Target Healthcare REIT (THRL) was launched in 2013 and has built up a portfolio of around 100 care homes that contain 6,500 beds and generate some £60m in annual rents. All of THRL's portfolio is purpose-built with 99% of its beds having en-suite wet rooms and the vast majority were constructed after 2010. Its annual rents increase in line with inflation but are typically collared at 2% and capped at 4%. THRL has 32 tenants, the largest of which accounts for 16% of its rental income, and most of the underlying care fees they collect come from privately funded occupants rather than local counci...