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Equity Bottom-Up

Civitas Social Housing PLC / Equity Bottom-Up

<p>Strong demand for care-based social housing underpins continuing positive accounting returns for Civitas Social Housing. The investment-grade credit rating has been reconfirmed and, alongside accretive share repurchases by the company, ‘insider’ share purchases demonstrate the confidence of the board and key members of the investment adviser team. This is not reflected in the share price, which offers an attractive 6.3% yield and c 19% discount to NAV.</p>

Strong demand for care-based social housing underpins continuing positive accounting returns for Civitas Social Housing. The investment-grade credit rating has been reconfirmed and, alongside accretive share repurchases by the company, ‘insider’ share purchases demonstrate the confidence of the board and key members of the investment adviser team. This is not reflected in the share price, which offers an attractive 6.3% yield and c 19% discount to NAV.

Civitas Social Housing - Focusing on the positive drivers