Target’s NAV total return was 10.5% for the year ended June 2018. IFRS profit rose 44.5% to £27.6m from £19.1m in 2017, while EPRA earnings per share increased 8.5% to 5.25p from 4.84p in 2017.
Portfolio rental income was £26.0m vs £20.3m in 2017. The rental income grew 3.2% on an LFL basis and 27.7% including acquisitions and portfolio management activities. THRL owned 55 assets vs. 45 in 2017 with the number of tenants growing to 21 from 16 in 2017. The EPRA topped-up net initial yield was at 6.44%. The weighted average unexpired lease term was 28.5 years. Dividend was up 2.7% to 6.45p compared to 6.28p in 2017, while dividend cover was 82% vs 83% in 2017.
Malcolm Naish, Chairman, commented: “Our approach to care home investment is focused on the quality of the physical asset, alongside a comprehensive assessment of tenant capabilities before and after investment. The manager continues to see acquisition opportunities which are attractive based on long-term sustainability of rental income and their ability to contribute to the diversification of the portfolio.”