reports
Target Healthcare Reit Ltd: 1 director
A director at Target Healthcare Reit Ltd maiden bought 24,052 shares at 83p and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two...
Edison Investment Research Limited: Target Healthcare REIT (THRL): Con...
Edison Investment Research Limited Edison Investment Research Limited: Target Healthcare REIT (THRL): Consistent positive returns with social impact 10-May-2021 / 07:00 GMT/BST London, UK, 10 May 2021 Target Healthcare REIT (THRL): Consistent positive returns with social impact Target Healthcare REIT has delivered consistently positive returns since IPO in 2013 and this has continued through the pandemic. Q321 EPRA NAV increased 0.8% to 109.1p and including DPS paid the NAV total return was 2.4%. In this note we provide an overview of company strategy and future prospects as...
- Martyn King
Target Healthcare REIT - Consistent positive returns with social impac...
Target Healthcare REIT has delivered consistently positive returns since IPO in 2013 and this has continued through the pandemic. Q321 EPRA NAV increased 0.8% to 109.1p and including DPS paid the NAV total return was 2.4%. In this note we provide an overview of company strategy and future prospects as the operator sector emerges from the worst impacts of the pandemic, and as Target deploys its strong capital resources, boosted by the £60m (gross) March equity raise, in accretive portfolio growth...
- Martyn King
Target Healthcare REIT - Vaccine roll-out adds further confidence
In a recent virtual property tour for investors, Target Healthcare REIT provided a positive assessment of its tenants' performance with managing the pandemic and the contribution that its modern, purpose-built homes make in supporting them. Tenant performance and rent cover remains resilient and robust rent collection supports the increasing DPS. The rapid roll-out of the vaccinations across care homes should be a significant factor in home operators rebuilding occupancy in coming months.
- Martyn King
Target Healthcare REIT - Continuing DPS and positive total returns
Target’s portfolio of high-quality, purpose-built care homes continued to generate positive returns during Q420, driven by RPI-linked rental uplifts, with quarterly dividend payments maintained. The COVID-19 pandemic has presented a significant challenge to tenant operators; however, it does not change the underlying demographic-driven fundamentals that drive the sector and highlights the critical role that it plays in supporting the NHS.
- Martyn King
Target Healthcare REIT - Driven by demographics
Target’s Q320 update shows its portfolio of high-quality, purpose-built care homes continuing to grow and perform well, with quarterly dividend payments maintained. The current pandemic presents a significant near-term challenge to the sector but does not change the underlying demographic-driven fundamentals while highlighting its critical role in supporting the NHS and the importance of long-term investment.
- Martyn King
Target Healthcare REIT - Continuing positive returns in Q4
Target’s portfolio of high-quality purpose-built care homes continues to grow and perform well with RPI-driven rental growth, increased property valuations, continuing acquisitions of operational homes and progress with pre-let forward-funded developments. Due diligence on potential further acquisition opportunities continues, in aggregate sufficient to fully deploy remaining debt capital resources.
- Martyn King
Target Healthcare REIT - Rental growth and development progress
Target’s portfolio continued to perform well during the three months ended 31 March (Q319), with RPI-driven rental growth, increased property valuations and progress with the forward-funded development of pre-let, high-quality, purpose-built homes. Due diligence on potential further acquisition opportunities continues, in aggregate sufficient to fully deploy remaining debt capital resources.
- Martyn King
Target Healthcare REIT - Interims confirm portfolio growth and perfor...
Target Healthcare REIT has published interim results for the six months ended 31 December 2018 (H119), providing the detail behind the Q4 NAV update published in January. This showed the portfolio performing well (H119 EPRA NAV total return 4.2%) and good progress being made with deployment of the November placing proceeds. The attractive dividend yield is backed by very long leases, mostly RPI linked, and supported by careful asset and operator selection. We continue to forecast a fully covered...
- Martyn King
Target Healthcare REIT - Growing portfolio performing well
During the three months to 31 December 2018 (Q219), Target made good progress with deploying available capital resources, including the £50m gross proceeds from the November share placement. The portfolio also continues to perform well, delivering a 2.3% quarterly NAV total return (9.5% annualised). The attractive dividend yield is backed by very long leases, mostly RPI-linked, and supported by careful asset and operator selection. We continue to forecast a fully covered dividend in FY20.
- Martyn King
Target Healthcare REIT - Growing strongly with asset quality focus
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 ope...
- Martyn King
Target Healthcare REIT - Portfolio performing well and growing
Target is making good progress in the deployment of its available capital resources, including the £94m (gross) proceeds of February’s equity issue and extended, but unutilised, debt facilities. A significant pipeline of investment opportunities remains, on terms that management believes are consistent with dividend cover on a fully invested basis. We continue to forecast full investment in the current financial year and dividend cover in FY20. The 5.7% dividend yield is backed by very long-d...
- Martyn King
Target Healthcare REIT - Income growth and growing NAV
Target has published its quarterly NAV and dividend update. NAV total return was 3.0% in the quarter including dividends paid of 1.570p. With investor interest in modern, purpose-built care homes remaining strong the portfolio valuation increased further. While this is positive for NAV, it also highlights the strong competition for quality assets in the market. Despite the competitive market conditions, as previously indicated the managers have identified a number of acquisition opportunities th...
- Martyn King
- Carful investment paying dividends
Target recently released full year results for the year to 30 June 2017 and has published its annual report. The key figures showing strong growth in assets and rental income and increasing dividend cover had already been released. In this report we focus on the strategic progress made through the year and the medium-term outlook. Reflecting the manager’s identification of a number of acquisition opportunities, we have revised our estimates upwards for portfolio growth and assume that current de...
- Martyn King
- Careful investment paying dividends
Target recently released full year results for the year to 30 June 2017 and has published its annual report. The key figures showing strong growth in assets and rental income and increasing dividend cover had already been released. In this report we focus on the strategic progress made through the year and the medium-term outlook. Reflecting the manager’s identification of a number of acquisition opportunities, we have revised our estimates upwards for portfolio growth and assume that current de...
- 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 inc...
- Julian Roberts
Portfolio growth
Target Healthcare REIT (Target) continues to approach full investment, having completed the acquisitions of four care homes in the quarter to 31 March and one more in April. Portfolio value stood at £274.6m at the quarter-end (31 December: £253.1m). The Q217 dividend was the main cause of a slight decrease in EPRA NAV per share to 101.5p (31 December: 101.8p); we expect full dividend cover to be achieved in FY18 as the company becomes fully invested. The secular trends of an ageing population an...
- Julian Roberts
Care home specialist
Target Healthcare REIT is a specialist investor in modern, purpose built residential care homes, the demand for which is rising, driven by structural demographic changes throughout the UK. The manager selects modern, purpose-built assets suited to their local area and population. The assets are acquired at yields of c 7% and let on long leases (c 30 years) to high quality operators, with regular contact to ensure they are well-run. These long and secure income streams underpin a growing dividend...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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