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On August 11, 2023, Edison issued an update on Target Healthcare REIT (THRL), reporting THRL's Q423 showed a second consecutive quarter of Net Asset Value (NAV) growth. The update states THRL's annualised quarterly dividend per share (DPS) through H223 is 5.6p, reflecting a 7.7% prospective yield, and that the discount to end-FY23 NAV is approximately 30%. Edison forecasts 3.6% growth for THRL in FY24, with audited full year results scheduled for early October.
| Date | 11 Aug 2023 |
| Time | 08:09:38 |
| Category | Miscellaneous |
| ID | 0744J |
London, UK, 11 August 2023
Edison issues update on Target Healthcare REIT (THRL)
Target Healthcare REIT's Q423 shows a second consecutive quarter of NAV growth, as property yields stabilise and indexed rent uplifts drive valuation growth. Rental growth and near-full rent collection are supporting earnings and delivering full dividend cover. Audited full year results will be published in early October.
The current, rebased annualised rate of quarterly DPS through H223 (5.6p), fully covered on a run-rate basis, reflects an attractive prospective yield of 7.7% and is a base from which to grow. We forecast 3.6% growth in FY24. Meanwhile, the discount to end-FY23 NAV is c 30%.
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