Impact Healthcare REIT (LSE: IHR)

Currency in GBP

Last close As at 24/03/2023


−0.50 (−0.53%)

Market capitalisation


Impact Healthcare REIT 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, underpinned by structural growth in demand for care.

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.


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 (5.9) (6.8) (19.0)
Relative (1.3) (7.7) (18.1)
52 week high/low 127.0p/92.2p


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.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2020A 30.8 25.7 23.1 7.3 12.6 14.0
2021A 36.5 31.0 27.4 8.1 11.4 13.2
2022E 45.5 38.6 32.7 8.4 11.0 14.2
2023E 52.9 44.7 35.0 8.4 11.0 10.1



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