Impact Healthcare’s portfolio value rises
Impact Healthcare has posted increases in its portfolio value and NAV per share, as the “material undersupply” in care homes for the elderly persists.
The value of its 101-property portfolio rose by 15.4% to £399.4m during the quarter.
Of this increase, £48.4m related to investments in acquisitions. A £5.6m net valuation uplift was recorded during the quarter, including £1.9m in new acquisitions.
Impact Healthcare has posted increases in its portfolio value and NAV per share, as the “material undersupply” in care homes for the elderly persists.
The value of its 101-property portfolio rose by 15.4% to £399.4m during the quarter.
Of this increase, £48.4m related to investments in acquisitions. A £5.6m net valuation uplift was recorded during the quarter, including £1.9m in new acquisitions.
The landlord’s unaudited NAV per share has increased to 109.1p per share in the quarter ending 30 September, up from 107.2p in the previous quarter and 106p in Q3 2019.
The company received 100% of rent due on 1 October, as well as all of its contracted rent for the year to date.
During the quarter, Impact bought nine homes with 649 beds across Scotland, let to Holmes Care. It also exchanged contracts on a care home near Bury St Edmunds that will be leased to existing tenant Welford.
If all committed transactions complete, the landlord’s LTV ratio will rise to 21.3%, from 17.8% in September.
Impact said that occupancy remained stable during the quarter, with home managers reporting good levels of enquiries. However, new admissions are “not expected to rise substantially until restrictions on visitors to homes are eased”.
Rupert Barclay, chairman of Impact Healthcare REIT, said: “The need remains strong for good quality care from well maintained, fit for purpose residential care homes with strong infection controls in place, yet a material undersupply persists.”
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