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Target Healthcare REIT PLC on Thursday said rent collection has increased and it is ‘generally optimistic’ over the outlook for its trading backdrop.
Rent collection in the quarter to June 30 increased to 94% from 90% as a result of an agreement being reached with a tenant of seven homes.
Rent collection in the quarter to March 31 also increased, rising to 95% from 92% due to receipt of previous partial rental payments.
‘Underlying resident occupancy across our portfolio continues its steady recovery and reflects the long-term structural demand for care places in our homes,’ commented Scott Steven, head of asset management of Target Fund Managers.
Looking forward, Steven said the firm is mindful of inflationary and staffing headwinds, but are ‘generally optimistic’ that trading improvements will continue in the coming months.
Target Healthcare is a London-based investor in purpose-built care homes. It is a constituent of the FTSE 250. Shares in the firm were down 1.5% at 108.95 pence on Thursday morning in London.
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