TIDMIHR
RNS Number : 6541M
Impact Healthcare REIT PLC
31 July 2017
Trading Update (replacement announcement)
This announcement replaces RNS: 5060M released at 7am on 31 July
2017. The purpose of this replacement announcement is to correct
the record date. The dividend will be paid on 31 August 2017 to
shareholders on the register on 11 August 2017. The ex-dividend
date is unchanged at 10 August 2017. All other figures and details
in the announcement remain unchanged.
31 July 2017
Impact Healthcare REIT plc
(the "Company")
TRADING UPDATE AND DIVIDEND DECLARATION
The Board of Directors of Impact Healthcare REIT Plc (ticker:
IHR) is pleased to provide the following update for the period
ended 30 June 2017.
Highlights
-- Fully subscribed initial public offering raised GBP160
million and admission to trading on the specialist fund segment of
the main market of the London Stock Exchange on 7 March 2017
-- Invested GBP152.1 million net of acquisition costs, with a 30
June 2017 Independent valuation of GBP153.4 million of the
Company's property portfolio
-- Unaudited EPRA Net Asset Value at 30 June 2017 of GBP157.8 million, 98.53 pence per share
-- Unaudited EPRA Earnings for the period to 30 June 2017 of
GBP2.87 million, 1.79 pence per share
-- The Board today declares a fully covered dividend of 1.50
pence per ordinary share for the period from 7 March 2017 to 30
June 2017. This dividend will be a Property Income Distribution
("PID")
o The dividend will be paid on 31 August 2017 to shareholders on
the register on 11 August 2017. The ex-dividend date will be 10
August 2017
-- Targeting a fully covered 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 Issue Price, on an ungeared
basis and payable in quarterly instalments(1)
-- The Company's property portfolio comprises 57 residential
care homes (2,527 beds), with leases of 20 years (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 4 May 2017, acquired the Seed Portfolio (2,479 beds) for
GBP148.75 million, reflecting a net initial yield of 7.6%
o 29 June 2017, acquired Saffron Court, Leicester (48 beds) for
GBP3.4 million, reflecting a net initial yield of 7.7%
o The portfolio has an annualised rent roll of GBP11.6
million
-- The Company has approved in principle, subject to financing,
the first phase of capital enhancements to the Company's property
portfolio that will add 92 new beds to three homes. Further
opportunities for an additional 310 beds have been identified and
are being advanced
-- Strong pipeline of attractive new potential investment opportunities being pursued
-- The Company has no debt in place at present but is engaged
with finance providers to arrange a facility to finance
acquisitions and capital enhancements
-- 30 June 2017, appointment of Paul Craig as non-executive
director and a member of the Management Engagement Committee with
immediate effect
-- The Company expects to report its results for the period
ended 30 June 2017 in late September 2017
Rupert Barclay, non-executive Chairman of Impact Healthcare REIT
plc, commented:
"The Company has been active in achieving the goals set out at
the time of its IPO. We have acquired a portfolio of 57 residential
care homes, diversified by geography, customer base and home size,
with leases of 20 years, subject to annual RPI-linked rent reviews.
The Board and Manager remain confident of delivering to our
shareholders a stable and growing income stream with the potential
for capital appreciation through active asset management."
Andrew Cowley, Managing Partner of Impact Health Partners LLP,
said:
"The successful completion of the acquisitions of the Seed
Portfolio and Saffron Court provide the Company with stable and
secure cashflows that support the Company's dividend policy.
Through our track record, experience and established network of
contacts, the Company is well-placed to deliver identified capital
growth opportunities from active asset management and has a strong
pipeline of attractive new investments, which are in line with our
investment criteria and returns profile."
FOR FURTHER INFORMATION, PLEASE CONTACT:
Impact Health Partners via Newgate Communications
LLP
Mahesh Patel
Andrew Cowley
Winterflood Securities Tel: 020 3100 0000
Limited
Joe Winkley
Neil Langford
Newgate Communications Tel: 020 7680 6550
(PR Adviser) Email: impact@newgatecomms.com
James Benjamin
Anna Geffert
Lydia Thompson
Notes:
1. This is a target only and not a profit forecast and there can
be no assurance that it will be met.
NOTES:
The Company 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. The
Company's investment policy is to acquire, own, lease, 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 and its Investment Adviser believe that residential
healthcare is a significant investment opportunity in the UK, owing
to both increasing demand for various forms of care from a growing
and ageing population and the current reduction in the supply of
suitable assets for providing that care. A well-capitalised
landlord like the Company, with an experienced investment adviser,
should be well positioned to deliver attractive returns to
investors, while also providing stability and a commitment to
enhance homes wherever possible to their residents.
Further information on Impact Healthcare REIT is available at
www.impactreit.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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