8th May 2025 14:30
(Alliance News) - Target Healthcare REIT PLC on Thursday said that it continued to outperform against a comparator index in its third financial quarter that ended in late March.
The real estate investment trust that specialises in care homes said EPRA net tangible assets per share edged up 0.3% to 113.0 pence as at March 31, from 112.7p at December 31.
This was helped by the portfolio's inflation-linked rent reviews, Target Healthcare said.
The portfolio of 94 assets let to 34 tenants was valued at GBP930.0 million as at March 31, up 0.6% from GBP924.7 million at December 31.
Contracted rent rose by 1.1% in the third financial quarter, it added.
The firm declared a dividend of 1.47p per share, up 3.0% from 1.43p a year ago.
"The group's portfolio continues to outperform the MSCI UK Annual Healthcare Property Index, with a 2024 calendar year total return at the property level of 10.8% relative to the Index's 5.4%. Longer term performance has been equally strong, with the group's portfolio ranking second out of the 12 index participants over the last 10 years, reflecting the attractive long-term returns and low volatility available from disciplined investment by a highly experienced team in this high-grade care home real estate asset class," said Kenneth MacKenzie, chief executive officer of Target Fund Managers.
Target Healthcare shares rose 1.6% to 103.20 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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