Target Healthcare REIT plc (LSE: THRL), the FTSE 250 specialist investor in modern, purpose-built UK care homes, has published its unaudited Net Asset Value for the quarter ended 30 September 2026, reporting a fifteenth consecutive quarter of EPRA Net Tangible Assets growth. EPRA NTA per share rose 0.9% to 123.2 pence, driven primarily by inflation-linked rent reviews across its 86-home portfolio. The company also declared its first interim dividend for the year ending 30 June 2027 at 1.553 pence per share, representing a 3.0% increase on the prior quarter's payment.

Key Points

  • Target Healthcare REIT plc (THRL) — FTSE 250 UK care home REIT
  • EPRA NTA per share increased to 123.2 pence as at 30 September 2026, up 0.9% on the prior quarter
  • Quarterly dividend of 1.553 pence per share declared; payment date 27 November 2026
  • Investors will be watching further acquisition commitments expected before the calendar year end and progress at the Suffolk development site targeting practical completion in 2028

EPRA NTA Reaches 123.2 Pence as Inflation-Linked Rents Drive Fifteenth Consecutive Quarter of Growth

The Group's EPRA NTA per share advanced from 122.1 pence at 30 June 2026 to 123.2 pence at 30 September 2026, a 0.9% increase over the quarter. The announcement attributes the improvement principally to a like-for-like portfolio valuation uplift of 0.6%, itself driven by 17 inflation-linked, upwards-only rent reviews completed during the period at an average uplift of 3.0%. The total accounting return for the quarter, inclusive of the dividend payment and measured on an EPRA NTA basis, stood at 2.1%. Adjusted EPRA earnings per share for the quarter were 1.69 pence, compared with 1.55 pence in the prior quarter, with the company noting the previous quarter included one-off costs of 0.08 pence per share relating to a reorganisation of its security structure.

£930.2 Million Portfolio of 86 Care Homes Fully Let with 25.8-Year WAULT and 100% Rent Collection

The Group's diversified portfolio, independently valued by CBRE Limited, increased to £930.2 million as at 30 September 2026 from £924.1 million at the prior quarter end. The 86 operational care homes and one forward funded development site are let to 31 tenants, with a weighted average unexpired lease term of 25.8 years. The announcement states that 100% of rent was collected for the quarter and average rent cover on mature homes remained at 2.0 times for the June 2026 quarter. All properties are rated EPC A or B, positioning the portfolio as compliant with minimum energy efficiency standards anticipated from 2031. Annualised contractual rent stood at £61.5 million.

Central Scotland Acquisition Completed and Suffolk Development on Track as Group Retains £73 Million of Deployable Capital

Subsequent to the quarter end, Target Healthcare completed the previously announced forward purchase of a care home in Central Scotland for a total cost of £13.4 million, including acquisition costs. Construction at the Group's remaining forward funded development site in Suffolk remains on track, with practical completion targeted for 2028 and a remaining commitment of £13 million to be advanced over the development period. The announcement discloses that after existing commitments, the Group retains approximately £73 million of available capital, with an additional uncommitted accordion facility of up to £70 million. The net loan-to-value ratio was 16.2% at 30 September 2026, with total debt of £200 million drawn against £280 million of committed facilities.

First Interim Dividend for Year to June 2027 Declared at 1.553 Pence, Fully Covered by Earnings

The company declared its first interim dividend for the financial year ending 30 June 2027, covering the period from 1 July 2026 to 30 September 2026, at 1.553 pence per share, entirely structured as a Property Income Distribution. This represents a 3.0% increase on the 1.508 pence paid in the prior quarter, and the announcement confirms the dividend is fully covered by adjusted EPRA earnings. The ex-dividend date is 12 November 2026, the record date is 13 November 2026, and payment is scheduled for 27 November 2026. The Group's weighted average cost of interest on drawn debt is fixed at 3.88%, inclusive of arrangement cost amortisation, with total debt facilities carrying a weighted average term of 5.3 years.