Care home investor Impact Healthcare REIT has reported growth across all metrics in half-year results to the end of June.
The group saw its net asset value (NAV) increase slightly to 107.17p per share (Dec 2019: 106.81p), with its portfolio now valued at £346m (Dec 2019: £318.8m).
Its contracted rent roll has grown to £29.5m (Dec 2019: £23.1m), with adjusted earnings for the six months at 2.77p per share (June 2019: 2.58p). It resulted in a profit before tax for the six months of £11.05m (June 2019: £10.94m).
The company has collected 100% of rent this year despite the covid-19 pandemic – one of only a handful of REITs to do so.
It has declared an interim dividend for the period 1 April to 30 June of 1.5725p, in line with its target dividend for the year to December 2020 of 6.29p (Dec 2019: 6.17p).
In the six months to the end of June 2020, the company acquired eight properties with 545 beds, committed to forward fund a further property with 94 beds and exchanged on a further nine properties with 649 beds. On completion this will bring the total number of properties in its portfolio to 104 with 5,601 beds.
The weighted average unexpired lease term (WAULT) is 19.5 years.
Chairman Rupert Barclay said : “We are confident that, despite the short-term uncertainty produced by the pandemic, the fundamental drivers of our industry and business remain strong.
“The company’s business model remains robust and resilient as demonstrated by the group’s 100% collection of rent due for the year to date and we continue to be well positioned for the short and longer term. We remain well capitalised, with a strong balance sheet and have significant liquidity and headroom, which together leave us well placed to continue to deliver value responsibly for all our stakeholders: our tenants, residents in the care homes we own, our tenants’ care professionals and our shareholders.“
IHR : Impact Healthcare REIT continues growth