Target Healthcare sees rents rise 2.8%
Target Healthcare REIT reported an average 2.8% uplift in rents in its results for the period ended 30 June. It added £2.3m of annual rents during the quarter and one new tenant.
The care home investor said it completed 16 rent reviews bringing its contractual rent roll to £32.3m per annum from 60 operational properties.
It said it is on track to add two new tenants and a further £2.3m in rents this year, from three pre-let development sites which it has forward funded. It has committed to acquiring an additional care home upon completion.
Target Healthcare REIT reported an average 2.8% uplift in rents in its results for the period ended 30 June. It added £2.3m of annual rents during the quarter and one new tenant.
The care home investor said it completed 16 rent reviews bringing its contractual rent roll to £32.3m per annum from 60 operational properties.
It said it is on track to add two new tenants and a further £2.3m in rents this year, from three pre-let development sites which it has forward funded. It has committed to acquiring an additional care home upon completion.
Target Healthcare said it is continuing to grow and diversify its portfolio, with the acquisition of two operational sites and two developments during the quarter.
The REIT reported stable EPRA NAV per share at 107.8p and a NAV total return of 2.1%.
Kenneth MacKenzie, chief executive of Target Fund Managers, said: “We continue to believe that the UK has a shortage of high-quality care homes, with many care providers continuing to run their business from older, ill-equipped buildings. Uncertainty about future public sector funding doesn’t help to encourage the investment necessary to modernise the real estate available.
“The ability to issue new shares, pursuant to the placing programme scheduled to be in place once the corporate restructure completes, will provide us with the flexibility to source capital over the next 12 months to fund a further pipeline of assets that we are currently assessing, should they meet our differentiated, strict investment criteria.”
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