Edison Investment Research - Impact Healthcare REIT PLC (IHR) Impact Healthcare REIT - Strong H1 progress and positive reforms

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Edison Investment Research

Martyn King

Impact Healthcare REIT - Strong H1 progress and positive reforms

Recently outlined government proposals for social care reform are positive for the sector, providing additional state funding and a more certain long-term planning environment for providers. In this note we review the continuing resilience of Impact Healthcare REIT’s business model and of its tenants, reflected in a strong H121 financial performance, and future growth prospects.

30/09/2021 11 EN

Underlying

Impact Healthcare REIT PLC

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GB00BYXVMJ03 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Martyn King

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Impact Healthcare REIT has completed the transfer of four homes located in Scotland to a new tenant. As a result, all of the seven homes that have been operating on an intermediate basis (as part of a turnaround plan) have now been transferred to experienced, long-term operators. The resumption of rental payments from all seven assets will provide a significant uplift to cash rental income, the basis for dividend decisions. Under the new operators, the assets also provide additional and accretive asset management opportunities.

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Impact Healthcare REIT - Visible growth

Impact Healthcare REIT continued to generate consistently positive accounting returns in the six months to June 2024 (5.5%), comprising fully covered DPS growth and increased NAV per share. With a clear path to income growth, including a growing contribution from asset management, interest rate protection and a low cost ratio, we expect this to continue.

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Impact Healthcare REIT - Strong H1 progress and positive reforms

Care REIT - Strong Q324 and accretive growth

Impact Healthcare REIT - Successful turnaround

Impact Healthcare REIT - Visible growth

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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