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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Impact Healthcare Reit Plc | IHR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| -1.50 | -1.75% | 84.20 | 13:42:03 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 82.60 | 82.60 | 86.50 | 85.70 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT TRUSTS |
| Top Posts |
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Posted at 21/10/2022 11:12 by 2sporrans Given the underpinning, non-cyclical, Tenant business stays as healthy as this, Impact looks like it will weather the difficult general environment OK.*Occupancy up 1.9% over the qtr. *Fees increasing in line with inflation: "....up 10.7% on the average for the third quarter of 2021." *"...rent cover in the third quarter is expected to be higher than in the second quarter". While the rents are capped at 4%, pretty much, the nominal figures look ok. Debt looks Ok in this context. Given a BOE hike of 1% in Nov. the av. weighted cost of debt will rise from 3.9% to 4.13%. "....the Group can repay the Metro facility [£15.3mn drawn], which expires in June 2023, from available headroom on its remaining facilities. There's £40mn [2% margin] undrawn from HSBC that i guess will provide... The next debt repayment - CYBC, just £5mn drawn - lands March 2024; the HSBC follows in April 2025. By then, hopefully, inflation subdued and a fresh economic upcycle underway. All in all, while portfolio growth is going to be stunted over the interim and the property valuations come under pressure, the basic model remains robust, at least to my semi-educated eye. Suppose the share price could go a fair lot lower if Gilt yields go over 5%. [Also, can get 2.5% from money markets now and rising which incentivises larger investor cash balances significantly.] Think I'll drip-dip buy some more here, for the divi and eventual share price rebound; but gradually. |
Posted at 10/10/2022 07:36 by cwa1 10 October 2022Impact Healthcare REIT plc ("Impact" or the "Company" or, together with its subsidiaries, the "Group") A PROFITABLE DISPOSAL ABOVE LATEST BOOK VALUE OF A NON-CORE CARE HOME AND SMALLER RELATED PARTY TRANSACTION The Board of Directors of Impact Healthcare REIT plc (ticker: IHR), the real estate investment trust which gives investors exposure to a diversified portfolio of UK healthcare real estate assets, in particular care homes, is pleased to announce that the Group has sold a non-core care home for GBP2.65 million, 4 per cent. above the latest book value as at 30 June 2022. Impact has completed on the sale of Attlee, a 68 bed care home in Wakefield, acquired as part of the seed portfolio in March 2017. The home was not a long-term strategic asset for Impact or the tenant, Minster Care Management Limited ("Minster") and as part of the Group's active portfolio management strategy, was jointly marketed. As part of the sale Impact has entered into a lease surrender with Minster for nil consideration. Minster is deemed to be a related party of the Company under the Listing Rules. The lease surrender with Minster is therefore deemed to be a smaller related party transaction for the purposes of Listing Rule 11.1.10R and this announcement is therefore made in accordance with Listing Rule 11.1.10R(2)(c). |
Posted at 08/7/2022 12:34 by 2sporrans A just question rHTo which i know no precise answer. However, as a proximate guide, the Proposal RNS did state this: "The Company is in advanced negotiations to acquire six portfolios, consisting of 27 separate care homes, for a total value of approximately £169 million (the "Pipeline"). Whilst some of these homes can be acquired from the Company's existing resources, including available debt headroom (after accounting for upcoming capital commitments) of £70 million, as well as new debt to be put in place alongside the acquisitions, the Company will require new equity in order to complete on all the potential opportunities." From which one can deduce that if all the debt headroom were exhausted....Impact still require ~£100mn new capital/debt + other existing resources [undeclared] for their ambitions to buy another 6 portfolios to be realised. Well, £22mn capital raise just now leaves ~£78mn proposed spend to be sourced either from other existing resources [? not a lot] or new debt raise; I'm assuming they won't be passing out the hat for another capital raise any time soon. So, if say they content themselves with buying just 3 portfolios [the pick], does this pose any great problem? Don't think so. Having said, maybe the share price wants to knock off a few more pence before investor appetite returns to where it was before the placement/subscripti A modest discount to NAV seems more appropriate than the current small premium. |
Posted at 06/7/2022 10:45 by catch007 I did not subscribe this time round last fund raise was very recent. Lacklustre amount raised confirms unattractive price, poor timing and lack of appetite from investors imho. |
Posted at 06/7/2022 07:54 by cwa1 Not a resounding success unfortunately:-Results of the Placing and Offer for Subscription Further to the Company's announcement on 22 June 2022, the Board of Directors (the "Board") of Impact Healthcare REIT plc (ticker: IHR), the real estate investment trust which provides investors with exposure to a diversified portfolio of UK healthcare real estate assets, in particular care homes, announces that its Placing and Offer for Subscription have raised total gross proceeds of approximately GBP22.3 million through the issue of 19,032,420 New Ordinary Shares at a price of 117 pence per share . 17,316,722 of these shares will be issued via the Placing and 1,715,698 shares will be issued via the Offer for Subscription. Application has been made for the New Ordinary Shares to be admitted to the premium segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange's main market for listed securities ("Admission"). It is expected that Admission will take effect, and dealings in the New Ordinary Shares will commence, at 8.00 a.m. (London time) on 8 July 2022. Rupert Barclay, Chairman of Impact Healthcare REIT plc, said: "I would like to thank new and existing shareholders for their support in this fundraise, which will help to grow further our inflation linked, long leased REIT. Whilst equity capital market conditions remain challenging, the proceeds of this fundraise will allow the Company to progress its acquisition pipeline as well as allowing further scope to invest into additional accretive asset management initiatives, thereby modernising, extending and improving homes in the portfolio for the benefit of shareholders, tenants and their underlying residents. " Immediately following Admission, the Company will have 404,764,328 ordinary shares in issue and therefore the total voting rights in the Company will be 404,764,328. This figure may be used by shareholders as the denominator for the calculations by which they may determine whether or not they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules. Terms not otherwise defined in this announcement have the meanings given to them in the announcement published by the Company on 22 June 2022. |
Posted at 23/12/2021 08:14 by cwa1 ACQUIRES THREE CARE HOMES FOR £14.3 MILLIONThe Board of Directors of Impact Healthcare REIT plc (ticker: IHR), the real estate investment trust which gives investors exposure to a diversified portfolio of UK healthcare real estate assets, in particular care homes, is pleased to announce that the Group has recently completed the acquisition of a property and exchanged contracts to acquire two further properties all with existing Group tenants. Once completed, these transactions are expected to deliver the following benefits to the Group: · enable the Company to deploy £14.3 million of capital, plus transaction costs; · these acquisitions will add three care homes comprising 208 beds to the Group's portfolio, which will then total 112 care homes and 6,191 beds (at 30 September 2021: 108 homes and 5,900 beds); · increase the Group's contracted annual rent roll to £35.5 million, a 4.7% increase on contracted annual rent at 30 September 2021 of £33.9 million; · EPC ratings of B 1 on two homes and EPC C 1 on the third home with a strategy to deliver an EPC B; · rent cover at the acquisition of each care home will be approximately two times; and · all of the acquisitions will be leased on Impact's new improved green leases (the "Group's standard lease"), with fixed terms of 25 years and annual upward-only rent reviews linked to the Retail Price Index ("RPI"), with commitments from each tenant to a minimum annual expenditure on the maintenance of the care homes. Springhill Nursing care home in Kilmarnock, Scotland, for £3.25 million Earlier in the quarter, the Group completed the acquisition of Springhill Nursing care home in a sale and lease back with Silverline, one of the Group's existing tenants. Springhill, located in Kilmarnock, Scotland, is a four storey Georgian building with a substantial purpose-built extension offering a total of 61 beds with en suite wet room facilities. The Group paid a net purchase price of £3.25 million with an initial annual rent of £243,000 with rent cover at acquisition of just under two times. The acquisition price reflects gross initial yield of 7.5%. The home has an EPC rating of C531 with a strategy to achieving an equivalent EPC rating of B. Silverline has entered into the Group's standard lease, with a fixed term of 25 years with no break clauses and RPI uplifts of between 2% and 4% per annum. Silverline has committed to a minimum annual expenditure on the maintenance of the care homes. Portfolio of two care homes in Northern Ireland leased to Electus Healthcare for £11.02 million The Group has exchanged contracts for the acquisition of two care homes in Northern Ireland, subject to re-registration with the Regulation and Quality Improvement Authority, which is expected to be procedural. Both care homes are purpose-built in established residential areas and provide a combined total of 147 en suite bedrooms. One of the homes is located in the north-west of Belfast, the second in the coastal town of Larne. Both homes have an EPC rating B1. The two homes will be operated by an existing tenant, Electus, and take our total care homes in Northern Ireland to five with 340 beds. The Group is to pay a net purchase price of £11.02 million to the vendors. The initial annual rent has been agreed at £854,500, reflecting a gross initial yield of 7.8%. Rent cover at acquisition will be two times. Electus will enter the Group's standard leases, with a fixed term of 25-years with no break clauses. The rents receivable under the leases will be subject to annual upward-only rent reviews linked to RPI, with a floor of 2% p.a. and a cap of 4% per annum. Electus has committed to a minimum annual expenditure on the maintenance of the care homes. |
Posted at 26/9/2021 22:48 by sharesoc We are hosting a webinar with Impact Healthcare REIT (IHR) on the 20th October. May be of interest to current shareholders and potential investors: |
Posted at 12/8/2020 07:33 by cwa1 Pleasing results:-Rupert Barclay, Chairman of Impact Healthcare REIT PLC, commented: " The Group works closely with all its tenants as they continue to provide an essential service to the communities in which they operate. We remain a long-term business and the Company's healthcare portfolio continues to provide crucial social care infrastructure supporting vulnerable elderly people across the UK. We are confident that, despite the short-term uncertainty produced by the pandemic, the fundamental drivers of our industry and business remain strong. The Company's business model remains robust and resilient as demonstrated by the Group's 100% collection of rent due for the year to date and we continue to be well positioned for the short and longer term. We remain well capitalised, with a strong balance sheet and have significant liquidity and headroom, which together leave us well placed to continue to deliver value responsibly for all our stakeholders: our tenants, residents in the care homes we own, our tenants' care professionals and our shareholders." Asset sale at a chunky premium to book:- ASSET DISPOSAL AND SMALLER RELATED PARTY TRANSACTION The Board of Directors of Impact Healthcare REIT plc (ticker: IHR), the real estate investment trust which gives investors exposure to a diversified portfolio of UK healthcare real estate assets, in particular care homes, is pleased to announce that the Group has sold The Shrubbery care home in Worcester to a developer for alternative use. The sales price represents a 24% premium to the latest book value as at 30 June 2020 and a 29% uplift on the purchase price . And dividend news as expected:- This dividend is for the period from 1 April 2020 to 30 June 2020 and is payable on 4 September 2020 to shareholders on the register on 21 August 2020. The ex-dividend date will be 20 August 2020. This dividend will be a property income distribution dividend ("PID"). This dividend is in line with the aggregate total dividend target of 6.29 pence per share 1 for the year ending 31 December 2020, which was reaffirmed by the Board on 10 July 2020 as a result of the Group's 100% collection of rent for the year to date. Oh, and did we mention, we've had 100% rent collection for the period :-) |
Posted at 30/9/2017 11:48 by jonwig I think quite a few investors have noticed this and walked on by.Personally I have doubts about the care home sector as an investment. How well is the landlord sheltered from problems faced by operators?: there's upward pressure on staff costs (and possible shortages to come), and downward pressure from local authorities. When there's a mixture of social and self-funded residents, the latter seem to pay more to subsidise the former. Is this sustainable? Gearing seems to be limited to 35% which is modest. Anyway, just my personal view. |
Posted at 30/9/2017 10:35 by a0002577 Still on track - but judging from posts here, other investors haven't noticed it |
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