Edison Investment Research - Civitas Social Housing Plc (CSH) Civitas Social Housing - FY22 DPS targeted to increase by 2.8%

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Edison Investment Research

Martyn King

Civitas Social Housing - FY22 DPS targeted to increase by 2.8%

The Q421 trading update ahead of FY21 results on 29 June shows CSH continuing to perform in line with expectations, with no COVID-19 impact on rent collections or property valuations, and continuing to deliver consistent positive returns. A Q421 DPS of 1.35p takes the total declared for the year to 5.4p, in line with the target, fully covered on an annualised run-rate basis by EPRA earnings. The new aggregate DPS target for FY22 is 5.55p, a 2.8% increase and ahead of recent CPI inflation. IFRS NAV/share increased through the year to reach 108.3p (end-FY20: 107.9p) and including DPS paid, the quarterly IFRS NAV total return was consistently positive throughout the year, amounting to 5.4%. Gearing is in place for further accretive growth including plans to address the need for accommodation and support for the homeless.

19/05/2021 7 EN

Underlying

Civitas Social Housing Plc

Civitas Social Housing is a real estate investment trust investing into existing portfolios of built social homes in England and Wales. Investment Manager: Langham Hall UK Services LLP Investment Adviser: Civitas Housing Advisors Limited

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GB00BD8HBD32 London Stock Exchange United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Martyn King

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Civitas Social Housing - FY22 DPS targeted to increase by 2.8%

Form 8.3 - The Vanguard Group, Inc.: Civitas Social Housing plc

Form 8.3 - The Vanguard Group, Inc.: Civitas Social Housing plc

Form 8.3 -Civitas Social Housing plc

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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