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Target is continuing to grow its portfolio and income strongly, supporting dividend growth. Capital values also continue to increase. LTV remains modest but available resources are committed to funding pre-let developments of modern, purpose-built assets. With a near-term pipeline of £79m in acquisition opportunities, a placing of shares at 109p has been proposed, to raise up to £40m. The c 6% dividend yield is backed by very long-dated, RPI-linked leases and supported by careful asset and operator selection, and we continue to forecast a fully covered dividend in FY20.

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