Last checked at 
29 Jan 2014 07:00
To: RNS Company Announcements
Date: 29 January 2014
Company: Target Healthcare REIT Limited
Subject: Net Asset Value
Net Asset Value
The Company announces that its unaudited net asset value ('NAV') per share as at 31 December 2013 was 95.9 pence. This is an increase of 1.5% from the NAV per share as at 30 September 2013, as analysed in the table below. As at 31 December 2013 the Company owned ten care homes with a market value of £46.9 million and had cash balances of approximately £45.4 million.
The NAV has been calculated under International Financial Reporting Standards ('IFRS'). It is based on the external valuation of the Company's property portfolio prepared by Colliers International.
The NAV includes income and no provision for an accrued dividend has been made.
The next quarterly valuation of the property portfolio will be conducted by Colliers International during March 2014 and the NAV per share as at 31 March 2014 will be announced in April 2014.
Analysis of movement in NAV
The following table provides an analysis of the movement in the unaudited NAV per share for the period from 30 September 2013 to 31 December 2013
Pence per share | % of opening NAV | |
NAV per share as at 30 September 2013 | 94.5 | |
Premium on share issue Transaction costs relating to asset acquisition during period Property revaluation | 2.1 (0.6) 0.0 | 2.3 (0.7) 0.0 |
Movement in revenue reserve | 0.7 | 0.7 |
Movement due to second interim dividend payment | (0.8) | (0.8) |
NAV per share as at 31 December 2013 | 95.9 | 1.5 |
Highlights
The Company paid its second interim dividend, in respect of the quarter ended 30 September 2013 of 1.5p per ordinary share with ex-dividend and payment dates of 23 October 2013 and 25 October 2013 respectively. The Company announced its third interim dividend on 17 October 2013 for payment in February 2014.
In October 2013, the Company acquired two purpose-built care homes in the North West of England for approximately £11.5 million including acquisition costs.
The Company issued 45 million new ordinary shares at an issue price of 101p each pursuant to a placing and offer for subscription during October 2013 and these ordinary shares were admitted to the premium segment of the UKLA's Official List and to trading on the London Stock Exchange's main market for listed securities on 28 October 2013.
The Company currently has 95,221,629 ordinary shares in issue.
Enquiries:
Kenneth MacKenzie
Target Advisers
01786 406 581
Graeme Caton
Winterflood Securities
020 3100 0268