Profit at Civitas Social Housing almost doubled during the past year, a highlight in a set of results that the company’s chairman said “remains unaffected by Covid-19”.
The REIT, which invests in care-based social homes, posted a pretax profit of £37.7m for the year to 31 March, up by 90% on a year earlier. EPRA earnings per share of 6.06p rose by 43.7%.
At £878.7m, the company’s portfolio value increased by 6.3% in a year in which it made £31m of acquisitions.
Non-executive chairman Michael Wrobel said the level of coronavirus incidences among staff and tenants remained low, which he suggested may be due to the age profile of tenants – who have an average age of 32 – and the company’s focus on self-contained apartments.
However, the company added: “Irrespective of the positive responses received to date and the sense that the market is fully functioning at present, we remain as vigilant as possible and are offering our assistance to our counterparties where we can be of help.”
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