected by this. Some people apparently think the entire business model is flawed. Not sure I'd go that far, but there's an element of uncertainty now which there wasn't previously (that uncertainty presumably being "what happens to the rent if the tenant goes pop"). I'd be interested to hear the views of anyone who's followed these happenings throughout. CSH say "Today's regulatory announcements are expected to have no impact on Civitas' portfolio or financial position", but it certainly had an effect on the share price.
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