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LONDON (Alliance News) - Target Healthcare REIT Ltd on Thursday lifted its dividend payment on the back of an increase in net asset value per share and total return.
The UK care home-investor reported EPRA net asset value of 105.7 pence per share as at June 30, down from 101.9p on the same date the year before. Net asset value total return stood at 10.5% versus 7.8%.
Target healthcare declared a dividend of 6.45 pence per share, up 2.78% from 6.28p the year before, and plans to increase its quarterly dividend payment for the year ending June 2019 by 2.0% to 1.64475p, barring unforeseen circumstances, which would take the total dividend for the year to 6.579p.
The trust trust had a dividend cover of 72% in the year, down from 73% the prior year.
Target Healthcare currently has five assets in advanced negotiations for acquisition, and has grown its number of tenants to 21 from 16, with a weighted average unexpired lease term of 28.5 years, down from 29.5p.
"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," said Chairman Malcolm Naish.
Shares in Target Healthcare were up 1.4% at 113.55 pence each on Thursday.
