Civitas Social Housing
Civitas Social Housing has been in the news because one of its tenants, My Space, has been criticised by its regulator and now is in arrears with rent due to Civitas, whose price is now on a 52% discount to NAV. The My Space rent represents only 1.3% of Civitas's rent roll which suggests that the sell-off has been overdone. Is Civitas Social Housing now a buy?
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I sold Triple Point Social Housing, because they have a larger proportion of My Space. I bought Civitas instead. The dividend is over 9%, and the discount is very wide. And where else will the people living in these properties go to?