31st Jan 2019 14:25
LONDON (Alliance News) - Target Healthcare REIT Ltd on Thursday said its net asset value increased in its second quarter as the value of its portfolio increased on new acquisitions and further investment.
As at December 31, the real estate investment trust's EPRA net asset value per share was 106.9 pence, rising from 106.1p per share at the end of September.
Revaluation gains on investment properties had the most significant positive effect on net asset value, producing a 1.7p per share increase. A positive movement in revenue reserve added another 1.1p per share, and 0.1p per share was added via equity issuance.
Much of these gains to net asset value were offset by an interim dividend payment which deducted 1.4p per share and acquisition costs which took off another 0.7p per share.
The company declared a second interim dividend for its financial year to June 30 of 1.64475p per share, up 2.0% over its quarterly dividends a year before.
In November, the company raised GBP50 million through a 45.9 million share issue.
"The successful capital raise in November 2018 has enabled us to maintain our momentum, and allows us to acquire assets," said Target Fund Managers Ltd Chief Executive Kenneth MacKenzie.
"We are carefully working through diligence on a pipeline of additional assets which meet our strict criteria in terms of asset quality, local market competitiveness and tenant ability. Completion of these deals will see the full deployment of our available capital within an efficient timeframe," MacKenzie added.
Shares in Target Healthcare were up 0.5% at 112.00p on Thursday.
Related Shares:
Target Healthc.