Impact Healthcare Reit Share Discussion Threads

[a0002577] 06/6/2023 10:13

All in all, Dandigirl. a good deal methinks - so long as there is nothing else to be discovered. But then WAS1 started off with a mild RNS.

I am not into this one but look at it to see how is doing vis a vis its competitors which I am invested in.

[18bt] 05/6/2023 06:30

This looks very messy, but Mahesh Patel does seem to have a strong record and there seems a reasonable prospect of receiving all the rent in full eventually whilst having a materially strong convenant. It would have been much better if they could have found an unconnected 3rd party to do the deal, but that presumably wasn't on the table. It's wait and see for me, but not sure the market will like the income reduction.

[dandigirl] 02/6/2023 16:43

I suppose this evening's RNS is positive news?
Thoughts anyone?
Wonder what will happen to the share price Monday a.m.

[rhatton] 31/5/2023 16:14

Nice trade to close the day…

[gbcol] 25/4/2023 08:36

NAV up in qtr with property valuations up a tad. NAV now at 112.60p

“NET ASSET VALUE
-- Unaudited net asset value ("NAV") as at 31 March 2023 was GBP466.6 million, 112.60 pence per share. This represents an increase of GBP20.6 million (2.43 pence per share), against the 31 December 2022 NAV of GBP445.9 million, 110.17 pence per share.”

[rhatton] 09/3/2023 10:28

This has held up pretty well last few months but looks to be going back to 90p or so.

I guess there’s other yielding assets that are perceived to be safer at the moment.

[edward3] 24/1/2023 11:38

Can see no reason why not ..

[rhatton] 23/1/2023 10:51

What are expectations of dividends this year? Share pad showing 1.7p per quarter?

[catch007] 10/1/2023 10:52

Makes me wonder if the vendor was experiencing trading challenges.

[18bt] 10/1/2023 07:34

New acquisition - 80% debt with shares being issued at a premium. Amazed he vendors agreed to it. Presumably it creates negative goodwill. Anyway, it's a 7% yield, so good incremental revenue over the funding costs.

[2sporrans] 21/10/2022 10:12

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.

[18bt] 21/10/2022 07:41

Strong update showing just what value exists in the share at the current share price

[cwa1] 10/10/2022 06:36

10 October 2022

Impact 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).

[starpukka] 28/9/2022 11:40

Bought in today at around 98.5.

[2sporrans] 28/9/2022 10:41

BOE has put QT on ice.

Instead it is NOW buying v. long dated Gilts!!!!
QE is back on.

You couldn't make it up.


Stopped the REITs rot.....for now at least.

[2sporrans] 28/9/2022 08:31

Jeez......
Was expecting Kwartang to shift towards moderating and deferment, not to announce further unfunded fiscal largess.
The gilts and £ are shrieking to back-track; has he head of bone?
BOE seems in paralysis:
Fear that emergency jack-up just exacerbates woes?

[2sporrans] 24/9/2022 10:44

Wonder how much of the very recent share price drops across REITs is down to the phoenix like re-emergence of significant bond yields?
Like 4.1% on a 5 yr gilt now; not seen that high since 2008.
IG corporate spread is??
There is now competition; lower risk income streams, esp. wrt capital.

These bond yields are set to rise over coming months.

Bought into the dip here non-the-less [been waiting for a discount to NAV].
Negligible, if any, cyclical risk to the dividend. [growth in line with ~4% max collared rent rises?]
The NAV will be vulnerable [in a muted way] to a general property slump, should one happen.
Then again, Trussite economics may keep the pot simmering.

[pdriccio] 23/9/2022 13:04

Taken a small position today, seems good value at this level.

[cwa1] 13/9/2022 07:02

Tipped in The Telegraph's Questor column:-

[18bt] 05/9/2022 06:37

Ultimately care home fees are going to have to rise along with the price of everything else. For a lot of families, they have little choice but to pay.

[rhatton] 03/9/2022 09:56

Anyone here think there’s a risk of rising energy prices squeezing margins?

Although in hindsight it will be the tenant facing higher energy costs I guess

Apologies if it’s been mentioned in the recent report but I didn’t go through it thoroughly

[cwa1] 25/8/2022 07:13

XD this morning. Pay day 9/9

[18bt] 16/8/2022 07:27

Just put a reasonably large buy through - more inflation protection in my portfolio and relatively recession-proof and long term demand.

[18bt] 16/8/2022 06:21

Looks like they have scope for a further dividend uplift or special at YE

[cwa1] 16/8/2022 06:11

Half year results are out:-



Rupert Barclay, Chairman of Impact Healthcare REIT plc, commented:

"We are a responsible long-term owner of a diversified and resilient portfolio of well run and financially stable care homes that have established care quality and financial track records. W e lease them on long-term leases to tenants who we partner with to ensure high ongoing operational standards and care.

Against a challenging and uncertain backdrop, our business continues to demonstrate its high level of in-built resilience, underpinned by a sector that is largely uncorrelated with the wider economy. This is demonstrated by our 100% collection of rent since our IPO in March 2017, with no lease variations, and a healthy rolling 12-month rent cover of 1.85x(2) . This underlines our tenants' ability to manage the inflationary challenges in the current economic environment.

This has helped us to deliver a strong set of results for the first half of 2022, with our NAV per share up 3.3% and NAV up 13.7% since 31 December 2021, profit before tax up 88% on the same period in 2021, and progressive inflation-linked dividends declared for the period well covered by earnings. We delivered a total accounting return for the six-month period of 6.2%, and we are well placed to deliver our 9% per annum medium-term total accounting return target(1) .

These robust results are primarily driven by the market value uplifts received on our portfolio, underpinned by our inflation-linked rent reviews, stable operator performance and our maintenance of a conservatively managed balance sheet.

The Group is well positioned to continue to deliver attractive sustainable returns to shareholders through its covered progressive dividend, further strong capital growth potential and value creation capabilities of our resilient portfolio for the benefit of all our stakeholders. "