TIDMIHR
RNS Number : 1604P
Impact Healthcare REIT PLC
15 October 2021
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in the public domain.
15 October 2021
Impact Healthcare REIT plc
("Impact" or the "Company" or, together with its subsidiaries,
the "Group")
NET ASSET VALUE, PORTFOLIO UPDATE AND DIVID DECLARATION
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, is pleased to provide the
following business and trading update for the quarter to 30
September 2021.
HIGHLIGHTS FOR THE QUARTER
-- Unaudited net asset value ("NAV") as at 30 September 2021 of
GBP392.1 million, 111.82 pence per share (NAV as at 30 June 2021:
GBP388.0 million, 110.66 pence per share).
-- The unaudited NAV total return for the quarter was 2.5%,
comprising dividends paid in the quarter of 1.6025 pence and 1.16
pence per share growth in NAV.
-- Dividend per ordinary share of 1.6025 pence declared today
for the period, in line with the Company's annual dividend target
of 6.41 pence per share for the year to 31 December 2021(1) , a
1.91% increase over the 6.29 pence in dividends paid per ordinary
share for the year ended 31 December 2020.
-- The Group's property portfolio ("Portfolio") was
independently valued at GBP447.7 million as at 30 September 2021
(valuation as at 30 June 2021: GBP432.4 million) . This represents
a 1.4% increase in value on a like for like basis in the quarter
and a total increase of 3.5% over that period including an
acquisition and a disposal.
o The like-for-like movements resulted from both rental growth
and some yield compression.
o The Group achieved an attractive average rental growth level
of 3.79 % on assets which were reviewed during the period.
o 100% of the Group's rental income is linked directly to
inflation: 87.4% RPI (with a floor and cap at 2% p.a. and 4% p.a.),
11.5% RPI (with a floor and cap at 1% p.a. and 5% p.a.) and 1.1%
annual CPI uplift.
-- The portfolio EPRA 'topped up' Net Initial Yield at 30
September 2021 was 6.67% (30 June 2021 6.75%)
-- The Group continues to receive 100% of rent payments as they fall due.
-- Gross loan to value ratio ("LTV") was 14.5% as at 30
September 2021 (at 30 June 2021: 13.7%) .
-- The Investment Manager continues to progress a strong and
growing pipeline of attractive investment opportunities with a
number in exclusivity. The potential investment opportunities in
the pipeline are managed by high-quality operators, well maintained
and offer the Company attractive levels of rent cover and a blended
net initial yield in line with previous acquisitions made by the
Company.
NET ASSET VALUE
-- Unaudited NAV as at 30 September 2021 of GBP392.1 million,
111.82 pence per share (unaudited NAV at 30 June 2021: GBP388.0
million, 110.66 pence per share).
Pence per
share
Unaudited NAV per share as at 30 June 2021 110.66
Revaluation gains/(losses) on investment
properties 0.75
Movement in revenue reserve 2.01
Quarterly dividend for the period to 30
June 2021 (1.60)
Unaudited NAV per share as at 30 September
2021 111.82
--------------------------------------------- --------------------
Percentage change in quarter 1.05%
--------------------------------------------- --------------------
-- The NAV attributable to the ordinary shares of the Company is
calculated under International Financial Reporting Standards
("IFRS") and incorporates the independent portfolio valuation at 30
September 2021 and net income for the period. There is no
difference between the IFRS NAV reported above and EPRA NTA.
-- The unaudited NAV total return for the quarter was 2.5%,
comprising dividends paid in the quarter of 1.6025 pence and 1.16
pence per share growth in NAV.
-- Gross LTV of 14.5% as at 30 September 2021 (at 30 June 2021:
13.7%) following the Group's drawdown of GBP5 million from its
revolving credit facilities ("RCF"). The Group has maintained a
healthy level of cash reserves, which stood at GBP13.6 million at
the quarter end.
Summary balance sheet (unaudited)
Sep-21 Jun-21 Mar-21 Dec-20
GBP'm GBP'm GBP'm GBP'm
--------------------------- ------- ------- ------- -------
Property portfolio* 447.7 432.4 427.0 418.8
Cash 13.6 17.7 24.1 8.0
Net assets/(liabilities)* (1.7) 0.3 (2.2) (0.9)
Bank loans (67.5) (62.4) (96.5) (76.4)
--------------------------- ------- ------- ------- -------
Net assets 392.1 388.0 352.4 349.5
--------------------------- ------- ------- ------- -------
NAV per share (pence) 111.82 110.66 110.48 109.58
* Properties within the portfolio are stated at the market value
provided by the external valuer and excludes the IFRS effects of
guaranteed rent reviews and initial lease rental payments.
PROPERTY VALUATION
-- The Group's property portfolio ("Portfolio") was
independently valued at GBP447.7 million as at 30 September 2021
(valuation as at 30 June 2021: GBP432.4 million) . This represents
a 1.4% increase in value on a like for like basis in the quarter
and a total increase of 3.5% over that period, including an
acquisition and a disposal.
o GBP2.6 million of this related to assets with rent reviews, a
3.79% increase in value per annum on a like for like basis.
o GBP1.2 million was from some yield contractions due to general
market and trading improvements in the portfolio, a 1.33% increase
in value on a like for like basis.
o There has been a GBP2.4 million increase as a result of a
deferred payment linked to an enhanced performance of a home with
an associated increase in rent.
o There was a GBP1.5 million reduction in the portfolio value
from the sale of Heeley Bank.
o GBP10.6 million related to the acquisition of Carlton
Hall.
o The portfolio EPRA 'topped up' Net Initial Yield at 30
September 2021 was 6.67% (30 June 2021 6.75%).
PORTFOLIO UPDATE
-- The Group continues to receive 100% of rent payments as they fall due.
-- Contracted rent increased to GBP33.9 million at the quarter
end (at 30 June 2021: GBP33.8 million) as a result of 12 rent
reviews during the period and impacted by the disposal of a
non-core asset.
-- Portfolio changes in the quarter:
o The Group completed on the acquisition of a high-quality
86-bed care home near Lowestoft leased to a new tenant, Carlton
Hall. The lease term is 30 years with upward-only Retail Price
Index-linked rent reviews (with a floor and cap of 2% p.a. and 4%
p.a.).
o Impact has completed on the sale of Heeley Bank a 67-bed care
home in Sheffield, acquired as part of a portfolio of four homes
leased to MMCG in March 2020. The home was not a long-term
strategic asset for Impact or MMCG, and as part of our active
portfolio management strategy, was jointly marketed post
acquisition. The sale at GBP1.68 million was 29% above the purchase
cost of the home and 12% above the carrying value at 30 June
2021.
-- At 30 September 2021, the Portfolio comprised 111 healthcare
properties(2) , of which 109 are care homes let to 12 tenants(3) on
fixed-term leases of 20 to 35 years (no break clauses), 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 on 100 leases,
and 1% p.a. and 5% p.a. on nine). In addition, the Group owns two
healthcare facilities leased to the NHS with annual CPI uplift. In
total, the Group had 13 tenants(3) across its Portfolio.
-- Weighted average unexpired lease term across the Portfolio of
19.4 years as at 30 September 2021.
INVESTMENT PIPELINE
-- The Investment Manager continues to progress a strong and
growing pipeline of attractive investment opportunities with a
number in exclusivity.
-- The potential investment opportunities in the pipeline are
managed by high-quality operators, well maintained and offer the
Company attractive levels of rent cover and a blended net initial
yield in line with previous acquisitions made by the Company.
-- Each of these potential investments, which would be subject
to Board approval, would further diversify the Company's portfolio
and tenant mix, and enhance value to shareholders.
DIVID DECLARATION
-- The Board has today declared the Company's third interim
dividend for the year ending 31 December 2021 of 1.6025 pence per
ordinary share, payable on 19 November 2021 to shareholders on the
register on 29 October 2021. The ex-dividend date will be 28
October 2021. This dividend will be paid as a Property Income
Distribution ("PID").
-- This is in line with the Company's annual dividend target of
6.41 pence per share for the year ending 31 December 2021(1) , a
1.91% increase over the 6.29 pence in dividends paid per ordinary
share for the year ended 31 December 2020.
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) Includes exchanged and under construction assets.
(3) Minster and Croftwood (both subsidiaries of Minster Care
Group), Careport, Prestige, Renaissance, Welford, Maria Mallaband
Countrywide Group, NHS Cumbria, Optima, Holmes Care, Silverline,
Electus Healthcare and Carlton Hall.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Impact Health Partners Via Maitland/AMO
LLP
Mahesh Patel
-------------------------------------- -----------------
Andrew Cowley
-------------------------------------- -----------------
Jefferies International +44 20 7029
Limited 8000
-----------------
Tom Yeadon tyeadon@jefferies.com
-------------------------------------- -----------------
Neil Winward nwinward@jefferies.com
-------------------------------------- -----------------
Francesco Namari fnamari@jefferies.com
-------------------------------------- -----------------
Winterflood Securities +44 20 3100
Limited 0000
-----------------
Neil Langford neil.langford@winterflood.com
-------------------------------------- -----------------
Joe Winkley joe.winkley@winterflood.com
-------------------------------------- -----------------
Maitland/AMO (Communications +44 7747 113
adviser) 930
-----------------
James Benjamin 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 acquires, renovates, extends and
redevelops high quality healthcare real estate assets in the UK and
lets these assets on long-term full repairing and insuring leases
to high-quality established healthcare operators which offer good
quality care, under leases which provide the Company with
attractive levels of rent cover .
The Company aims to provide shareholders with an attractive
sustainable return, principally in the form of quarterly income
distributions and with the potential for capital and income growth,
through exposure to a diversified and resilient portfolio of UK
healthcare real estate assets, in particular care homes for the
elderly.
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.
On this basis, the target total dividend for the year ending 31
December 2021 is 6.41 pence per share (1) , a 1.91% increase over
the 6.29 pence in dividends paid per ordinary share for the year
ended 31 December 2020.
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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END
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