8th Apr 2020 15:38
(Alliance News) - Impact Healthcare REIT PLC on Wednesday reported a rise in its net assets and earnings.
For 2019, the health-focused real estate investment trust said its net asset value per share was 106.81 pence, up from 103.18p from 2018. Net rental income was GB24.0 million, rising from GBP17.3 million.
Impact Healthcare said at the end of the period, its portfolio was valued GBP318.8 million, up 42% from GBP223.8 million the year prior, driven by value uplifts on rent increases and GBP73.8 million in acquisitions.
The company paid a dividend of 6.17 pence, up from 6.00p in 2018.
Loan-to-value ratio dropped to 6.8% from 11.6% the year prior as the company secured a GBP25 million debt facility with Clydesdale Bank, taking its total debt facilities at period end to GBP75 million. As at the end of December, drawn debt was GBP25.1 million.
Post period end, Impact secured a GBP50 million revolving credit facility with HSBC Holdings PLC.
Looking ahead, the company said it does not expect the Covid-19 outbreak to hurt its business, adding that it is in a "healthy financial position" and has no debt refinancing due until June 2023.
"The outcomes of the Covid-19 crisis are uncertain and although we enter this period well positioned, with tenants with a current high level of rent cover and little debt on their balance sheets, we cannot rule out the possibility of one or more of our tenants defaulting. We believe the strength of our balance sheet will enable us to withstand the potential effects of this and to come though this period in a position to grow and thrive in the medium and longer term," said Chair Rupert Barclay.
Impact said it currently holds cash of GBP110 million of cash and available undrawn facilities at a maximum of GBP62 million.
The stock was trading flat at 93.60 pence each on Tuesday afternoon in London.
By Ife Taiwo; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Impact Health