Impact Healthcare Reit Share Discussion Threads

[rjmahan] 28/3/2020 12:56

I think IHR is a really, really, good idea - care home investment trust. Chart also looks good to me, particularly when you look at what other trusts have done...

[stemis] 27/3/2020 09:52

Yes, looks anomalous compared to THRL which seems to have recovered sharply to around Nav, whilst IHR is a discount of 36%

[hedge fund harry] 27/3/2020 09:08

A very good update yesterday. The share price fall looks unwarranted. Not many Reits look attractive just now but I'm confident this one will do well in the current environment.

[vnvd] 21/10/2019 18:23

jombaston, I think you are right, and I would add that THRL has 60% of debt fixed, and even so it is paying a lower effective annual interest rate (I have not checked the latest report from IHR though).
Further, EPRA Cost ratio and Ongoing charges are also lower in THRL.
And, btw, the directors of IHR increased their fees 50% the year following the IPO. Amounts are not really significant, but it still does not seem the most honest behavior.

[jombaston] 30/8/2019 11:38

I avoided this at issue due to the tenant concentration but it seems to have performed OK nonetheless. There has been gradual diversification but Croftwood and Minster (same group)still represent nearly three-quarters of the beds.

This seems to be valued similarly to THRL but THRL has a longer listing record and is bigger and more diversified by tenant.

Am I missing something?

[lord mandelbaum] 03/7/2019 10:24

I was at the presenation last night at the Shares event - very impressive.

To me the financials and outook appear solid. A lot of these safer REITs like PHP.. and renewable energy stocks (UKW, BSIF, TRIG et al) are richly valued right now, and in comparison to those, IHR's yield and NAV look attractive.

[a0002577] 24/6/2019 10:43

Interesting share price moves in the past few weeks - it got so high that I sold. Waiting for it to fall further and then I will buy back in.

[18bt] 05/2/2019 14:52

Agreed. Existing shareholders shd be allowed to participate.

[a0002577] 05/2/2019 11:07

Another immportant announcement today.

A. Fund raise of £200 million

B. Introduction of a progressive dividend policy (moves up next year to 6.17 pence so a yield of just ove 6%)

C. Move to the premium segment (which would mean it will be included in certain indices)

D. Increase in NAV (it now has only a 1% premium)

Wonder if they will allow PIs to participate in the Fund Raise - I would be up for more of these.

[a0002577] 24/10/2018 08:42

Major announcement today of a fund raise of £150 million to buy more care homes yielding 8% - looks to be a good deal if they can pull it off and will roughly double the market cap. Will probably subscribe as I am underweight in this sector,

[a0002577] 21/3/2018 09:58

Very creditable results published this morning see

[jonwig] 01/10/2017 04:38

morgoth - yes, it may be that Impact and Minster were incorporated at about the same time, with Minster incorporating the Patel holdings and Impact then floating and raising new cash thus leveraging the assets. If so, that's a normal sort of arrangement and wouldn't particularly bother me. It'll all be in the prospectus, I'm sure.

What does is the sector, but that's a matter of personal choice.

[morgoth1] 30/9/2017 21:52

I think that would be Mr Patel who was one of the founders of
Minster he is now the investment adviser and owns 10 million shares
in Impact he has a great deal of experience in the care home sector.
IMHO i like directors to have a big stake in the cos i invest in
and im in for the ride.

[stemis] 30/9/2017 17:07

I think there's been some sort of corporate reorganisation at Minster but I haven't really tracked it. What I did see is that one of the big shareholders in Minster also owns shares in IHR. It all looks slightly incestuous to me...

[jonwig] 30/9/2017 14:20

Hi, SteMiS - yes, one client would be a risk too far for me. In case of client default, 'alternative use' can be attractive, and you'd think care homes might be developed into PRS apartments, or hotels. Trouble is, posh homes seem to be converted country houses (look at the one on their home page) which might struggle there.

Have you checked out Minster Care Group? Incorporated 11 April 2017. How are they related to IHR? I suppose it's in the prospectus, but I'll only look if I'm interested enough in investing here.
Details:



and

[stemis] 30/9/2017 13:24

I'm not currently a holder although I like the sector. At the end of the day there is growing demand and, although there are pressures on the sector, It's not going to go away. Of course PSPI shows what happens when you get it wrong but 20 year leases with upwards RPI rent increases is a property dream. However I'm not keen on their concentration on one client (Minster) and I'd prefer to buy at a discount so I'm just watching...

[jonwig] 30/9/2017 10:48

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.

[a0002577] 30/9/2017 09:35

Still on track - but judging from posts here, other investors haven't noticed it

[a0002577] 30/9/2017 09:35

Still on track - but judging from posts here, other investors haven't noticed it

[a0002577] 22/8/2017 11:28

This looks to be a very good income share with a good business model - surprised not more people are looking at it.

Delivers it first dividend at the end of this month and on target for 6 pence in the first year - can't be bad

[stemis] 07/3/2017 09:17

Opened at a slight premium to the listing price of 100p

[stemis] 07/3/2017 09:13

The Company intends to become a real estate investment trust ("REIT") and provide shareholders with an attractive return, principally in the form of quarterly income distributions and with the potential for capital and income growth, through exposure to a diversified portfolio of healthcare real estate opportunities. The Company will acquire, own, lease, renovate, extend and redevelop high quality healthcare real estate assets in the UK and lease those assets primarily to healthcare operators providing residential healthcare services under full repairing and insuring leases.

Web site:-
hxxp://www.impactreit.uk/

Prospectus:-
hxxp://www.impactreit.uk/pdf/ImpactProspectus2017.PDF