(Alliance News) - Civitas Social Housing PLC and Triple Point Social Housing REIT on Tuesday both noted the recent comments by the Regulator of Social Housing in respect of Westmoreland Supported Housing Ltd and Trinity Housing Association Ltd.
The regulator is concerned about the rent standard at the two specialist supported housing companies.
"The RSH has noted that they consider that at the present time Westmoreland and Trinity are not in conformity with the rent standard and that further information is required with the aim to achieve this," Civitas said.
It continued: "The statement from the RSH is part of an ongoing programme of engagement with specialist housing associations to improve their standards of reporting and disclosure. CSH strongly supports the work the RSH is doing and is encouraged particularly by the significant progress which both Westmoreland and Trinity have made so far."
Triple Point noted it has no leases with Trinity but currently has two properties leased to Westmoreland - but this represents 0.5% of its portfolio value.
"As stated in the company's interim report, the company has been working with Westmoreland to move all properties leased to Westmoreland to another registered provider and we expect this process to complete shortly. The board welcomes the regulator's ongoing engagement for the benefit of the sector," Triple Point added.
Civitas said it does not anticipate any changes to the rental payments from these housing associations, and all rents remain fully up to date in accordance with their terms.
"On that basis it would not be expected to have any effect on the carrying value of those properties in terms of EPRA NAV. Westmoreland comprises 6.3% of CSH's portfolio and Trinity 5.5%," Civitas added.
Shares in Civitas closed at 103.80 pence each in London on Tuesday, while Triple Point closed at 106.00p.
By Paul McGowan; paulmcgowan@alliancenews.com
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