5th Feb 2026 11:27
(Alliance News) - Target Healthcare REIT PLC on Thursday reported a like-for-like valuation increase in its portfolio during its second quarter, as it left its interim dividend unchanged.
The London-based real estate investment trust focused on care homes said EPRA net tangible assets grew 1.4% to 119.4 pence at December 31, from 117.7 pence at September 30.
Target Healthcare REIT said its portfolio was valued at GBP894.6 million, down 5.7% from GBP948.3 million a quarter earlier. However, the trust said its portfolio includes 86 operational care homes, down from 93.
On a like-for-like basis, it reported a valuation increase of 1.2%, owing to continued rental growth.
Contracted rent rose 0.9% on a like-for-like basis during the quarter, said the trust, with this driven by inflation-linked upwards only annual rent reviews.
Target Healthcare REIT declared a second interim dividend of 1.51 pence per share, remaining flat on-quarter.
Shares in the company were down 1.7% at 104.60 pence on Thursday morning in London.
The REIT said it has around GBP100 million of available capital, with the investment manager having identified a pipeline in excess of the capital available, of "attractive" and "high quality" opportunities.
"We have identified a growing pipeline of near-term assets. These assets, evenly distributed between standing assets and forward funds/forward commitments, are at various stages of evaluation and completion and have an indicative blended net initial yield in excess of 6%," said Kenneth MacKenzie, chief executive of Target Fund Managers.
"Although the timing of completion and performance of the assets remains subject to due diligence, market conditions, execution risk and other factors, we remain confident of redeploying the disposal proceeds in modern, purpose-built assets, continuing to pursue the company's objective, in line with its investment policy."
By Christopher Ward, Alliance News reporter
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