Target Healthcare REIT PLC
LSE:THRL
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Target Healthcare REIT PLC
LSE:THRL
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Target Healthcare REIT PLC
Target Healthcare REIT PLC is a GB-based company operating in Equity Real Estate Investment Trusts (REITs) industry. The company is headquartered in Stirling, Stirlingshire and currently employs 0 full-time employees. The company went IPO on 2013-03-07. Target Healthcare REIT plc is a United Kingdom-based real estate investment trust. The Company’s investment objective is to provide shareholders with an attractive level of income together with the potential for capital and income growth from investing in a diversified portfolio of freehold and long leasehold care homes that are let to care home operators, and other healthcare assets in the United Kingdom (UK). Its portfolio is designed to provide stable income returns from a diversified group of tenants and rental levels, which are sustainable over the long term. Its portfolio comprises of approximately 77 assets: over 73 operational care homes and approximately four development sites. The Company’s investment manager is Target Fund Managers Limited.
Target Healthcare REIT PLC is a GB-based company operating in Equity Real Estate Investment Trusts (REITs) industry. The company is headquartered in Stirling, Stirlingshire and currently employs 0 full-time employees. The company went IPO on 2013-03-07. Target Healthcare REIT plc is a United Kingdom-based real estate investment trust. The Company’s investment objective is to provide shareholders with an attractive level of income together with the potential for capital and income growth from investing in a diversified portfolio of freehold and long leasehold care homes that are let to care home operators, and other healthcare assets in the United Kingdom (UK). Its portfolio is designed to provide stable income returns from a diversified group of tenants and rental levels, which are sustainable over the long term. Its portfolio comprises of approximately 77 assets: over 73 operational care homes and approximately four development sites. The Company’s investment manager is Target Fund Managers Limited.
Performance: The group reported its highest half-year returns since launch, with a 6.8% total accounting return for the 6 months to December 2025 and long-run total accounting return of 7.8% since 2013.
Earnings: EPRA earnings per share were 3.4p, up 8.5% year-on-year (with 0.18p from nonrecurring arrears recovery); EPRA NTA rose 4% to 119.4p.
Income growth: Like-for-like rental income rose 1.8% in the period driven by inflation-linked contractual rent reviews; annualised contracted rent was GBP 59.5 million at December 2025.
Dividends & cover: Dividend per share was 3.02p (up 2.5%); dividend cover was 113% (107% excluding the one-off arrears recovery).
Asset activity: The group completed 10 disposals (reducing portfolio value by GBP 95 million) and 3 acquisitions (adding GBP 31 million), with GBP 150 million of transaction activity in the half.
Arrears & collections: GBP 1.9 million of historic rent arrears were recovered and management expects to return to 100% rent collection by year end.
Balance sheet & leverage: LTV is around 15% (down from ~22% at June); management expects to increase towards a long-term target of ~25% as they deploy pipeline capital.
Risks & operations: Management emphasised the operational nature of the sector (staffing, regulation) and the need for active asset management despite strong underlying demand and high private-pay exposure (77%).
