Impact Healthcare REIT (LSE: IHR)

Currency in GBP

Last close As at 25/09/2023


−1.80 (−2.10%)

Market capitalisation


Impact Healthcare REIT (IHR) invests in a diversified portfolio of UK healthcare assets, particularly residential and nursing care homes, let on long leases to high-quality operators. It aims to provide shareholders with attractive and sustainable returns, primarily in the form of dividends.

Care home demand is driven by demographics and care needs and benefits from supportive demand fundamentals including increasing requirements from a rapidly ageing population for high quality care and a need to reduce pressure on high-cost, medical care providers in the NHS.

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Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Andrew Cowley

    Managing partner, Impact Health Partners

  • David Yaldron


  • Rupert Barclay

    Non-executive chairman

Balance Sheet

Forecast net cash (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (6.5) (4.9) (24.7)
Relative (9.7) (6.8) (30.0)
52 week high/low 107.8p/83.9p


H123 delivered strong financial and operational performance with indexed rental growth continuing to drive earnings and support property valuations. For tenants, strong fee growth and rising occupancy continues to offset inflationary pressures, with underlying rent cover remaining strong at c 1.8x. H1 DPS of 3.85p (+3.5%) was in line with the full year target of 6.77p and was 109% covered by adjusted ‘cash’ earnings and 123% by EPRA earnings. With property yields stabilising, 2.7% like-for-like rent growth fed through to valuation gains and NAV per share increased 3.2% to 113.6p. Including DPS paid, the total accounting return was 6.2%. 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.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2021A 36.5 31.0 27.4 8.1 10.4 N/A
2022A 45.4 38.6 30.8 8.4 10.0 11.1
2023E 53.4 45.7 33.9 8.2 10.2 9.1
2024E 56.2 48.5 34.6 8.3 10.1 8.5


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