Target Healthcare REIT PLC on Thursday reported strong occupancy levels across its portfolio as it increased its net tangible assets per share.
The UK care home investor reported an EPRA net tangible assets per share of 112.3 pence at June 30, up from 111.8p at March 31. Its total net asset value return for its fourth quarter ending June 30 was 2.0%.
Target Healthcare said this increase in EPRA NTA per share primarily reflected valuation uplifts across its portfolio as a result of inflation-linked annual rental uplifts.
The firm’s portfolio, as of June 30, consisted of 101 assets let to 34 tenants and valued at £911.6 million. It added that resident occupancy levels have improved during the quarter and that mature home occupancy is at its highest level since the first wave of the pandemic.
Looking forward, Chief Executive of Target Fund Managers Kenneth Mackenzie said: ‘We continue to focus on the favourable long-term prospects for the portfolio, underpinned by demographic trends, the quality and modernity of our real estate and the company’s clear environmental and social impact.
‘We believe we are as future proof as we can be - environmentally 92% of our portfolio is 2030 compliant, and 100% of our homes form part of the 29% of the UK care home stock which in our opinion is socially compliant.’
Target Healthcare declared an interim dividend of 1.69 pence per share, up 0.6% on the previous year.
Shares in FTSE 250 firm were up 1.4% at 117.00 pence on Thursday morning in London.
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