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...
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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 the amount individuals pay for personal care fees. The care home market ...
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