NET ASSET VALUE AND DIVIDEND
1 February 2018
Impact Healthcare REIT plc
(the "Company" and with its subsidiaries, the "Group")
NET ASSET VALUE AND DIVIDEND
The Board of Directors (the "Board") of Impact Healthcare REIT plc (ticker: IHR) is pleased to provide the following update for the period ended 31 December 2017.
Highlights
· Unaudited Net Asset Value at 31 December 2017 of £193.5 million, 100.65 pence per share (NAV at 30 September 2017: £159.9 million, 98.85 pence per share)
· The portfolio value increased 1.83% to £156.2 million in the period from 30 September 2017 to 31 December 2017, including £0.5 million of capital improvements. The like-for-like valuation uplift in the quarter was 1.5%. As at 31 December 2017:
o the Company's property portfolio comprised 57 residential care homes (2,527 beds), with leases of 20 years (from March 2017 with no tenant break right), subject to annual upward only Retail Price Index-linked rent reviews (with a floor and cap at 2% p.a. and 4% p.a., respectively)
o the Board approved a number of capital enhancing opportunities within the current portfolio and development commenced on 46 additional beds out of the 92 approved
o the portfolio has an annualised rent roll of £11.9 million
· The Board has today declared an interim dividend of 1.50 pence per ordinary share for the period from 30 September 2017 to 31 December 2017 payable on 22 February 2018 to shareholders on the register on 9 February 2018. The ex-dividend date will be 8 February 2018. This dividend will be a Property Income Distribution ("PID")
o The Company is targeting an aggregate dividend of 6.0 pence per share for the first 12 months from Admission, which equates to a yield of 6 per cent. per annum on the Initial Public Offering ("IPO") Issue Price, payable in quarterly instalments(1)
· Successful oversubscribed £32.6 million equity issue in November 2017
· Post period, the Board announced that the Group exchanged contracts to acquire, in a sale and leaseback transaction from a new tenant the Prestige Care Group ("Prestige"), a portfolio of three purpose-built care homes in the North-East of England providing 234 high quality care beds and an additional 40 beds which present an asset management opportunity, for a total consideration (including costs) of £17 million
o Following the completion of the Prestige portfolio that is expected to take place before the end of the first quarter 2018, the Group's portfolio will comprise 60 residential care homes (2,761 operating beds)
· The Group continues to pursue a number of active investment opportunities with three currently in exclusivity
The Company also announces that its Q4 Fact Sheet for the period to 31 December 2017 is published and will be available to view later today on the Company's website at: www.impactreit.uk/documents
Rupert Barclay, Chairman of Impact Healthcare REIT plc, commented:
"The Group's diversified portfolio of high quality residential care homes is continuing to perform well, providing secure cash flows that support the Company's dividend policy while delivering stability to residents and a commitment to enhance their homes wherever possible.
The Group remains well positioned to deliver to our shareholders a growth in income with the potential for capital appreciation from identified active asset management opportunities and the Group continues to pursue a strong pipeline of new investments that are in line with our investment criteria and returns profile."
(1) This is a target only and not a profit forecast and there can be no assurance that it will be met and it should not be taken as an indication of the Group's actual or expected future results.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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Impact Health Partners LLP Mahesh Patel Andrew Cowley |
via Newgate Communications |
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Winterflood Securities Limited Joe Winkley Neil Langford |
Tel: 020 3100 0000 |
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Newgate Communications (PR Adviser) James Benjamin Anna Geffert |
Tel: 020 7680 6550 Email: impact@newgatecomms.com |
The Company's LEI is 213800AX3FHPMJL4IJ53.
Further information on Impact Healthcare REIT is available at www.impactreit.uk.
NOTES:
The Group is a real estate investment trust ("REIT") which aims to provide shareholders with an attractive return, principally in the form of quarterly income distributions and with the potential for capital and income growth, through exposure to a diversified portfolio of healthcare real estate opportunities, in particular residential care homes. The Group's investment policy is to acquire, renovate, extend and redevelop high quality healthcare real estate assets in the UK and lease those assets primarily to healthcare operators providing residential healthcare services under full repairing and insuring leases.
The Group is targeting an aggregate dividend of 6.0p per share for the first 12 months from Admission which equates to a yield of 6 per cent. per annum on the IPO Issue Price, payable in quarterly instalments(1).
The Group's Ordinary Shares were admitted to trading on the main market of the London Stock Exchange, Specialist Fund Segment, on 7 March 2017.
This information is provided by RNS
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