Civitas Social Housing PLC
Civitas Social Housing PLC (“Civitas”) is a real estate investment trust (REIT) with a social mission. It was created to raise private capital to invest in social homes across England and Wales. Its objective is to help tackle the chronic shortage of social housing in the UK, particularly specialist supported housing for vulnerable adults.
In November 2016, Civitas was admitted to the London Stock Exchange in a £350m offering, making it the first social housing REIT. By September 2019 this had grown to £764m AUM.
The Good Economy has acted as Civitas’ social impact advisor since July 2017. Our role is to help Civitas measure, manage and report on the social impact of its investments. We aim to make impact considerations an integral part of investment decision-making, alongside traditional financial investment considerations of risk and return.
The Good Economy developed an Impact Measurement and Management (IMM) system for Civitas and now carries out independent assessments of Civitas’ impact performance twice a year. We also provide ongoing advice on how to improve impact measurement and management policies and practices.
The Good Economy publishes a semi-annual Impact Report, providing transparency and accountability to all stakeholders – from investors to tenants. This report is based on a mix of quantitative and qualitative data analysis, including analysis of key social performance indicators, tenant surveys and in-depth stakeholder interviews. In 2019, we collaborated with the company Social Profit Calculator to develop a model to quantify the monetary value of Civitas' social value.
As of 30 September 2019, Civitas has invested £764 million in 599 properties providing homes for 4,114 vulnerable adults.
The Good Economy’s latest Impact Report finds that:
- Civitas is making a positive contribution to improving the supply and quality of specialist supported housing, which, in turn, is making a positive difference to the lives of vulnerable people as evidenced by TGE’s resident outcomes survey
- We believe Civitas has recognised the risks of lease-based models identified by the Regulator of Social Housing (RSH) and is taking steps to mitigate these risks by focusing on building the capacity of supported housing providers and adjusting lease terms and conditions
- A key success factor for Civitas is partnering with high quality Registered Providers and Care Providers with an alignment around both long-term financial and impact objectives.