Civitas Social Housing sees NAV grow in 'strong' quarter

Real estate investment trust Civitas Social Housing said on Friday that it had turned in a "strong financial and operating performance" in the three months ended 30 September.

Civitas' IFRS net asset value grew from 107.92p to 108.01p during the quarter as rents were received as normal during the period with no impact from the Covid-19 pandemic.

The FTSE 250-listed firm said its investment portfolio had also benefited from the addition of two further properties in the period, leased to Inclusion Housing Community Interest and Bespoke Supported Tenancies.

More broadly, Civitas stated that the sector in which it operates had continued to demonstrate "strong fundamentals", with the Covid-19 pandemic actually generating further demand for specially adapted, high-quality accommodation for vulnerable and disabled adult.

Civitas, which declared a 1.35p quarterly dividend, in line with its full-year target of 5.4p, added that the pandemic had temporarily slowed the ability of lenders to consider new facilities with their focus being applied to existing borrowers who required support.

"More recently lenders have been more open to consider new funding opportunities on competitive rates and the company is now working with parties to finalise a new debt facility," Civitas said.

As of 0910 GMT, Civitas shares were up 0.37% at 107.20p.