(Alliance News) - Impact Healthcare REIT PLC on Wednesday declared an interim dividend in line with its year end target following a good first half of 2020.
The real estate investment trust with a focus on healthcare properties posted a net asset value per share of 107.17 pence per share at June 30, up from 104.67p per share a year prior.
The company boasted a portfolio valuation in the period of GBP346.0 million, up 27% from GBP271.6 million the year before.
Impact Healthcare was busy during the half having made a number of acquisitions which, once completed, will add 17 homes with 1,194 beds to the portfolio and increase our number of tenants from nine to 11.
Of the 17 homes, eight were acquired by the end of the first quarter, ended March 31.
The company said: "Looking forward, our priorities continue to be to take a disciplined approach to allocating capital as we responsibly and sustainably grow the business and income, delivering attractive risk adjusted returns, while being as efficient as possible in the way we manage the business."
Pretax profit rose to GBP11.1 million from GBP10.9 million a year prior and total rental income was up to GBP14.8 million from GBP10.8 million.
The company has collected 100% of its rent year to date.
Chair Rupert Barclay said: "We remain a long-term business and the company's sustainable healthcare portfolio continues to provide crucial infrastructure supporting vulnerable elderly people across the UK. We are confident that, despite the short-term uncertainty produced by the pandemic, the fundamental drivers of our industry and business remain strong.
"The company's business model remains robust and resilient as demonstrated by the group's 100% collection of rent due for the year to date and we continue to be well positioned for the short and longer term."
Impact Healthcare also announced a second quarter dividend of 1.57 pence per share. This is in line with the total dividend target of 6.29 pence per share for the end of this year, which has been reaffirmed by the company.
Additionally, Impact Healthcare said it has sold 36-bed The Shrubbery care home in Worcester for a 24% premium to the latest book value at June 30 as well as a 29% uplift on the purchase price. The company did not release the selling price.
The Shrubbery has been replaced by Red Hill, a 96-bed care home, in Worcester acquired for GBP3.0 million on January 9.
Impact Healthcare shares were down 1.0% at 102.50 pence each on Wednesday afternoon in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Impact Health (IHR)