Target Healthcare REIT net assets rise in final quarter
(Alliance News) - Target Healthcare REIT PLC on Wednesday hailed a "strong, consistent performance" as it reported a valuation uplift in its final quarter.
The real estate investment trust focused on care homes said EPRA net tangible assets per share increased by 1.2% to 122.1 pence at June 30, from 120.6 pence at March 31. It is the 14th consecutive quarter with a valuation gain. June 30 is the firm's financial year end.
Shares in Target Healthcare REIT were down 1.2% at 112.40 pence on Wednesday in London.
The trust reported a 1.1% like-for-like valuation uplift, driven by inflation-linked rent reviews.
Target Healthcare valued its portfolio of care homes at GBP924.1 million at June 30, up 2.3% from GBP903.2 million at March 31.
The trust said this was driven by "contractual, inflation-linked rental increases underpinned by high-quality, modern care home real estate".
The investment trust declared a fully covered dividend of 1.51 pence per share, flat with the previous quarter.
Kenneth MacKenzie, chief executive officer of Target Fund Managers, said: "Our strong, consistent performance, as evidenced by our continued EPRA NTA growth, is fully supported by the attractive sectoral demographics and an under-supply of modern, purpose-built care homes."
He said the firm would "welcome new solutions to the issues in social care" following Prime Minister Andy Burnham's speech on the matter in July.
Target Fund Managers is the company's investment manager.
The firm also announced the departure of the investment manager's chief finance officer Alastair Murray "as a result of a change in his personal circumstances".
"The investment manager, in consultation with the chair of the audit committee, has commenced a full market search to identify a suitable successor and a further announcement will be made in due course."
By Niall Holden, Alliance News reporter
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