Target Healthcare H1 rent up 2.9%

UK care home investor Target Healthcare REIT on Monday reported a rise in contractual rent for the half year of 2.9% to £57.1m, including like‑for-like rental growth of 1.8%.

Underlying profits, measured by adjusted EPRA earnings, increased by 37% to £18.7m.

The company’s portfolio market value decreased by 4.8% to £867.7m, primarily driven by a like-for-like portfolio valuation fall of 5.5% and net acquisitions of 0.7%.

In a separate announcement Target Healthcare sold four care homes in Northern Ireland for an undisclosed sum.

Reporting by Frank Prenesti for Sharecast.com