UPDATE (Sep 2026): THRL returned +11.8% in the year to June 2024, +9.3% to June 2025, and +12.0% to June 2026. This consistency has helped to narrow its discount over the last two years from 30% to around 10%. In the last year, 11 care homes were sold for £97m, an 11% premium to carrying value, leaving the trust with 87 assets and reducing net gearing to 16%. THRL owes £200m at an average cost of 3.9%, hedged against interest rate rises until September 2030. It is targeting a dividend of 6.212p for the year to June 2027, an increase of 3%, having paid 5.712p for 2024, 5.884p for 2025, and 6.03...