LONDON (Alliance News) - Property investor Civitas Social Housing PLC said Tuesday its net asset value per share grew 7.7% in just over 16 months from its initial public offering in November 2016 to this past March 31.
The investment trust posted net asset value per share at 105.5 pence, up from 98p in November 2016. Total net asset value was at GBP369.4 million.
Civitas Social Housing's property valuation amounted to GBP516.6 million, while total return over the period was 10.7%.
Since its IPO, the company bought 414 properties proving accommodation for 2,621 tenants supported by 64 care providers.
"Civitas has made a strong start. It has succeeded in assembling a market leading portfolio of high quality social housing, providing long-term stable, affordable accommodation for some of the most vulnerable in society," Chairman Michael Wrobel said.
Since its IPO, the company generated rental income of GBP18.6 million, with the rent roll at the end of March standing at GBP28.4 million. Total comprehensive income was GBP36.9 million.
In a separate announcement on Tuesday, Civitas said it increased its GBP40 million three-year floating rate revolving loan facility from Lloyds Bank PLC by a further GBP20 million.
The loan facility will will enhance the dividend yield and offer greater capital to assemble its portfolio, the company said.
Civitas shares were trading down 0.1% at 102.94 pence each.