Care REIT (CRT) 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.
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.
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Andrew Cowley
Managing partner, Impact Health Partners
David Yaldron
FD
Rupert Barclay
Non-executive chairman
Forecast net cash (£m)
175.9
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | (6.8) | (7.8) | (5.3) |
Relative | (3.5) | (5.5) | (12.4) |
52 week high/low | 92.6p/78.9p |
Care REIT (formerly Impact Healthcare REIT) continues to benefit from positive operational and financial trends, with indexed rental growth driving income and capital values, strong tenant performance and a record level of rent cover. Quarterly DPS is tracking Care’s full-year target of 6.95p (+2.7%) and, including DPS paid, the H124 NTA total return was 5.5%, building on the 10.5% FY23 return, the highest since listing. Across the portfolio, tenant operators have benefited from the post-pandemic recovery in occupancy and strong fee growth. Against this background, the performance of the turnaround assets has improved and all seven homes have now been transferred to new long-term operators, paving the way for a resumption of rent payments.
Y/E Dec | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (p) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2022A | 45.4 | 38.6 | 32.6 | 8.4 | 9.8 | 10.9 |
2023A | 53.1 | 46.0 | 34.5 | 8.3 | 9.9 | 10.2 |
2024E | 54.6 | 47.2 | 35.7 | 8.6 | 9.6 | 8.0 |
2025E | 58.0 | 50.3 | 39.2 | 9.4 | 8.8 | 8.0 |