9th May 2024 12:34
(Alliance News) - Target Healthcare REIT PLC on Thursday reported quarterly progress, hailing its "mature and modern portfolio".
The London-based real estate investment trust, which specialises in care homes, said its net asset value total return for the third quarter ended March 31 was 3.6%.
In addition, EPRA net tangible assets per share increased 2.2% to 109.0 pence from 106.7p at December 31, which Target Healthcare said primarily reflects a "like-for-like valuation uplift driven by the portfolio's inflation-linked rent reviews and a net tightening of yields".
The company also declared a third interim dividend for the year ending June 30 of 1.428p per share.
Chief Executive Officer Kenneth Mackenzie said: "We now have a mature and modern portfolio which is delivering consistently strong performance. Our current portfolio management initiatives include: a limited number of potential tenancy changes; select capital expenditure to enhance assets alongside our three development sites; and live opportunities to tighten-up the overall portfolio quality whilst reallocating some capital."
Shares in Target Healthcare were up 1.3% at 80.63 pence each in London on Thursday afternoon.
By Sabrina Penty, Alliance News reporter
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