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...
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UPDATE: This trust was acquired by CareTrust for 108p per share in 2025.
Impact Healthcare REIT is the younger and smaller of the two London-listed property funds that specialise in owning care homes in the UK and it has provided a net asset value return of 8.7% a year inclusive of dividends since its March 2017 IPO, which is just below its medium-term 9% annual target. With increasing numbers of us likely to need care at some point, demand for care homes should continue to rise for many years and this, after many years of hesitancy, recently led to the government announcing a lifetime cap on...
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