Impact Healthcare REIT PLC Equity Research & Stock Reports

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31 Jan 24

Impact Healthcare REIT - Strong cash flow underpins further DPS growth

Impact Healthcare REIT’s Q423 update shows a continued strengthening in operational and financial tenant performance, reflected in a record level of rent cover and 100% rent collection. With cash flow remaining strong, we expect the FY23 DPS of 6.77p (+3.5%) was fully covered by adjusted ‘cash’ earnings and the FY24 DPS target has been set at 6.95p (+2.7%). We will review our forecasts with the full year results in late March.

Companies: Impact Healthcare REIT PLC

Edison

26 Oct 23

Impact Healthcare REIT - On track to meet dividend target

Impact Healthcare REIT’s Q323 total return was 2.6%, or 8.5% over the first nine months of the year (9M23). With rent cover continuing to strengthen, rent collection back to 100% and 98% of drawn debt fixed or hedged, the company is well on track to meet its FY23 DPS target of 6.77p (+3.5%), fully covered by adjusted ‘cash’ earnings, with a yield of 8.6%.

Companies: Impact Healthcare REIT PLC

Edison

22 Aug 23

Impact Healthcare REIT - Interest hedging provides dividend visibility

Impact Healthcare REIT delivered strong operational and financial progress in the six months to 30 June 2023 (H123). Completion of additional interest rate hedging arrangements, with interest costs on 92% of drawn debt now fixed or hedged, provides visibility over debt costs and Impact’s ability to continue to pay fully cash-covered progressive dividends.

Companies: Impact Healthcare REIT PLC

Edison

13 Jun 23

Impact Healthcare REIT - Resolving sole underperforming tenant issue

Impact Healthcare REIT has successfully negotiated the transfer of the operation of the homes leased to one of its 13 care home tenants, which, as previously disclosed, in H123 has not paid its contractual rent (3.4% of the group total). The transfer is structured to maintain continuity of staffing and care while generating operational improvements. Under the terms of the transfer, our forecasts for FY23 and FY24 are reduced but we expect full dividend cover to be maintained. Meanwhile, the broa

Companies: Impact Healthcare REIT PLC

Edison

10 May 23

Impact Healthcare REIT - Making hay in all weathers

In Q123, Impact Healthcare REIT built on its strong FY22 underlying income performance. It also benefited from a stabilisation of the portfolio valuation yield, allowing indexed rental growth to feed through to property values and NAV. In this note we focus on the drivers of Impact’s consistently positive financial and operational performance.

Companies: Impact Healthcare REIT PLC

Edison

03 Mar 23

Impact Healthcare REIT - Progressive dividends continuing into FY23

With its Q422 NAV update, Impact Healthcare REIT (IHR) increased it DPS target for FY23 to 6.77p (+3.5%). With earnings continuing to be driven by inflation-indexed rental growth, significantly protected by fixed costs on 80%, we expect DPS to be fully covered by cash earnings. The Q4 impact of yield widening across the broad property sector was limited by the long-indexed leases, while low gearing mitigated the impact on NAV.

Companies: Impact Healthcare REIT PLC

Edison

13 Jan 23

Impact Healthcare REIT - Attractive growing income, innovatively funded

Impact Healthcare REIT (IHR) has invested £56m, on an accretive basis, in a portfolio of six quality care homes, to be operated by existing tenant Welford Healthcare. The transaction is innovatively funded by a blend of new equity issued to the vendors, attractively priced at the last published NAV, and cash/newly hedged debt, managing near-term interest rate risks.

Companies: Impact Healthcare REIT PLC

Edison

25 Oct 22

Impact Healthcare REIT - Performing well in a challenging environment

Impact Healthcare REIT’s performance year to date provides evidence of the continuing robustness of its strategy and the resilience of its tenants. For tenants, fee growth and increased occupancy are mitigating the impact of inflation such that rents continue to be paid in full while rent cover remains strong. For Impact, indexed rent uplifts are driving organic growth. Rising interest rates will negatively affect earnings and delay capital deployment, but we expect further fully covered DPS gro

Companies: Impact Healthcare REIT PLC

Edison

16 Aug 22

Impact Healthcare REIT plc - Half Year Results 2022 Highlights

09 May 22

Impact Healthcare REIT - Successfully growing with tenants

Impact Healthcare REIT’s recent results provided strong evidence of the robustness of its strategy and the resilience of its tenants. Indexed rent uplifts and an historical ability of operators to pass inflation pressures through to fee increases provides inflation protection, and the prospects for further organic growth. Meanwhile, capital is available to fund accretive acquisitions and asset management investment.

Companies: Impact Healthcare REIT PLC

Edison

29 Mar 22

Impact Healthcare REIT plc - Full Year Results 2021 Highlights

09 Feb 22

Impact Healthcare REIT - Positive Q421 returns

Impact Healthcare REIT’s unaudited NAV data for the three months to 31 December 2021 (Q421) show the consistent trend of positive quarterly NAV total returns since IPO continuing. The FY21 DPS target has been met and FY22 DPS is targeted to increase further, supported by long-term inflation-linked leases. With a significant pipeline of identified investment opportunities, Impact is seeking additional equity funding. Our forecasts are as published prior to the equity issue announcement and NAV up

Companies: Impact Healthcare REIT PLC

Edison

12 Jan 22

Impact Healthcare REIT - Accretive acquisitions and attractive financing

Late in 2021 Impact Healthcare REIT (IHR) announced significant investment activity amounting to £52m and its debut transaction in the institutional debt market. The investments are accretive to earnings and the new long-term fixed rate debt is attractively priced, reflecting lender confidence in the robustness of the business model, and provides a good match to IHR’s long-term income profile.

Companies: Impact Healthcare REIT PLC

Edison

30 Sep 21

Impact Healthcare REIT - Strong H1 progress and positive reforms

Recently outlined government proposals for social care reform are positive for the sector, providing additional state funding and a more certain long-term planning environment for providers. In this note we review the continuing resilience of Impact Healthcare REIT’s business model and of its tenants, reflected in a strong H121 financial performance, and future growth prospects.

Companies: Impact Healthcare REIT PLC

Edison

13 Jul 21

Impact Healthcare REIT - Attractive financial and social returns

Impact Healthcare REIT continues to deliver consistently positive returns, demonstrating the resilience of its tenant operators and the group’s strategy during the pandemic. Accretive portfolio growth combined with long-term inflation-linked rents are driving income and capital growth, while continuing full rent collection underpins increasing dividends.

Companies: Impact Healthcare REIT PLC

Edison