Civitas Social Housing has raised its target dividend by nearly three per cent after the real estate investment trust (REIT) performed well in the last year despite Covid-19.
The REIT has raised its target dividend to 5.55 pence per share for 31 March 2022, up from 5.4 pence per share in the 2021 financial year.
Civitas Social Housing is the largest provider of specialist supported living accommodation to tenants with learning disabilities, autism, and mental health conditions in the UK.
In the last year its investment property portfolio grew to more than £915m, up from nearly £879m the year before, a change of 4.2 per cent.
The company also saw its rental income rise to £47.85m, up from £45.91m the year before, with rents unaffected by the pandemic.
Non-executive chairman Michael Wrobel said: “I am delighted to announce that the Company has reported a strong set of financial results, unaffected by Covid-19.
“During the year, our investment adviser has continued to acquire new properties following the signing of a new debt facility. It has also implemented a number of initiatives to enhance our future prospects including environmental improvements to the portfolio, recruitment of additional skills and launching real-time data systems to both manage properties and rent collection.
“Unfortunately, the UK has a substantial and structural mismatch between the need for social housing and its availability, especially bespoke specialist care based social housing.
“Civitas is leading in the sector, helping to reduce this deficit by creating long term, suitable and sustainable community-based housing solutions for vulnerable adults with lifelong care needs. The Company has identified a strong pipeline of acquisition opportunities.”