Edison Investment Research - Target Healthcare REIT PLC (THRL) Nearing full investment

Report

Edison Investment Research

Julian Roberts

Nearing full investment

Target has provided a NAV and portfolio update as at 30 June. The previously announced acquisition of a newly-built home in Leicestershire and the forward funding of one in Merseyside bring the portfolio to a total of 47 properties and closer to management’s target of a 20% loan-to-value (LTV) ratio (14.2% at 30 June). We have adjusted our estimates for the NAV update and to account for the timing of the new investments. Target has the longest lease portfolio of any UK REIT, producing stable income streams from high-quality and purpose-built modern care homes. These support a prospective dividend yield of 5.2%.

01/08/2017 5 EN

Underlying

Target Healthcare REIT PLC

Target Healthcare REIT is engaged in the investment into care homes properties in the United Kingdom. Investment Manager: Target Advisers LLP

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JE00B95CGW71 Jersey

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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

Julian Roberts

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Nearing full investment

Target Healthcare Reit Ltd: 1 director

Edison Investment Research Limited: Target Healthcare REIT (THRL): Consistent positive returns with social impact

Target Healthcare REIT - Consistent positive returns with social impact

Information Services Corporation - Strong underlying growth, guidance reiterated

PVA TePla - Material matters

Zalaris - Continuing contract momentum in FY24

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