Civitas Social Housing NAV dips 1% as share price falls a 'disappointing' 16.5%

'Broad derating' of the sector

The net asset value of the £486m Civitas Social Housing REIT decreased 1% in the year to March 2023, while negative investor sentiment towards the social housing sector contributed to a “disappointing” 16.5% share price decline.

In its 2023 annual results published today (29 June), Civitas chair Michael Wrobel said the trust's share price had been "disappointing", reflecting in part the "broad derating" of real estate investments, higher interest rates and investor concern about the sector. Despite the NAV dip, the trust's annualised contracted rent roll increased by 6% to £56.3m, while the value of its portfolio of 697 properties rose 1% to £978.1m from £968.8m and the IFRS valuation net initial yield averaged 5.55%.  Civitas Social Housing REIT agrees to £485m take-private offer Wrobel said demand for th...