TIDMIHR
RNS Number : 5981S
Impact Healthcare REIT PLC
10 July 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is not for publication, release or distribution in the United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 Republic of Ireland or the Netherlands), Canada,
Australia, Japan or the Republic of South Africa.
10 July 2020
Impact Healthcare REIT plc
("Impact" or the "Company" or, together with its subsidiaries,
the "Group")
100% RENT COLLECTION, DIVIDEND REAFFIRMED AND BUSINESS
UPDATE
The Board of Directors 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 update for the quarter ended 30 June 2020.
100% RENTAL COLLECTION AND REAFFIRMATION OF DIVIDEND
The second quarter of 2020 continued to underline the resilience
of the Group's defensive business model. As at 6 July the Group had
received 100% of the rent payable in advance in respect of the
forthcoming period. Of the total rent due this month, 76% is rent
payable quarterly in advance and 24% is rent payable monthly in
advance.
As a result of the Group's uninterrupted collection of advance
rent due for the year to date, the Company reaffirms its intention
to pay its second-quarter interim dividend, for the period from 1
April 2020 to 30 June 2020, in line with expectations with an
announcement due in mid-August.
RESILIENT AND DEFENSIVE BUSINESS AND PORTFOLIO
The Group's tenants provide an essential service to the
communities in which they operate and continue to play a critical
role in helping to provide care to vulnerable elderly people during
the COVID-19 pandemic and over the longer term as the UK seeks to
recover from the impacts of the pandemic. The Group's top priority
remains the health, welfare and safety of the Group's tenants, care
home residents, healthcare professionals and wider
stakeholders.
The Investment Manager has been 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 and ideas on how to best
manage challenges caused by the pandemic and measures being put in
place as the UK starts to recover from it.
While in the early stages of the pandemic testing was largely
unavailable in UK care homes, it did become widely available
towards the end of May 2020, enabling the Investment Manager to
build a clearer picture of which of its homes were affected. As at
6 July 2020, six out of the Group's 96 homes had a small number of
isolated confirmed cases of COVID-19.
The number of deaths caused by COVID-19 in the Group's homes
peaked in late April 2020, in line with the wider UK care home
sector. Since then the death rate has returned to more normal
levels. From early March, all of the Group's homes were closed to
visitors and in many cases to new admissions. As a result, over the
17 weeks between the first week in March, when the first COVID-19
related death was registered in the UK, and the last week of June
the number of occupied beds in the Company's portfolio reduced from
4,225 to 3,873, a fall of 8%.
During the course of June 2020, as occupancy stabilised, the
Group's tenants began focussing on reopening homes to new
admissions, whilst ensuring the safety of existing residents and
staff. As part of this ongoing process of careful reopening, the
Group has agreed to support its tenants and homes in a number of
ways, which include the purchase and installation of thermal
scanners at all its homes. The scanners will support tenants'
existing infection control procedures through enabling the remote
reading of the body temperature of all staff and visitors who are
entering the building.
A more detailed operational and portfolio update will be
provided when the Company publishes its half year result in
mid-August 2020.
Rupert Barclay, Chairman of Impact Healthcare REIT PLC,
commented:
"The Group works closely with all its tenants as they continue
to provide an essential service to the communities in which they
operate. We remain a long-term business and the Company's
sustainable healthcare portfolio continues to provide crucial
care-based infrastructure supporting vulnerable elderly people
across the UK and we are confident that the fundamentals of our
industry and business will not change.
The Company's business model remains robust and resilient as
demonstrated by the Group's 100% collection of rent due for the
year to date and we continue to be well positioned for the short
and longer term. We remain well capitalised, with a strong balance
sheet, deliberate low gearing and significant liquidity and
headroom."
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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END
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