Last checked at 
5 Nov 2013 11:39
To: RNS Company Announcements
Date: 5 November 2013
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 30 September 2013 was 94.5 pence. This is a decrease of 1.6% from the NAV per share as at 30 June 2013, as analysed in the table below. As at 30 September 2013 the Company owned eight care homes with a market value of £35.9 million and had cash balances of approximately £12.4 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 December 2013 and the NAV per share as at 31 December 2013 will be announced in January 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 June 2013 to 30 September 2013
Pence per share | % of opening NAV | |
NAV per share as at 30 June 2013 | 96.0 | |
Transaction costs relating to asset acquisition during period |
(0.3) |
(0.3) |
Movement in revenue reserve | 0.8 | 0.8 |
Movement due to first interim dividend payment | (2.0) | (2.1) |
NAV per share as at 30 September 2013 | 94.5 | (1.6) |
Highlights and subsequent events
The Company paid an interim dividend, in respect of the quarter ended 30 June 2013 of 2p per ordinary share with ex-dividend and payment dates of 7 August 2013 and 30 August 2013 respectively. The Company announced its second and third interim dividends on 17 October 2013 for payment in November 2013 and February 2014 respectively.
The Company has also acquired two purpose-built care homes in the North West of England in October 2013, for approximately £11.5 million including acquisition costs. The completion of these transactions sees the Company's investment portfolio increase to ten care homes since its launch.
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.
Enquiries:
Kenneth MacKenzie
Target Advisers
01786 406 581
Graeme Caton
Winterflood Securities
020 3100 0268