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

b"Target Healthcare REIT has delivered consistently positive returns since IPO in 2013 and this has continued through the pandemic.

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Monday, May 10, 2021

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Economy of the United States, Industry economics), Companies, Real estate investment trust, European Public Real Estate Association, Initial public offering, General Electric, Thomas Edison

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TEL AVIV, ATHENS, LONDON, SYDNEY, AMSTERDAM, FRANKFURT, NEW YORK, JOHANNESBURG

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b"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%.
This supports a premium to NAV, which at 1.09x (Q321 NAV) is in line with the average since IPO but below the 1.19x peak.
Edison's reports are not solicitations to buy or sell any securities.\nLearn more at www.edisongroup.com and connect with Edison on:\n"

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 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.

The FY21e yield is an attractive 5.7% with good prospects for DPS growth. This supports a premium to NAV, which at 1.09x (Q321 NAV) is in line with the average since IPO but below the 1.19x peak. Robust rent collection and DPS payments through the pandemic indicate potential for yield tightening.

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1194160 10-May-2021