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Target Healthcare REIT (THRL) investor relations material
Target Healthcare REIT H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary14 Oct, 2025
Executive summary
Delivered a 9.3% total accounting return, driven by a 3.7% EPRA NTA increase and a 3% dividend rise year-over-year.
Maintained a robust, modern, ESG-compliant portfolio of 93 care homes with nearly 6,500 beds and strong sector tailwinds.
Achieved 7.5% annualized total accounting returns since launch, consistently outperforming the MSCI Annual Healthcare Property Index.
Executed the largest disposal since IPO, selling £86 million of assets at an 11.6% premium to book value, reducing tenant concentration.
Active asset management and capital recycling, with all homes fully let and no voids since launch.
Financial highlights
Rental income increased 3% year-over-year to £60.6m, mainly from inflation-linked growth and new developments.
EPRA earnings per share decreased by 0.8% to 6.08p due to exceptional costs from tenant administration.
Dividend increased by 3% to 5.884p, covered at 103%.
Portfolio valuation rose 2.4% year-over-year to £929.9m, with like-for-like growth of 2.6%.
Operating expenses rose 27% due to non-recurring administration and re-tenanting costs.
Outlook and guidance
Strong pipeline of over £150 million in accretive investment opportunities at yields above 6%.
First acquisitions from the pipeline expected in November, with efficient reinvestment of disposal proceeds planned.
Commitment to progressive dividend policy, with a further 2.5% increase announced.
Dividend cover expected to be maintained during capital redeployment.
Focus on scaling the portfolio with high-quality, en suite wet-room care homes.
Tenant financial health monitoring and risk mitigation?
Capital recycling strategy and accretive acquisition yields?
Portfolio modernity and market differentiation?
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Next Target Healthcare REIT earnings date
H1 202613 Mar, 2026
Next Target Healthcare REIT earnings date
H1 202613 Mar, 2026
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