Valeur nette d'inventaire, mise à jour de l'entreprise et dividende
1 Février 2024
Target Healthcare REIT plc et ses filiales
(« Target Healthcare » ou « le Groupe »)
Valeur nette d'inventaire, point sur l'activité de l'entreprise et déclaration de dividende
Target Healthcare (LSE: THRL), the UK listed specialist investor in modern, purpose-built care homes, announces its unaudited quarterly Net Asset Value ('NAV') as at 31 December 2023, an update on corporate activity and its second interim dividend for the year ending 30 June 2024.
Faits saillants de l'activité de l'entreprise
Fourth consecutive quarter of EPRA NTA growth demonstrates resilience of business model and structural tailwinds underpinning modern, purpose built care home sector:
· EPRA Net Tangible Assets ('NTA') per share increased 1.0% to 106.7 pence (30 September 2023: 105.6 pence), primarily reflecting a like-for-like valuation uplift driven by inflation-linked rent reviews. The twelve-month increase in EPRA NTA is 3.6%
· EPRA "topped-up" net initial yield remained stable at 6.25% (30 September 2023: 6.22%)
· BPA EPRA ajusté pour le trimestre de 1.51 pence par action, fully covering the dividend of 1.428 pence per share, which is to be paid in respect of the quarter
· Rendement total de l'ANR de 2.4% sur le trimestre (sur la base de l'EPRA NTA et incluant le paiement du dividende)
· Net LTV of 25.8% (30 September 2023: 25.0%)
· Weighted average debt term of 5.7 years (30 September 2023: 6.0 years) with the earliest maturity in November 2025. Interest costs hedged on 91% of drawn debt to the relevant facility maturity date
· Total capital available of £41 million, net of the Group's capital commitments including five development assets, one of which is an operationally net zero carbon home
Inflation-linked rental growth, resilient capital values and underlying portfolio trading providing high portfolio rent covers:
· Diversified portfolio of 98 assets let to 32 tenants and valued at £911.1 million (30 September 2023: £890.3 million) reflecting an increase of 2.3%, of which the like-for-like increase was 0.6%
· Augmentation à périmètre constant de 1.1 % des loyers contractuels, principalement due aux révisions annuelles des loyers, uniquement liées à l'inflation et à la hausse.
· WAULT of 26.0 years which remains one of the longest in the listed UK real estate sector (30 September 2023: 26.3 years)
· Portefeuille immobilier de haute qualité, moderne et durable :
o 98% ouf the portfolio is A or B EPC rated, (100% A to C ratings) and therefore compliant with the minimum energy efficiency standards anticipated to apply from 2030
o Impact social positif des normes immobilières leaders du secteur : 99 % de salles d'eau ; espace généreux de 47 m² par résident ; loyer durable de 190 £ par m²
· 99% rent collection, as overall tenant profitability continues to benefit from improved trading performance across our fit-for-purpose real estate with mature rent cover of 1.9x for the September 2023 quarter (most recent quarter of data from tenants)
Kenneth MacKenzie, PDG de Target Fund Managers, a déclaré :
"Rental growth continues and is well-supported by tenant profitability, with the core positive drivers of portfolio value, demographic trends and increasing demand for modern, purpose-built, real estate being clearly demonstrated. Rent covers have continued to improve, with the September quarter result of 1.9x continuing the upward trend seen over the last five quarters and representing the highest level since IPO. Underlying resident spot occupancy for mature homes increased to 87% as at 31 December 2023 (87% today).
"Valuations are still seeing some limited outward NIY movement as a response to higher risk-free rates, though we note we are seeing significant bifurcation in market pricing between our prime UK care home real estate and poorer-quality, non-purpose built homes, as institutional investors recognise the benefits of the former such as social acceptability, energy efficiency and future demand for places.
"Our long-standing dedicated management team remain ever focused on our core investment strategy to deliver strong investment returns from our modern, purpose-built portfolio."
EPRA NTA
The Group's unaudited EPRA NTA per share as at 31 December 2023 was 106.7 pence and NAV total return for the quarter was 2.4%.
A balance sheet summary and an analysis of the movement in the EPRA NTA over the quarter is shown in the Appendix of this announcement.
Mise à jour de l'entreprise
Performance du portefeuille
As at 31 December 2023, the Group's portfolio was valued at £911.1 million and comprised 98 properties, consisting of 93 operational care homes and five pre-let sites, which are being developed through capped forward funding commitments with established development partners.
La valeur du portefeuille a augmenté de 2.3% sur le trimestre, composée de :
· a 0.6% like-for-like increase in the operational portfolio, reflecting an increase of 1.2% from inflation-linked rent reviews and rent-free unwinds alongside a 0.6% decrease from outward movement in net initial yields
· a 1.7% increase from capital expenditure, primarily associated with the five development properties
Contractual rental income increased by 1.3% over the quarter, comprising a 1.1% like-for-like increase from 25 inflation-linked upwards-only rent reviews, with an average uplift of 4.0%. The remaining 0.2% increase was from the rentalisation of capital expenditure following an asset management initiative at one of the Company's existing properties (as detailed below) and the rentalisation of a contingent performance payment which crystalised at another property.
The portfolio's WAULT was 26.0 years (30 September 2023: 26.3 years).
The EPRA "topped-up" net initial yield was 6.25% based on an annualised contractual rent of £57.9 million and the EPRA net initial yield was 6.17% with one asset in a rent-free period.
Mise à jour du portefeuille
During the quarter, the following asset management initiatives were undertaken:
· As previously announced, the Group's largest tenant, Ideal CareHomes ("Ideal") was acquired by HC-One, the UK's largest care home operator, which runs 275 homes. Ideal runs 36 homes, 18 of which are owned by the Group, representing 16% of the Group's contractual rent roll and 18% of the portfolio's capital value as at 31 December 2023. The 18 homes are trading well and no material valuation change has occurred as a result of the transaction. In consenting to the change in control, the Group's rent deposit position has been strengthened, "green lease" provisions have been added and landlord lease extension options have been obtained.
· The conversion of a further eight rooms to provide full en suite wet-room facilities were completed as part of ongoing asset enhancements, progressing plans to move the portfolio to 100% wet-rooms, currently 99% following these works.
· Comme l'a signalé previously, the Group had committed to £2.35 million of capital expenditure to add 18 new bedrooms at an existing property. During the quarter to 31 December 2023, the remaining eight of these were completed and the additional costs incurred to complete of £0.7 million were rentalised.
Facilités de dette et accords de swap
As at 31 December 2023, the Group's total borrowings were £252.5 million, representing a net LTV of 25.8% (total gross debt less cash, as a proportion of gross property value). The Group's weighted average cost on its drawn debt, inclusive of amortisation of loan arrangement costs, was 4.05% (30 September 2023: 3.91%).
91% of drawn debt is fully hedged:
· 150 millions de livres sterling sont fixes avec une durée moyenne pondérée de 10.1 ans et un taux d'intérêt moyen pondéré de 3.18 % (hors amortissement des frais de dossier)
· 30 millions de livres sterling de facilités bancaires du Groupe sont fixées à 2.48 % pour 1.8 ans via un swap de taux d'intérêt.
· £50 million of the Group's drawn revolving credit facilities have interest rates capped at 5.17% via a 3% SONIA cap for 1.8 years
· The remaining £22.5 million of the Group's drawn revolving credit facilities carries a variable interest rate of SONIA plus a margin of 2.18%
The Group has access to a further £67.5 million of committed, but undrawn, revolving credit facilities which, if drawn, would carry an interest rate of SONIA plus 2.22%. The £9.5 million drawn in the quarter is being used to fund construction of the Group's development assets, and the other capex initiatives noted above, with £29 million of such commitments remaining on a cash basis.
At 31 December 2023, the weighted average term to expiry on the Group's total committed loan facilities was 5.7 years (30 September 2023: 6.0 years) with the earliest maturity in November 2025.
Dividendes
The Group paid its first interim dividend for the year ending 30 June 2024, in respect of the period from 1 July 2023 to 30 September 2023, of 1.428 pence per share, on 24 November 2023 to shareholders on the register on 10 November 2023. This distribution was comprised wholly of a property income distribution (PID).
Announcement of second interim dividend
The Company today declares its second interim dividend for the year ending 30 June 2024, in respect of the period from 1 October 2023 to 31 December 2023, of 1.428 pence per share as detailed in the schedule below:
Distribution intérimaire des revenus fonciers (PID) : 1.428 centime par action
Acompte sur dividende ordinaire : néant
Date ex-dividende : | 8 Février 2024 |
Date d'enregistrement: | 9 Février 2024 |
Date de paiement: | 23 Février 2024 |
The quarterly dividend reflects an annualised dividend of 5.712 pence per share and a dividend yield of 6.8% based on the 31 January 2024 closing share price of 83.8 pence.
The Company had 620,237,346 ordinary shares in issue at 31 December 2023 and has not issued or bought back any shares since that date.
Les actionnaires habilités à choisir de recevoir des distributions sans déduction de la retenue à la source peuvent remplir le formulaire de déclaration qui est disponible sur demande auprès de la Société via les coordonnées fournies sur son site Internet. www.targethealthcarereit.co.uk, ou du registraire de la Société. Les actionnaires éligibles aux paiements bruts sont, principalement, les sociétés résidentes du Royaume-Uni, certains organismes publics britanniques, les organisations caritatives britanniques, les régimes de retraite britanniques et les gestionnaires d'ISA, de PEP et de Child Trust Funds, dans chaque cas soumis à certaines conditions. Les particuliers et les non-résidents britanniques ne sont pas éligibles pour les paiements bruts de distributions et ne doivent pas remplir le formulaire de déclaration.
LEI : 213800RXPY9WULUSBC04
FIN
Enquêtes
Gestionnaires de fonds cibles limités | Tél: 01786 845 912 |
Kenneth MacKenzie | |
Gordon Bland | |
Stifel Nicolas Europe Limitée | Tél: 020 7710 7600 |
Mark Young Rajpal Padam | |
Catriona Neville | |
FTI Consulting | Tél: 020 3727 1000 |
Didon Laurimore | |
Richard Gotla |
Notes aux rédacteurs:
Target Healthcare REIT plc (THRL), coté au Royaume-Uni, est un fonds de placement immobilier géré en externe qui offre aux actionnaires un niveau de revenu attrayant, ainsi qu'un potentiel de croissance du capital et des revenus, en investissant dans un portefeuille diversifié de soins modernes et spécialement conçus. maisons.
Le portefeuille du Groupe au 31 décembre 2023 comprend 98 actifs loués à 32 locataires pour une valeur totale de 911.1 millions de livres sterling.
Le Groupe investit dans des maisons de repos modernes et spécialement conçues qui sont louées à des locataires de haute qualité qui démontrent de solides capacités opérationnelles et une forte éthique de soins. Le Groupe construit des relations de collaboration et de soutien avec chacun de ses locataires, car il estime que travailler de cette manière contribue à élever les normes de soins et aide ses locataires à créer des entreprises durables. En retour, cela aide le Groupe à offrir des rendements stables à ses investisseurs.
Information importante
Les informations contenues dans cette annonce sont considérées par la Société comme constituant des informations privilégiées tel que stipulé dans la version britannique du Règlement sur les abus de marché (UE) n° 596/2014, qui fait partie du droit britannique en vertu de l'Union européenne (retrait) Loi 2018, telle que modifiée. Lors de la publication de cette annonce via le Regulatory Information Service, cette information privilégiée est désormais considérée comme étant dans le domaine public.
ANNEXE
1. Analyse du mouvement dans EPRA NTA
The following table provides an analysis of the movement in the unaudited EPRA NTA per share for the period from 1 October 2023 to 31 December 2023:
| centime par action |
|
EPRA NTA per share as at 30 September 2023 | 105.6 |
|
|
|
|
Gains / (pertes) de réévaluation sur les immeubles de placement | 0.9 |
|
Gains / (pertes) de réévaluation sur les actifs en construction^ | 0.2 | |
Mouvement de la réserve de revenus | 1.4 | |
First interim dividend payment for the year ending 30 June 2024 | (1.4) | |
EPRA NTA par action au 31 décembre 2023 | 106.7 |
|
Variation en pourcentage au cours du trimestre | 1.0% |
|
L'EPRA Best Practices Recommendations Guidelines stipule que les entreprises doivent publier un ensemble de trois métriques NAV. L'ensemble des métriques EPRA NAV est publié dans le rapport annuel du Groupe. La Société a l'intention de continuer à publier l'EPRA NTA sur une base trimestrielle.
At 31 December 2023, due to the valuation ascribed to the Group's interest rate derivative contracts used to hedge its exposure to variable interest rates, which are excluded from the calculation of the EPRA NTA, the unaudited NAV calculated under International Financial Reporting Standards was 107.2 pence per share.
^Conformément à la pratique d'évaluation standard pour les actifs en construction, la valeur comptable de ces actifs est calculée par l'expert en appliquant une décote aux coûts cumulés à ce jour. Cette remise varie en fonction de facteurs tels que le temps de développement restant. Au fur et à mesure que l'actif progresse vers l'achèvement, la remise qui a été appliquée est annulée.
2. Bilan récapitulatif (non audité)
| ||||
Dec-23 | Sept-23 | Jun-23 | Mar-23 | |
£ m | £ m | £ m | £ m | |
Portefeuille immobilier* | 911.1 | 890.3 | 868.7 | 855.7 |
Argent liquide | 17.6 | 20.2 | 15.4 | 26.4 |
Actif net courant / (passif)* | (14.7) | (12.5) | (6.2) | (10.5) |
Prêts | (252.5) | (243.0) | (230.0) | (230.0) |
Actif net | 661.5 | 655.0 | 647.9 | 641.6 |
EPRA NTA par action (pence) | 106.7 | 105.6 | 104.5 | 103.4 |
*Les immeubles du portefeuille sont évalués à la valeur de marché fournie par l'expert externe et les effets IFRS des révisions des loyers minimums fixes/garantis ne sont pas pris en compte.
3. External Valuer
The valuation of the property portfolio as at 31 December 2023 was conducted by Colliers International Healthcare Property Consultants Limited. It was highlighted in the Annual Report 2023 that the Group anticipated undertaking a tender of the provision of external valuation services in advance of the expected introduction of new rules prescribing mandatory rotation. This tender process has now been completed, resulting in the appointment of CBRE Limited. The Board thanks Colliers International Healthcare Property Consultants Limited for the valuation services they have provided to the Group since its IPO in 2013.
The next quarterly valuation of the property portfolio will be conducted by CBRE Limited during April 2024 and the unaudited EPRA NTA per share as at 31 March 2024 is expected to be announced in April 2024.
4. Profils EPRA NIY et dénouement des périodes de franchise
The Group currently has one asset with a rent-free period. As this unwinds, assuming no other changes including inter alia the portfolio valuation or rental profile, the EPRA yield profiles for the portfolio will be as follows:
31 décembre 2023 | 31 mars de l'année précédente 2024 | Juin 30 2024 | ||
EPRA "topped-up" NIY | 6.25% | 6.25% | 6.25% | |
EPRA NIY | 6.17% | 6.21% | 6.25% | |
Loyer contractuel (M£) | 57.9 | 57.9 | 57.9 | |
Loyer temporaire (M£) | 57.2 | 57.5 | 57.9 |
RNS peut utiliser votre adresse IP pour confirmer le respect des termes et conditions, pour analyser votre interaction avec les informations contenues dans cette communication et pour partager cette analyse de manière anonyme avec d'autres dans le cadre de nos services commerciaux. Pour plus d'informations sur la manière dont RNS et la Bourse de Londres utilisent les données personnelles que vous nous fournissez, veuillez consulter notre Politique de confidentialité.