Target Healthcare REIT

Target Healthcare REIT is a property company which invests in healthcare and holds a large portfolio of care homes. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.[2]

Target Healthcare REIT
TypePublic limited company
LSE: THRL
IndustryProperty
Founded2013 (2013)
HeadquartersLondon, United Kingdom
Key people
  • Malcolm Naish (chairman)
  • Kenneth MacKenzie ( CEO)
RevenueIncrease £49.8 million (2022)[1]
Increase £36.1 million (2022)[1]
Increase £29.5 million (2022)[1]
Websitewww.targethealthcarereit.co.uk

History

The company was launched on the London Stock Exchange in March 2013 and used the proceeds to purchase as series of care homes with the main care home chains as its tenants.[3]

The company bought a series of care homes individually: it acquired two care homes, one in Cirencester and one in Camberley in June 2018,[4] one in Doncaster in July 2018,[5] one in Wetherby in September 2018,[6] and then two care homes, one in Ripon and one in Stourport-on-Severn in August 2019.[7]

Target Healthcare went on to buy the portfolio of the Yorkshire based company, Darrington Healthcare, in December 2019,[8] and then to acquire a large and diverse portfolio of 18 care homes in December 2021.[9][10][11]

Investors Chronicle commented in March 2021 that the COVID-19 pandemic had put care home operators under considerable stain, thereby increasing the risk for landlords such as Target Healthcare REIT, but the roll-out of the COVID-19 vaccine was reducing the sector risk.[12]

Operations

The company specialises in healthcare. Its portfolio was valued at £858 million as at 30 June 2022.[1] The company reported, in May 2022, that it had accumulated a portfolio of 95 care homes.[13] The company is one of a small number of UK Real Estate Investment Trusts which have been launched in the UK and the only one specialising in care homes.[14] The UK market is much less developed than that in the US; analysts at S&P Global Ratings have suggested that the UK REIT market "needs to grow a lot bigger" and involve "greater specialization".[15]

References
  1. "Annual Report 2022" (PDF). Target Healthcare REIT. Retrieved 18 February 2023.
  2. "FTSE UK Index Series Annual Review June 2022". 1 June 2022. Retrieved 17 June 2022.
  3. "York firm's £11.5m healthcare move". York Press. 16 October 2013. Retrieved 1 June 2022.
  4. "Care homes investor Target Healthcare expands UK portfolio". IPE Real Assets. 29 June 2018. Retrieved 1 June 2022.
  5. "Target Healthcare REIT buys care home and development site". IPE Real Assets. 11 July 2018. Retrieved 1 June 2022.
  6. "Target Healthcare acquires development site and care home". IPE Real Assets. 7 September 2018. Retrieved 1 June 2022.
  7. "Target Healthcare REIT expands UK portfolio with two acquisitions". IPE Real Assets. 23 August 2019. Retrieved 1 June 2022.
  8. "Target Healthcare REIT acquires Darrington Healthcare portfolio". Health Investor. 5 December 2019. Retrieved 17 June 2022.
  9. "Target Healthcare REIT completes acquisition of 18 care homes". Care Home Professional. Retrieved 1 June 2022.
  10. "Target Healthcare REIT completes 18-home acquisition spree". The Care Home Environment. 20 December 2021. Retrieved 17 June 2022.
  11. "Target Healthcare REIT plc Completes of 18-Care Home Portfolio Acquisition". The Carer. 20 December 2021. Retrieved 1 June 2022.
  12. "Target Healthcare positioned for recovery". Investors Chronicle. 4 March 2021. Retrieved 1 June 2022.
  13. "Trading updates: McColl's "likely" on brink of administration". Morning Star. 5 May 2022. Retrieved 1 June 2022.
  14. "REITs & UK Real Estate Investment Trusts – Property Investors Guide". Investment Property. Retrieved 18 June 2022.
  15. "UK REIT sector needs to 'grow a lot bigger,' say top property executives". S&P. 8 January 2021. Retrieved 18 June 2022.
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