Civitas Social Housing’s FY19 results reflect the continuing strong growth in the company’s asset and income base. EPRA earnings more than doubled, and dividend growth is continuing with the company targeting a 6% increase in DPS to 5.3p for the current year. Acquisitions of £286m in in the year are yet to fully contribute, locking in further income growth, and we forecast an additional c £170m of acquisitions in the current year as the company gears its equity base towards its 35% target.
