THRL : Target Healthcare says it’s on track
Target Healthcare REIT’s first set of results were published earlier in October and today it has published its first annual report. On 30 June 2014 its share price was 104.75 – a 10.6% premium to net asset value, and it had declared dividends totalling 8p since listing. The portfolio comprised 17 care homes let to five different operators with an annual rent roll of £6.4m and a value of £83.2m.
Between 30 June and the start of October Target bought another six homes for £31.5m.
The Chairman, Michael Naish said “When we established Target Healthcare REIT Limited in early 2013 we did so with the intention of delivering stable, long-term returns to investors, backed by modern, purpose-built care home assets and supporting established operators whose focus is on the provision of quality care.
I am pleased to report that having grown the portfolio to 17 properties let to 5 separate care operators on long-term full repairing and insuring (“FRI”) leases we remain on-track to deliver these objectives. As a result of our investment discipline, the Group has performed well, creating a portfolio of quality purpose-built care homes at sustainable valuations and providing investors with dividends equating to 6 per cent. per annum, in line with expectations.”