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30 Mar 2021

Impact Healthcare REIT

Company Notes

Resilience of portfolio demonstrated during pandemic

On 29 March Impact Healthcare REIT published its annual results for the year to 31 December 2020. Over the period the fund’s NAV per share increased by 2.6% from 106.81p to 109.58p, while the NAV total return was +8.5%, just below the target total return of 9.0% per annum. 100% of rent due for 2020 was collected, with no changes to any lease terms or payment schedules, while the underlying tenants maintained robust rent cover throughout the pandemic. EPRA earnings per share were 7.25p for the year, up 4.4% from the previous year, while adjusted earnings per share, which reflects underlying cash earnings, were 5.93p, up 12.7% from 2019. Dividends of 6.29p per share have been declared in respect of the year, in line with the target rate and representing a 1.9% year-on-year increase. The fund has a progressive dividend policy with a target to grow its annual aggregate dividend in line with the inflation-linked rental uplifts received in the prior financial year. On this basis, the target total dividend for the year ending 31 December 2021 is 6.41p per share, a 1.91% increase over FY 2020.