Target Healthcare REIT declared its fourth interim dividend of 1.64475p per share for the year ending 30 June 2019, an increase of 2.0% on the 2018 quarterly dividends.
EPRA NAV per share of 107.8p resulted in a NAV total return of 2.1% for the quarter. Like-for-like value of the operational portfolio increased 0.6%, while total portfolio value stood at £500.9m.
Target Healthcare completed 16 rent reviews at an average uplift of 2.8% per annum, and annual contractual rent of £2.3m was added during the quarter. The REIT completed two disposals since 30 June at a price more than 5% above book value.
Kenneth MacKenzie, CEO of Target Fund Managers Limited, commented: “The capital that we currently have available (including the proceeds of the disposals) is fully allocated to pipeline opportunities that are in advanced diligence. 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.”