Interim highlights

• £249.8 million committed investment in 63 primary healthcare properties valuation
• New committed investment since 1 October 2010 in four properties of £35.7 million acquired at a cash yield of 6.14%
• £34.6 million of investment approved for eight further acquisitions, and a strong pipeline of approximately £54.1 million additional acquisition opportunities
• Annualised rent roll now £15.4 million in the year ended 30 September 2011
• £3.3 million rent reviews agreed with the equivalent of an average 2.3% per annum increase, 1.9% from open market reviews, 4.3% from RPI reviews, and 2.5% from fixed uplifts

Financial results

• Rental income for the period of £5.9 million representing a 7% increase over the same period last year
• 10% increase in EBITDA to £4.4 million excluding revaluation impact, deferred taxation and performance fees
• Adjusted earnings of £4.0 million excluding revaluation impact, deferred taxation and performance fees, an increase of £1.3 million or 51% from prior year, equivalent to 1.3 pence per share (2010: £2.7 million; 1.4 pence per share)
• Quarterly dividend of 1.375 pence per share announced Nov 2011; total dividends of 5.5 pence per share for the year or 7.3% dividend increased from 5.4 pence for previous year
• Improved dividend cover of 44% compared to 41% for year ended 30 September 2010, and 22% for year ended 30 September 2009
• Discounted cash flow net asset value of £169.8 million equivalent to 88.2 pence per share (2010: £129.3 million; 91.5 pence per share)
• Adjusted net asset value plus the estimated benefit of fixed rate debt of £131.0 million equivalent to 68.0 pence per share (30 September 2010: £100.9 million; 71.4 pence per share)
• Adjusted net asset value of £127.1 million equivalent to 66 pence per share (30 September 2010: £92.9 million; 65.7 pence per share)
• Valuation gain for the year of £3.4 million and net initial yield of 5.84% as at 30 Sept 2011 (5.88% as at 30 September 2010)
• 9.4% annualised shareholder return for the year to 30 Sept 2011

Year Results