- Care home investor Target Healthcare REIT booked a rise in annual profit underpinned by higher rental income and gains on the value of its properties.

Pre-tax profit for the year through June climbed to £43.9 million, up from £31.6 million year-on-year.

The company's net asset value total return was 8.8%.

It reiterated that it intended to increase quarterly dividend levels by 0.6% to 1.69p per share, providing an annual dividend of 6.76p.

'The board remains confident in the group's prospects, whilst remaining cautious and patient with respect to the portfolio returning to normalised trading levels,' chairman Malcolm Naish said.

'Our strategy and decisions will reflect our commitment to being a long-term backer of our tenants and the social care sector, doing so in a responsible and supportive manner.'

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