Target Healthcare REIT PLC - London-based real estate investment trust investing in care homes - EPRA net tangible assets per share are 103.0 pence on December 31, down 8.1% from 112.1p on September 30, mostly due to like-for-like portfolio valuation decrease of 5.0%. EPRA refers to European Real Estate Association. Net asset value total return, a combination of NTA movement and dividend payments, is negative 6.6% in the recent quarter, Target Healthcare’s financial second quarter. Declares second interim dividend of 1.69 pence per share, the same as for the first. Notes interim dividend reflects annualised payment of 6.76p and a dividend yield on Wednesday’s closing price of 8.4%.

‘Following the interest rate rises witnessed in late 2022, real estate values across almost all sectors have been falling,’ says Kenneth MacKenzie, chief executive officer of Target Fund Managers. ‘While the group has not been completely immune to this trend, our portfolio has demonstrated its resilience versus the CBRE UK monthly index (all property) capital decline of 14.6% for the same quarter.’

Current stock price: 85.20p, up 6.4% on Thursday in London

12-month change: down 26%

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