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(Alliance News) - Impact Healthcare REIT PLC said Tuesday its net asset value and profit rose in the first half of 2019, as its portfolio grew substantially in value on new acquisitions and uplifts.
For the six months to the end of June, the healthcare-focused property investor reported a pretax profit of GBP10.9 million, up from GBP8.5 million a year before, while net rental income grew to GBP10.8 million from GBP7.9 million.
Impact Healthcare's profit performance was helped by an increased gain in the fair value of investment properties to GBP3.4 million from GBP2.3 million.
As at June 30, the trust's net asset value was 104.67 pence per share, up from 102.03p the same date the year before, and from 103.18p at the end of December.
Impact Healthcare's portfolio value at the end of June increased by 21% year-on-year to GBP271.6 million from GBP184.3 million.
During the period, the trust acquired nine new properties, with 471 beds and added two new tenants. As at the end of June, Impact's portfolio had 81 properties, with a total of 3,924 beds and eight tenants.
Impact Healthcare declared an interim dividend of 3.09 pence per share, up 3.0% from 3.00p the year before.
"This was a period of continued, but measured growth in line with the strategy we set out at IPO. These strong first half results give the company good momentum going into the second half and make us well placed to continue to deliver value in the short and longer term," said Chair Rupert Barclay.
"We have strong relationships with a growing number of high-quality tenants, who offer an essential regulated service and provide good care. This in turn ensures the group has a secure income stream. This stands us in good stead in an uncertain economic and political environment, including where the outcome of Brexit negotiations is still uncertain, and underpins our new progressive dividend policy and total return target, which reflect our confidence in the group's prospects," Barclay added.
Shares in Impact Healthcare were down 0.5% at 111.50 pence on Tuesday.