Target Healthcare REIT PLC Portfolio Update (8511X)
01 Setembro 2022 - 3:02AM
UK Regulatory
TIDMTHRL
RNS Number : 8511X
Target Healthcare REIT PLC
01 September 2022
1 September 2022
Target Healthcare REIT plc and its subsidiaries
("Target Healthcare" or "the Group")
Portfolio update
Target Healthcare (LSE: THRL), the UK listed specialist investor
in modern, purpose-built care homes, is pleased to provide the
following update on its portfolio initiatives and rent
collection.
The Group's Net Asset Value, Corporate Update & Dividend
announcement published on 4 August 2022 detailed re-tenanting
initiatives which would, in aggregate, reallocate nine homes
providing 8.3% of contractual rent to six alternative operators,
and alleviate the impact on recent rent collection, which was 90%
for the quarter ended 30 June 2022.
An agreement has since been reached with the incumbent tenant in
seven of these homes (6.2% of June 2022 contractual rent) whereby
they will remain in place as a tenant and operator. The full
settlement of outstanding rental arrears to 30 June 2022 has been
received, resulting in the rent collection for the quarter ended 30
June 2022 increasing to 94% from 90%, and for the quarter ended 31
March 2022 increasing to 95% from 92%, reflecting the previous
receipt of partial rental payments. Furthermore, all rent due in
respect of the current quarter to September 2022 has been received,
as has penalty interest in respect of all overdue rent.
The tenant has reaffirmed their long-term commitment to the
homes following the challenges presented by the COVID-19 pandemic
and has pledged additional security from another company in the
tenant's group.
Scott Steven, Head of Asset Management of Target Fund
Managers:
"The commitments made by all parties during this process is
strong evidence of the trading outlook for these assets, and of the
overall demand for modern, ESG-compliant care home real estate from
progressive, quality care providers. Underlying resident occupancy
across our portfolio continues its steady recovery and reflects the
long-term structural demand for care places in our homes. This is
long-awaited from our tenants and while mindful of the inflationary
and staffing headwinds they face, we are generally optimistic that
trading improvements will continue in the coming months."
Enquiries:
Kenneth MacKenzie; Gordon Bland
Target Fund Managers Limited
01786 845 912
Mark Young; Mark Bloomfield
Stifel Nicolaus Europe Limited
020 7710 7600
Dido Laurimore; Richard Gotla
FTI Consulting
020 3727 1000
TargetHealthcare@fticonsulting.com
Important information
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014, as it
forms part of UK Domestic Law by virtue of the European Union
(Withdrawal) Act 2018, as amended and supplemented ("UK MAR") and
is disclosed in accordance with the Company's obligations under UK
MAR. Upon the publication of this announcement, this inside
information will be considered to be in the public domain.
Notes:
UK listed Target Healthcare REIT plc (THRL) is an externally
managed Real Estate Investment Trust which provides shareholders
with an attractive level of income, together with the potential for
capital and income growth, from investing in a diversified
portfolio of modern, purpose-built care homes.
The Group's portfolio at 30 June 2022 comprised 101 assets let
to 34 tenants with a total value of GBP911.6 million.
The Group invests in modern, purpose-built care homes that are
let to high quality tenants who demonstrate strong operational
capabilities and a strong care ethos. The Group builds
collaborative, supportive relationships with each of its tenants as
it believes working in this way helps raise standards of care and
helps its tenants build sustainable businesses. In turn, that helps
the Group deliver stable returns to its investors.
LEI: 213800RXPY9WULUSBC04
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END
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