TARGET HEALTHCARE REIT PLC Investing in care. Delivering returns.
Target Healthcare REIT plc
Annual Report and Financial Statements 2021
About us
Responsible investment with a clear purpose - improving the UK's care home real estate
- UK's first social impact investment trust1 - our portfolio delivers for residents, their carers & local communities
- Conscientious & committed partner to our tenants as an engaged landlord and a strong advocate of the sector
Our responsible investment in care delivers long-term, sustainable returns.
1 Source: The Association of Investment Companies/Jura Capital.
Financial highlights
EPRA NTA per share (pence) | Accounting total return (per cent)1 | Dividend per share (pence) | |||||||
110.4+2.1% | 8.8 | 6.72+0.6% | |||||||
2021 | 110.4 | 2021 | 8.8 | 2021 | 6.72 | ||||
2020 | 108.1 | 2020 | 7.0 | 2020 | 6.68 | ||||
2019 | 107.5 | 2019 | 8.1 | 2019 | 6.58 | ||||
IFRS profit (£ million) | Dividend cover (per cent)2 | Portfolio value (£ million) | |||||||
43.9+39% | 80 | 684.8+11% | |||||||
2021 | 43.9 | 2021 | 80 | 2021 | 684.8 | ||||
2020 | 31.6 | 2020 | 76 | 2020 | 617.6 | ||||
2019 | 29.9 | 2019 | 82 | 2019 | 500.9 | ||||
- Based on EPRA NTA movement and dividends paid, see alternative performance measures on page 93.
- Based on adjusted EPRA earnings, see note 8 to the consolidated financial statements and the alternative performance measures on page 93.
Strategic Report | Corporate Governance | Financial Statements | Additional Information |
Strategic Report | Financial Statements | |||
IFC-25 | 56-86 | |||
About Us & Financial Highlights | IFC | Consolidated Statement | ||
of Comprehensive Income | 56 | |||
At a Glance | 2 | |||
Consolidated Statement | ||||
Chairman's Statement | 4 | |||
of Financial Position | 57 | |||
COVID-19 Response | 6 | |||
Consolidated Statement | ||||
Environmental, Social and Governance | 8 | |||
of Changes in Equity | 58 | |||
Business Model | 10 | |||
Consolidated Statement of Cash Flows | 59 | |||
Investment Manager's Report | 12 | |||
Notes to the Consolidated | ||||
Our Strategy | 14 | Financial Statements | 60 | |
Principal and Emerging Risks | 22 | |||
Company Statement of Financial Position | 77 | |||
Section 172 Statement | 24 | |||
Company Statement of Changes in Equity | 78 | |||
Notes to the Company | ||||
Corporate Governance | Financial Statements | 79 | ||
26-55 | ||||
Board of Directors | 26 |
Investment Manager | 28 |
Directors' Report | 30 |
Statement of Directors' Responsibilities | 37 |
Corporate Governance Statement | 38 |
Report of the Audit Committee | 42 |
Directors' Remuneration Report | 47 |
Independent Auditor's Report | 50 |
Additional Information
87-IBC
Notice of Annual General Meeting | 87 |
Shareholder Information | 90 |
Alternative Performance Measures | 93 |
EPRA Performance Measures | 94 |
Data Centre | 96 |
Glossary of Terms and Definitions | 97 |
Corporate Information | IBC |
This document is important and requires your immediate attention.
If you are in any doubt about the action you should take, you are recommended to seek your own independent financial advice from your stockbroker, bank manager, solicitor, accountant or other independent financial adviser authorised under the Financial Services and Markets Act 2000 if you are in the United Kingdom or, if not, from another appropriately authorised financial adviser. If you have sold or otherwise transferred all your ordinary shares in Target Healthcare REIT plc, please forward this document, together with the accompanying documents immediately to the purchaser or transferee, or to the stockbroker bank or agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.
Annual Report and Financial Statements 2021 | 1 |
At a glance
Principled investment exclusively in well- designed, purpose-built care homes
We believe privacy and dignity to be fundamental objectives of care provision. That is why our homes provide en suite wet-rooms for all residents1, alongside social & outdoor spaces and a range of intelligently designed modern amenities.
Our portfolio is designed to provide stable income returns from a diversified group of tenants and rental levels which are sustainable over the long term.
High quality real estate | Diversified | Long-term focus |
Scale | Annualised accounting return | WAULT | ||
5,351beds | 7.8%since launch | 28.8years | ||
Wet-rooms1 | Tenants | Net loan-to-value | ||
96% | 28 | 15.9% | ||
EPC ratings | Fee sources | Upwards only rent reviews3 | ||
92%A-B ratings2 | 62%private | 96%inflation-linked leases | ||
100%A-C ratings2 | 38%public | 4%fixed/other leases | ||
- Rooms may be acquired without wet-rooms if upgrading is possible.
- Non-Englishhomes converted to English equivalent ratings.
- 93% of assets in the portfolio are subject to annual uplifts linked to inflation. The remaining homes have either fixed or five-yearly uplifts.
2 | Target Healthcare REIT plc |
Corporate Governance | Financial Statements | Additional Information |
Number of our homes/sites
77
Total valuation
£684.8m
Contractual rent roll
£41.2m
4
Our portfolio
We have clear criteria for home design, quality and facilities to provide great environments for residents and care providers. We invest in homes the length and breadth of the UK, with portfolio diversification being key.
Number of | Rent roll | Value | |
Location | properties | (£m) | (£m) |
Scotland | 6 | 3.3 | 54.5 |
North East | 2 | 1.0 | 16.0 |
Northern Ireland | 4 | 1.7 | 25.5 |
Yorkshire & The Humber | 19 | 8.8 | 136.6 |
North West | 13 | 5.7 | 99.9 |
East Midlands | 10 | 4.6 | 73.5 |
West Midlands | 5 | 2.3 | 46.3 |
Wales | 1 | 0.5 | 7.0 |
East of England | 3 | 2.0 | 33.9 |
South East | 10 | 7.7 | 130.4 |
South West | 4 | 3.6 | 61.2 |
Total | 77 | 41.2 | 684.8 |
6
2
13
19
10
5
3
1
4 10
1 = Number of properties in region
Annual Report and Financial Statements 2021 | 3 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Target Healthcare REIT plc published this content on 20 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 October 2021 06:30:05 UTC.
