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Last checked at 
6 May 2014 07:01
To: RNS Company Announcements
Date: 6 May 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 March 2014 was 96.0 pence. This is an increase of 0.1% from the NAV per share as at 31 December 2013, as analysed in the table below. As at 31 March 2014 the Company owned eleven care homes with a market value of £52.0 million and had cash balances of approximately £41.0 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 June 2014 and the NAV per share as at 30 June 2014 will be announced in July 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 31 December 2013 to 31 March 2014:
Pence per share | % of opening NAV | |
NAV per share as at 31 December 2013 | 95.9 | |
Transaction costs relating to asset acquisition during period Property revaluation |
(0.3) 1.2 |
(0.3) 1.3 |
Movement in revenue reserve | 0.5 | 0.5 |
Movement due to third & fourth interim dividend payments | (1.3) | (1.4) |
NAV per share as at 31 March 2014 | 96.0 |
Highlights
The Company paid both its third & fourth interim dividends on 28 February 2014. The third interim dividend of 0.44 pence per ordinary share was in respect of the period from 1 October to 27 October 2013, with an ex-dividend date of 23 October 2013. The fourth interim dividend of 1.5 pence per ordinary share was in respect of the period 28 October to 31 December 2013, with an ex-dividend date of 5 February 2014.
The Company announced its fifth interim dividend of 1.5 pence per ordinary share on 29 April 2014 for payment in May 2014.
In January 2014, the Company acquired a purpose-built care home in Scotland for approximately £4.3 million including acquisition costs.
After the period end, in April 2014, the Company acquired a purpose-built care home in Greater Manchester for approximately £3.8 million including acquisition costs, and has also exchanged contracts to acquire another care home in York which is due to be completed and opened in summer 2014 for approximately £5.1 million including acquisition costs. The completion of these transactions will see the Company's investment portfolio increase to thirteen care homes.
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
Fiona Harris/Sam Emery
Quill PR
020 7466 5058 / 020 7466 5056
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