25th Apr 2019 14:33
LONDON (Alliance News) - Target Healthcare REIT Ltd said on Thursday its third-quarter net asset value rose slightly over the period, alongside the value of its operational portfolio.
The care home investor's net asset value per share as at the end of March was 107.3 pence, compared to 106.9p at the end of December, giving a net asset value total return of 2.0%.
Target's portfolio comprised of 61 assets including a mix of operational homes and forward fund developments. As at the end of March, the REIT's portfolio value was GBP477.1 million, up 2.8% from GBP463.9 million the quarter before.
Target Healthcare has declared a dividend of 1.64475 pence per share for the third quarter, up 2.0% from 1.6125p the same period a year before.
"It has been another period of robust financial performance, underpinned by both the valuation uplift of the operating portfolio and the growth in contracted rent. It is particularly pleasing to see our portfolio grow with the delivery of our forward funded developments, providing purpose built accommodation for residents whilst also helping us to deliver on our stated commitment to diversify the portfolio by tenant, geography and end-user payment profile," said Kenneth Mackenzie, CEO of fund manager Target Fund Managers Ltd.
Shares in Target Healthcare REIT were flat 116.64 pence on Thursday.
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