TIDMIHR
RNS Number : 4034D
Impact Healthcare REIT PLC
28 October 2020
The information contained in this announcement is restricted and
is not for publication, release or distribution in the United
States of America, any member state of the European Economic Area
(other than the United Kingdom, the Republic of Ireland or the
Netherlands), Canada, Australia, Japan or the Republic of South
Africa.
28 October 2020
Impact Healthcare REIT plc
("Impact" or the "Company" or, together with its subsidiaries,
the "Group")
100% RENT COLLECTION YEAR TO DATE, DIVIDEND DECLARATION, NET
ASSET VALUE AND UPDATE
The board of Directors (the "Board") of Impact Healthcare REIT
plc (ticker: IHR), the real estate investment trust which gives
investors exposure to a diversified portfolio of UK healthcare real
estate assets, in particular care homes for the elderly, is pleased
to provide the following update for the quarter ended 30 September
2020.
ROBUST RENT COLLECTION
-- The Company confirms receipt of 100% of the rent due on 1(st)
October for quarterly and monthly rent payments payable in advance.
The Company has received 100% of its contracted rent for 2020 year
to date.
DIVIDEND DECLARATION
-- The Board has today declared the Company's third interim
dividend for the year ending 31 December 2020 of 1.5725 pence per
ordinary share, payable on 27 November 2020 to shareholders on the
register on 6 November 2020. The ex-dividend date will be 5
November 2020.
-- 0.7863 pence per ordinary share will be paid as a property
income distribution dividend ("PID") and 0.7862 pence per ordinary
share will be paid as an ordinary UK dividend ("non-PID").
-- This dividend is in-line with the annual total dividend
target of 6.29 pence per share (1) for the year ending 31 December
2020.
NET ASSET VALUE PROGRESSION
-- Unaudited net asset value ("NAV") (2) as at 30 September 2020
of GBP347.8 million, 109.06 pence per share (NAV as at 30 June
2020: GBP341. 8 million, 107.17 pence per share).
STRONG BALANCE SHEET
-- The Company has deliberately maintained low gearing with a
loan to value ("LTV") ratio of 17.8% as at 30 September 2020. The
LTV ratio will rise to 21.3% if all committed transactions
complete.
-- As at 1 October 2020, the Group had cash of GBP24.8 million
and headroom on its undrawn debt facilities of GBP49.0 million, of
which GBP33.5 million is available immediately.
PROPERTY VALUATION AND PORTFOLIO UPDATE
-- The Group's property portfolio ("Portfolio") was
independently valued (unaudited) at GBP 399.4 million as at 30
September 2020 (at 30 June 2020: GBP346.0 million), an increase of
GBP 53.4 million, or 15.4% in the quarter.
o GBP48.4 million of the increase relates to investments in
acquisitions and GBP0.2 million relates to capital
improvements.
o Net valuation uplifts of GBP5.6 million were recognised in the
quarter, including GBP1.9 million on new acquisitions.
o One non-core property was also sold in the period for GBP0.9
million, a 24% premium to carrying value of GBP0.8 million.
-- In the quarter, the Group welcomed its 11(th) tenant, Holmes
Care, with the completion of the acquisition of nine homes with 649
beds across Scotland. The Group also exchanged contracts on an
additional care home, St Peters House close to Bury St Edmunds,
with 62 single en-suite bedrooms. St Peters House will be leased to
an existing tenant, Welford, on completion and in-line with the
Group's standard lease terms. Completion is awaiting CQC
re-registration.
-- As at 30 September 2020, the Portfolio comprised 102
healthcare properties and one forward funded development under
construction. 101 of these properties are care homes let to 10
tenants on fixed-term leases of 20 to 25 years (no break clauses),
subject to annual upward-only Retail Price Index-linked rent
reviews (with a floor and cap of varying ranges between 1% and 5%
respectively). In addition, the Group owns two healthcare
facilities leased to the NHS. In total, the Group has 11 tenants
across the Portfolio (3) .
-- Weighted average unexpired lease term across the Portfolio of 20.0 years.
-- The Portfolio had an annualised contracted rent roll of
GBP29.9 million as at 30 September 2020.
-- The Investment Manager continues to progress a strong
identified pipeline of investment opportunities and while the
Company remains cautious with the ongoing effects of the pandemic,
it also remains confident in the ongoing long-term outlook for the
sector and the investment and diversification strategy the Group
has set out.
BUSINESS UPDATE
-- The Group's top priority remains the health, welfare and
safety of its tenants' care home residents, healthcare
professionals and wider stakeholders.
-- The Investment Manager continues to be in regular
communication with all the Group's tenants and key service
providers to monitor how the pandemic is affecting them and also,
where appropriate, to share information amongst the tenants.
-- The installation of thermal imaging cameras in the entrances
of the Group's homes provides an added layer of infection control
to support residents and healthcare professionals.
-- Our tenants are in a good position, given the challenges, to
face the challenges which lie ahead. Testing remains critical to
effective infection control measures, with a typical regime of
staff being tested once a week and residents once a month. As at
20(th) October 10 residents living in six homes had tested
positive, and 10 staff working at four homes were positive. All are
now self-isolating. Occupancy was stable across the portfolio
during the third quarter, with home managers reporting good levels
of enquiries. However, new admissions are not expected to rise
substantially until current restrictions on visitors to homes are
eased.
Rupert Barclay, Chairman of Impact Healthcare REIT PLC,
commented:
"The Company's business model remains strong and resilient,
underlined by the Group's collection of 100% of rent due for the
year to date, while our tenants continue to provide good quality
care during an exceptionally challenging period. We continue to
have solid levels of rent cover due to the sustainable and
affordable lease terms we have put in place.
The need remains strong for good quality care from well
maintained, fit for purpose residential care homes with strong
infection controls in place, yet a material undersupply persists.
The Group's tenants provide an essential service to the communities
in which they operate and are playing a critical role in helping to
provide high quality care to vulnerable elderly people during this
pandemic.
We continue to be well positioned, with a strong balance sheet,
modest levels of debt and significant liquidity and headroom. We
will continue responsibly to deliver long-term, sustainable value
to our tenants' residents in the care homes we own, our tenants'
healthcare professionals and our shareholders."
Notes:
(1) This is a target only and not a profit forecast. There can
be no assurance that the target will be met and it should not be
taken as an indicator of the Company's expected or actual
results.
(2) The NAV and other financials reported in this announcement
are unaudited [and subject to change].
(3) Minster and Croftwood (both subsidiaries of Minster Care
Group), Careport, Prestige, Renaissance, Welford, Maria Mallaband
Countrywide Group, NHS Cumbria, Optima, Holmes Care and Silverline
Care.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Impact Health Partners LLP via Maitland/AMO
Mahesh Patel
Andrew Cowley
Winterflood Securities Limited Tel: 020 3100 0000
Joe Winkley
Neil Langford
RBC Capital Markets Tel: 020 7653 4000
Rupert Walford
Matthew Coakes
Maitland/AMO (Communications Adviser) Tel: 020 7379 5151
James Benjamin Email: impacthealth-maitland@maitland.co.uk
The Company's LEI is 213800AX3FHPMJL4IJ53.
Further information on Impact Healthcare REIT is available at
www.impactreit.uk .
NOTES:
Impact Healthcare REIT plc 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 UK healthcare real estate
opportunities, in particular care homes for the elderly. 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 Company has a progressive dividend policy with a target to
grow its annual aggregate dividend in line with the
inflation-linked rental uplifts received by the Group under the
terms of the rent review provisions contained in the Group's leases
in the prior financial year.
The Group's Ordinary Shares were admitted to trading on the main
market of the London Stock Exchange, premium segment, on 8 February
2019. The Company is a constituent of the FTSE EPRA/NAREIT
index.
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