Target Healthcare REIT Posts Best Year Since 2013 Listing
Target Healthcare REIT delivered its strongest annual performance since listing in 2013, with net asset value, earnings and the dividend all rising as inflation-linked rents and disposals boosted returns.
Target Healthcare REIT (LON: THRL), which owns UK care homes let to operators, reported a total accounting return of 12.0% for the year ended 30 June 2026, its best since its 2013 listing.
The prior year’s figure was 9.3%. Shares are trading at 113.6p, up 0.71% on the day.
The 113.6p share price sits below the group’s EPRA NTA per share of 122.1p, itself up 6.4% on last year’s 114.8p, meaning the stock trades at a discount to its net asset value even after the results.
Sponsored content
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Sponsored content
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Sponsored content
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Sponsored content
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Sponsored content
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
The portfolio of 87 properties, fully let to 31 tenants, carries a weighted average unexpired lease term of 26.0 years. Like-for-like rental growth reached 3.7% and valuation growth 4.9%, with the standing portfolio returning 11.1% against 7.5% for the MSCI UK Annual Healthcare Property Index, an outperformance the group has recorded every year since its IPO. Target also recycled capital, selling 11 care homes for £97m, an 11% premium to book value, and redeploying proceeds into acquisitions yielding above 6% while cutting exposure to its largest tenant, HC-One, from 16% to roughly 8% of contracted rent.
Adjusted EPRA earnings per share rose 7.6% to 6.54p from 6.08p, covering the 6.032p dividend, up 2.5% on the prior year’s 5.884p, by 108%. Net loan-to-value fell to 16.1% from 21.8% after refinancing left £200m of debt drawn at an average cost of 3.89%, fixed or hedged into 2029-2030, leaving roughly £103m available for further investment.
Metric
FY26
FY25
Total accounting return
12.0%
9.3%
EPRA NTA per share
122.1p
114.8p
Dividend per share
6.032p
5.884p
Net LTV
16.1%
21.8%
Every metric in the table improved on the year before, the basis for chair Alison Fyfe’s assessment of the results.
Sponsored
Target Healthcare REIT’s dividend per share has risen from 5.884p in FY2025 to 6.032p in FY2026, with a FY2027 target of 6.212p. Source: Target Healthcare REIT plc FY26 annual results, 22 September 2026.
With a total accounting return of 12.0%, these results represent the Group’s best annual financial performance since its IPO in 2013.
Alison Fyfe, Chair, Target Healthcare REIT plc
Target has set a FY27 dividend target of 6.212p, up 3.0%. The group pointed to the UK’s over-85 population, set to double by 2050, and inflation-linked rent reviews as separate supporting factors for the sector. It also flagged a sector-wide ban on upward-only rent reviews from 2027-28, which is not retrospective, as a factor to watch.
The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.
