HealthCo Healthcare & Wellness REIT - 1H FY24 Results
HealthCo Healthcare & Wellness REIT (ASX: HCW) today released its 1H FY24 result. HCW delivered 29% FFOpu growth in the half, supported by the transformative Healthscope private hospital portfolio acquisition which successfully completed in Oct-23.
Key highlights include:
1) $38m net revaluation gain realised on HCW’s portfolio, partially driven by a $28m net gain at Healthscope Nepean Private Hospital
2) Total net valuation gains of +15% realised since acquisition of the Healthscope private hospital portfolio
3) Successful financial close of the ~$1.3bn Unlisted Healthcare Fund (UHF) with $650m of equity commitments from HCW and four major global institutional investors
4) Executing $200m asset recycling programme with $115m sold or contracted for sale and a further ~$50-70m currently in advanced due diligence
5) Included in the S&P ASX300 index in Sep-23
HCW Senior Portfolio Manager, Christian Soberg said, “The strong 1H FY24 result is a reflection of HealthCo’s high quality portfolio of critical healthcare infrastructure, tenant quality and high exposure to defensive and noncyclical expenditure. Long term structural demand drivers continue to underpin healthcare real estate outperformance and have resulted in increased capital seeking exposure to the sector.”
HCW has reaffirmed FY24 FFO and DPU guidance of 8.0cpu, representing 16% and 5% growth over FY23, respectively.
For additional information please refer to the FY24 financial results presentation here or visit the investor centre here.
