C I V I TAS CREATING VALUE BY ENHANCING LIVES S O C I G P ... · IPO 18 November 2016 Listing LSE...
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Civitas Social Housing PLC Ordinary Share Information IPO 18 November 2016 Listing LSE Main Market Premium Listing Index Inclusion FTSE All Share Ticker CSH ISIN GB00BD8HBD32 SEDOL BD8HBD3 Shares in Issue (excluding Treasury) 621,646,380 Share Price (30/06/2020) 109.6p Market Cap (30/06/2020) £681.32m IFRS NAV/Share (pence) 107.92 Portfolio NAV/Share (pence) 118.40 Ordinary Share Class During the period, the Company completed on 3 properties which had previously exchanged, comprising 25 tenancies focussed on mid-to-higher acuity care for a total consideration of £3.9 million 1 . This includes the delivery of the smaller first phase of a new state-of-the art facility in Wales for the provision of mid-to-high acuity care around mental health, autism and learning disability. In addition a number of the existing leases have seen their rental income increase as a result of annual indexation, which taken with the property acquisitions has resulted in a run-rate rental income at 30 June 2020 of £48.8 million. This is expected to grow further over the coming months. The Company is pleased to note that rents due have been collected as normal in the quarter to 30 June 2020 and are unaffected by COVID-19. As at 30 June 2020 the Company has deployed a total of £793 million 1 in more than 120 transactions consisting of 4,241 tenancies across 616 properties with 15 Housing Associations and support provided by 118 Care Providers. Period 31-Mar 2017 31-Mar 2018 31-Mar 2019 30-Jun 2019 30-Sept 2019 31-Dec 2019 31-Mar 2020 30-Jun- 2020 Investment 1 (£m) 106 472 758 761 764 771 789 793 Properties 82 414 591 594 599 608 613 616 Tenancies 487 2,621 4,072 4,094 4,114 4,153 4,216 4,241 Local Authorities 32 109 157 158 160 161 164 164 Housing Associations 5 11 15 15 15 15 15 15 Care Providers 25 64 113 113 114 115 117 118 WAULT 24.3 24.1 24.4 24.1 24.1 23.8 23.7 23.2 KEY STATISTICS AS AT 30 JUNE 2020 1 DIVIDEND DECLARATION The Board has declared a quarterly dividend for the period from 1 April 2020 to 30 June 2020 of 1.35p per Ordinary Share. The dividend will be paid on or around 7 September 2020 to holders on the register as at 14 August 2020 (the record date) with the corresponding ex-dividend date being 13 August 2020. The dividend will be paid as a REIT property income distribution (“PID”). The Board has announced that the Company is targeting a dividend of 5.4 pence per Ordinary Share for the financial year ending 31 March 2021 2 . Civitas Social Housing PLC Beaufort House, 51 new North Road, Exeter, EX4 4EP Board of Directors Michael Wrobel (Chairman) Peter Baxter Caroline Gulliver Alastair Moss Alison Hadden Key Dates Interim 30 September Full year 31 March C I V I T A S S O C I A L H O U S I N G P L C Q1 FACTSHEET 30 JUNE 2020 CREATING VALUE BY ENHANCING LIVES Social Homes For Life ⁃ A large diversified portfolio of built, principally freehold care-based social properties across the UK ⁃ Acquiring new build properties at completion without forward finance or development risk ⁃ Progressive, stable income from the receipt of rents with the potential for capital uplift ⁃ Distribute more than 90% of property rental profits in the form of a quarterly dividend paid from lease income ⁃ Long-term lease agreements signed with housing associations, local authorities and in due course, the NHS and charities ⁃ Low correlation against residential real estate, commercial real estate and the general economy ⁃ Promoting tenant’s wellbeing, enhancing housing quality and delivering an increase in the stock of high-quality housing and healthcare facilities Dividends (2020) 1st Dividend (31 Mar 2020) 1.325p 2nd Dividend (30 June 2020) 1.35p 1 Including completed properties only, excluding purchase costs 2 This is a target and not a formal dividend forecast or a profit forecast INVESTMENT UPDATE INVESTMENT OBJECTIVES AND STRATEGY Civitas Social Housing PLC (“Civitas” or the “Company”) is a market leading REIT investing in social housing and healthcare related sectors across the UK with the dual objective of achieving positive financial returns and large scale measurable social impact.
Transcript of C I V I TAS CREATING VALUE BY ENHANCING LIVES S O C I G P ... · IPO 18 November 2016 Listing LSE...
Civitas Social Housing PLC
Ordinary Share Information
IPO 18 November 2016
Listing LSE Main Market Premium Listing
Index Inclusion FTSE All Share
Ticker CSH
ISIN GB00BD8HBD32
SEDOL BD8HBD3
Shares in Issue(excluding Treasury) 621,646,380
Share Price (30/06/2020) 109.6p
Market Cap (30/06/2020) £681.32m
IFRS NAV/Share (pence) 107.92
Portfolio NAV/Share (pence) 118.40
Ordinary Share Class
During the period, the Company completed on 3 properties which hadpreviously exchanged, comprising 25 tenancies focussed on mid-to-higheracuity care for a total consideration of £3.9 million1. This includes thedelivery of the smaller first phase of a new state-of-the art facility in Walesfor the provision of mid-to-high acuity care around mental health, autismand learning disability.
In addition a number of the existing leases have seen their rental incomeincrease as a result of annual indexation, which taken with the propertyacquisitions has resulted in a run-rate rental income at 30 June 2020 of£48.8 million. This is expected to grow further over the coming months.
The Company is pleased to note that rents due have been collected asnormal in the quarter to 30 June 2020 and are unaffected by COVID-19.
As at 30 June 2020 the Company has deployed a total of £793 million1 inmore than 120 transactions consisting of 4,241 tenancies across 616properties with 15 Housing Associations and support provided by 118 CareProviders.
Period 31-Mar 2017
31-Mar 2018
31-Mar 2019
30-Jun2019
30-Sept2019
31-Dec2019
31-Mar2020
30-Jun-2020
Investment1(£m) 106 472 758 761 764 771 789 793
Properties 82 414 591 594 599 608 613 616
Tenancies 487 2,621 4,072 4,094 4,114 4,153 4,216 4,241
Local Authorities 32 109 157 158 160 161 164 164
Housing Associations 5 11 15 15 15 15 15 15
Care Providers 25 64 113 113 114 115 117 118
WAULT 24.3 24.1 24.4 24.1 24.1 23.8 23.7 23.2
KEY STATISTICS AS AT 30 JUNE 20201
DIVIDEND DECLARATIONThe Board has declared a quarterly dividend for the period from 1 April 2020 to 30 June 2020 of 1.35p per Ordinary Share.
The dividend will be paid on or around 7 September 2020 to holders on the register as at 14 August 2020 (the record date) with the corresponding ex-dividend date being 13 August 2020. The dividend will be paid as a REIT property income distribution (“PID”).
The Board has announced that the Company is targeting a dividend of 5.4 pence per Ordinary Share for the financial year ending 31 March 20212.
Civitas Social Housing PLCBeaufort House, 51 new North Road, Exeter, EX4 4EP
Board of DirectorsMichael Wrobel (Chairman)Peter BaxterCaroline GulliverAlastair MossAlison Hadden
Key DatesInterim 30 SeptemberFull year 31 March
CIVITAS
SOCIAL HOUSING P
LC
Q1 FACTSHEET30 JUNE 2020
CREATING VALUE BY ENHANCING LIVES
Social Homes For Life
⁃ A large diversified portfolio of built, principally freehold care-based socialproperties across the UK
⁃ Acquiring new build properties at completion without forward finance ordevelopment risk
⁃ Progressive, stable income from the receipt of rents with the potential forcapital uplift
⁃ Distribute more than 90% of property rental profits in the form of aquarterly dividend paid from lease income
⁃ Long-term lease agreements signed with housing associations, localauthorities and in due course, the NHS and charities
⁃ Low correlation against residential real estate, commercial real estateand the general economy
⁃ Promoting tenant’s wellbeing, enhancing housing quality and deliveringan increase in the stock of high-quality housing and healthcare facilities
Dividends (2020)
1st Dividend (31 Mar 2020) 1.325p
2nd Dividend (30 June 2020) 1.35p
1 Including completed properties only, excluding purchase costs 2 This is a target and not a formal dividend forecast or a profit forecast
INVESTMENT UPDATE
INVESTMENT OBJECTIVES AND STRATEGY
Civitas Social Housing PLC (“Civitas” or the “Company”) is a market leading REIT investing in social housing and healthcare related sectors across the UK with the dual objective of achieving positive financial returns and large scale measurable social
impact.
CIVITAS
SOCIAL HOUSING P
LC
SOCIAL IMPACT
Authentic Impact Investor
CREATING VALUE BY ENHANCING LIVES
Social Homes For Life
The Company’s investments are structured with the intention of deliveringboth financial returns and measurable large-scale social impact. This isachieved by meeting the needs of vulnerable individuals and providing long-term, high-quality specialist housing to enable them to live as part of existingcommunities rather than within large, often remote institutions. Success ismeasured by enabling individuals to enjoy better life outcomes, includingeconomic benefits, improved mental and physical health.
Since IPO in 2016, the Company has sought to work with leadingindependent consultants to measure and validate the extent of ESGintegration, social impact and social value that the investing activities of theCompany have created.
This includes not just the actual level of cost savings for the public purse butthe measurable benefits that have accrued to each individual who nowresides in a Civitas property adapted for their needs. The combined value ofboth being £114 million a year.
These benefits range from direct improvements to health and wellbeing,thereby allowing greater independence, to more personal measures such asa reduction in isolation and improved happiness.
They are also shown to radiate out further into the tenants’ immediatefamilies. Enabling an individual to live within their local community, close tofamily and friends, has been demonstrated to reduce levels of family stressand breakdown compared to remote settings where individuals can belocated hundreds of miles away from home.
Q1 FACTSHEET30 JUNE 2020
12 MONTH ORDINARY SHARE PRICE PERFORMANCE
70
80
90
100
110
06/2019 09/2019 12/2019 03/2020 06/2020
Penc
e (p
)
“[Civitas] have established themselves as a leading specialist investment fund in specialised supported housing”
The Good Economy, June 2020
• 64% of new properties in last six months brought into social housing sector for the first time
• 63% of professional support workers reported improved tenant mental health and wellbeing
• £114 million in Social Value generated on an annual basis
• £64.7 million of direct savings to local and national government per year
• £1 billion+ of direct savings to the taxpayer projected over duration of Civitas leases (25 years)
• 32 years average age of tenant
SOCIAL IMPACT REPORT – JUNE 2020
Civitas undertakes bi-annual Social Impact Reports alongside its Company financial statements, the full and most recent report can be found on the Company's website.
The Good Economy (“TGE”) confirms that Civitas is “an authentic impact investor according to the IFC Principles for Impact Management”
NORTH EAST
YORKSHIRE
EAST MIDLANDS
LONDON
EAST OF ENGLAND
SOUTH EAST
SOUTH WEST
WALES
WEST MIDLANDS
NORTH WEST
Properties: 101Tenancies: 502% of funds invested: 11.9%
Diversified Portfolio*
* As at 30 June 2020, including completed properties only
Investment AdvisorCivitas Investment Management Limited13 Berkeley Street, London W1J 8DUTelephone: 0203 058 4840
ContactsPaul Bridge [email protected]
Andrew [email protected]
Administrator & Company SecretaryLink Company Matters Limited
DepositaryINDOS Financial Limited
Legal AdvisorsCadwalader, Wickersham & Taft LLP
AuditorPricewaterhouseCoopers LLP
Property Valuation AgentJones Lang LaSalle LLP
AIFMG10 Capital Limited
Public RelationsBuchanan
RegistrarLink Market Services
CIVITAS
SOCIAL HOUSING P
LC
Properties: 99Tenancies: 592% of funds invested: 10.4%
Properties: 63Tenancies: 460% of funds invested: 6.1%
Properties: 49Tenancies: 422% of funds invested: 10.4%
Properties: 58Tenancies: 374% of funds invested: 9.0%
Properties: 26Tenancies: 338% of funds invested: 13.4%
Properties: 20Tenancies: 122% of funds invested: 3.0%
Properties: 64Tenancies: 414% of funds invested: 10.6%
Properties: 120Tenancies: 759% of funds invested: 16.3%
Properties: 16Tenancies: 258% of funds invested: 8.9%
CREATING VALUE BY ENHANCING LIVES
Social Homes For Life
Joint BrokersPanmure GordonLiberum
Disclaimer Approved for issue in accordance with section 21 ofthe Financial Services and Markets Act 2000 by Civitas SocialHousing PLC. This document is not and should not beconstrued as an offer to sell or the solicitation of an offer topurchase or subscribe for any investment. The document isintended for information purposes only and does not constituteinvestment advice. It is important to remember that pastperformance is not a guide to future performance. Furthermore,the value of any investment or the income deriving from themmay go down as well as up and you may not get back the fullamount invested. If you are in any doubt about the contents ofthis document or the investment to which it relates you shouldconsult a person that specialises and is authorised by the FCAto advise on this type
Q1 FACTSHEET30 JUNE 2020
Civitas Investment Management LimitedPaul Bridge Tel: +44 (0)20 3058 4844Andrew Dawber Tel: +44 (0)20 3058 4846
BuchananHelen Tarbet Tel: +44 (0) 20 7466 5000Henry Wilson / Hannah Ratcliff [email protected]
PanmureSapna Shah Tel: +44 (0) 20 7886 2783
LiberumGillian Martin Tel: +44 (0) 20 3100 2222
