Half Year Results and Dividend

RNS Number : 0956W

Impact Healthcare REIT PLC

16 August 2022

Impact Healthcare REIT plc

("Impact" or the "Company" or, together with its subsidiaries, the "Group")

Half year results for the six months ended 30 June 2022

Dividend declaration

CONTINUING STRONG AND RESILIENT PERFORMANCE

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, today announces the Company's half year results for the six months ended 30 June 2022 and declares the Company's second quarter interim dividend of 1.635 pence per ordinary share.

This dividend is for the period from 1 April 2022 to 30 June 2022 and is payable on 9 September 2022 to shareholders on the register on 26 August 2022. The ex-dividend date will be 25 August 2022. This dividend will be a property income distribution dividend ("PID"). This dividend is in line with the aggregate total dividend target of 6.54 pence per share¹ for the year ending 31 December 2022.

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 1.85x². 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 target¹.

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. "

Financial highlights

	At 30 June 2022 (unaudited)	At 30 June 2021 (unaudited)	Change to H1'22	Year ended 31 December 2021 (audited)	Change to FY21
Dividends declared per share	3.27p	3.21p	+2.0%	6.41p
Profit before tax	£27.30m	£14.51m	+88.2%	£31.97m
Earnings per share ("EPS")	7.26p	4.41p	+64.6%	9.41p
EPRA EPS	4.22p	4.10p	+2.9%	8.05p
Adjusted earnings per share	3.66p	3.26p	+12.3%	6.68p
Adjusted earnings dividend cover	112%	102%		104%
Contracted annual rent roll³	£42.0m	£33.8m		£38.0m	+10.7%
Property Investments⁴	£568.9m	£432.4m		£496.9m	+14.5%
Net asset value ("NAV") per share	116.18p	110.66p		112.43p	+3.3%
Loan to value ("LTV") ratio	23.1%	13.7%		22.3%
Total accounting return	6.21%	3.88%		8.42%
Cash	£22.0m	£17.7m		£13.3m

· The unaudited NAV at 30 June 2022 was £448.1 million (+13.7%) or 116.18 pence per share (+3.3% increase) (31 December 2021: NAV: £394.2 million; 112.43 pence per share). This increase is primarily driven by the market value uplifts received on the property portfolio, underpinned by the inflation-linked rent reviews and stable operator performance.

· Total accounting return for the six months to 30 June 2022 was 6.21%, comprising dividends paid in the period of 3.24 pence and NAV growth of 3.75 pence per share (+3.3%) in the period. As a result, we are well placed to deliver against our 9% per annum medium-term total accounting return target ¹ .

· Our property investments were independently valued at £568.9 million⁴ as at 30 June 2022, a 14.5% increase from £496.9 million on 31 December 2021. On a like-for-like basis the portfolio increased by 4.9% (£22.6 million) between 31 December 2021 and 30 June 2022, driven mainly by the inflationary rental uplifts and capital value improvements from our asset management activities.

· The market value uplift of investment properties was £13.4 million (H1 2021: £5.0 million), contributing to profit before tax increasing by 88.2% to £27.3 million (H1 2021: £14.5 million).

· The Company declared two quarterly dividends of 1.635 pence for the period, in line with the Company's annual dividend target of 6.54 pence per share for the year to 31 December2022 ¹ , an increase of 2.0% on the dividend paid in 2021 of 6.41 pence per share.

o Dividends declared for the period were 129% covered by EPRA earnings per share and 112% by adjusted earnings per share.

· EPS increase of 64.6% to 7.26 pence per share (H1 2021: 4.41 pence per share) (basic and diluted) owing to a 24.2% increase in contracted annual rent on H1 2021 and a 2.9% uplift in the investment portfolio's value during the period, following the inflation-linked rent increases and asset management activities in the first half of 2022.

· Adjusted EPS rise of 12.3% to 3.66 pence per share (H1 2021: 3.26 pence per share), a result of increased cash revenue from rent reviews and the use of moderate leverage to further scale property investments.

· Grew our annual contracted rent roll³ by 10.7% to £42.0 million (31 December 2021: £38.0 million); this consisted of:

o Acquisition of five new properties and exchange of contracts to acquire a further three properties, contributing £3.0 million to the contracted annual rent.

o 79 properties had rent reviews during the period adding £872k to the contracted annual rent, representing a 4.0% increase on the associated portfolio over the six months to 30 June 2022.

o New capex commitments during the period adding a further £68k to contracted annual rent.

· Drew down the second tranche of long-term institutional debt amounting to £38 million, maturing in June 2035 at an attractive fixed coupon of 3.0%.

· The Group now has £206.0 million of committed debt facilities. Our drawn debt as at 30 June 2022 was £137.6 million, giving us a gross LTV of 23.1%, with significant headroom to our borrowing policy cap of 35%. £75.0 million of this is long-term fixed-rate debt with a weighted average coupon of 2.967% and maturing in 2035. As at 30 June 2022, the weighted average term of debt facilities (excluding options to extend) was 6.1 years.

o 48% of our debt facilities are currently hedged against rising interest rate costs (73% of drawn debt as at 30 June 2022). 36% through long-term fixed-rate facilities and 12% through an interest rate cap at 1% which expires in June 2023.

· £40.0 million of gross proceeds from placing of new ordinary shares, admitted onto the main market of the London Stock Exchange on 21 February 2022. A further £22.3 million of gross proceeds was raised from a placing of new ordinary shares following the period end. These shares were admitted onto the main market of the London Stock Exchange on 8 July 2022.

· Following the post-period equity raise, the Company has over £110 million in available funds for existing capital commitments and to fund further pipeline investment opportunities.

Operational highlights

	At 30 June 2022	At 30 June 2021	Change	At 31 December 2021
Topped-up net initial yield	6.69%	6.75%	-6 bps	6.71%
Average NIY on acquisitions to date	7.4%	7.5%	-12 bps	7.4%
Rents containing inflation-linked uplifts	100%	100%	-	100%
WAULT to first break	19.9 years	19.5 years	+0.4 years	19.2 years
Portfolio let	100%	100%	-	100%
Last 12 months' rent cover	1.85	1.83	+1%	1.91
Properties⁴	131	111	+18%	124
Beds⁴	7,161	6,141	+17%	6,720
Tenants⁵	13	13	-	13

· The Group continued to demonstrate the resilience of its business model, collecting 100% of rent due for the period, with no changes to any lease terms or payment schedules, and the portfolio continues to have zero voids.

· Throughout the period our tenants have continued to perform well with average rent cover for the 12 months to 30 June 2022 at 1.85x.

· Occupancy continued to climb across the Group's homes to 85.4%⁶ by the period end, up 2.3% on the year (31 December 2021: 83.1%), and the highest it has been since early 2020.

· Acquired seven properties and exchanged contracts on a portfolio of three properties, in total adding 596 beds for a total net consideration of £55.2 million.

· At 30 June 2022, the Group had invested in 131 properties with 7,161 beds, up from 124 and 6,720, respectively, at 31 December 2021⁴.

o The Group also exchanged contracts to acquire a further three homes in the period, which once completed will bring the total portfolio investments to 134 properties, which offer 7,316 beds⁴.

o Our portfolio represents approximately 1.5% of a highly fragmented UK market (with an estimated 465,000 beds for elderly care in total). We remain confident that we can continue to grow while being very selective in looking for acquisitions which will be accretive and will further increase diversification.

· All leases continue to be inflation-linked with upward-only rent reviews. W e also cap the rental uplifts to avoid putting undue strain on our tenants, which helps to create sustainable long-term income .

· Weighted average unexpired lease term ("WAULT") of 19.9 years at 30 June 2022 (30 June 2021: 19.5 years).

· EPRA 'topped up' net initial yield of 6.69% as at 30 June 2021 (30 June 2021: 6.75%). The average net initial yield of our acquisitions to date was 7.4%.

· Asset management remains a key focus of our business, enhancing the quality, sustainability and value creation capabilities of our portfolio, working in partnership with our tenants to ensure high ongoing operational standards in our homes for the benefit of all our stakeholders.

o In the period, we completed the internal refurbishment of Belmont House in Harrogate and the upgrade of three care homes operated by our tenant, Electus Healthcare, in Northern Ireland.

o Good progress has been made on site in Carlisle at Riverwell Beck, formerly known as Blackwell Vale, whereby we have undertaken a comprehensive refurbishment and extension of the existing care home, enhancing the common areas, facilities and services, and increasing operational capacity from 51 to 57 beds, adding six en-suite bedrooms and a further three en-suite wet rooms to existing bedrooms.

· Looking ahead, in Bristol, phase one of the new link building at Fairview House and Fairview Court is targeting completion next month. Phase two will then commence, which involves an extensive refurbishment of Fairview House and the introduction of further sustainability improvement measures to improve the EPC rating of the property to an overall EPC rating of A.

· We have a number of future capital projects in either the planning or tender phase, which we will look to commit to over the next six-month period; the average yield on cost is expected to be 8%.

· Our forward-funded development in Hartlepool has achieved practical completion. The 94-bedroom home will be operated by Prestige, one of the Group's existing tenants, and will offer a modern and well-designed environment for residents. The Group funded development costs of £6.1 million, the project will deliver an initial yield on development costs of 7.8%, and in the period has received a valuation uplift of £1.9 million.

Enhancing the social environment of our homes and their environmental performance is fundamental to long-term value creation

Our homes provide an important service in their communities, providing accommodation and associated support for a vulnerable segment of society. We work closely with our tenants to ensure they can provide an enjoyable, safe, caring and energy efficient environment that can enhance the wellbeing of their residents. In the period we have:

· Published our EPRA sustainability report for 2021;

· Progressed identified opportunities to improve energy efficiency and EPC ratings;

· Commenced work on assessing the greenhouse gas emissions from our portfolio in advance of developing a net zero carbon strategy;

· Progressed work to assess our transitional and physical climate risk and opportunity in order to report under TCFD this year; and

· Commenced work on how we can understand and measure the clear inherent social value embedded in our portfolio.

Notes

1 This is a target only and not a profit forecast. There can be no assurance that the target will be met and it should not be taken as an indicator of the Company's expected or actual results.

2 Includes the benefit of grant income, which largely ended in March 2022 and is beginning to unwind.

3 Contracted rent includes all post-tax income from investment in properties, whether generated from rental income or post-tax interest income.

4 This relates to the property portfolio along with property portfolios that have been invested in via loans to operators with an option for the Group to acquire.

5 Including Croftwood and Minster, which are both part of the Minster Care Group.

6 Excludes three turn-around assets that have not reached maturity.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Impact Health Partners LLP		Via Maitland/amo
Andrew Cowley
Mahesh Patel
David Yaldron

Jefferies International Limited		+44 20 7029 8000
Tom Yeadon	tyeadon@jefferies.com
Neil Winward	nwinward@jefferies.com
Ollie Nott	onott@jefferies.com

Winterflood Securities Limited		+44 20 3100 0000
Neil Langford	neil.langford@winterflood.com
Joe Winkley	joe.winkley@winterflood.com

Maitland/amo (Communications adviser)		+44 7747 113 930
James Benjamin Alistair de Kare-Silver	impacthealth-maitland@maitland.co.uk

The Company's LEI is 213800AX3FHPMJL4IJ53.

Further information on Impact Healthcare REIT plc is available at www.impactreit.uk .

NOTES:

Impact Healthcare REIT plc acquires, renovates, extends and redevelops high-quality healthcare real estate assets in the UK and lets these assets on long-term full repairing and insuring leases to high-quality established healthcare operators which offer good quality care, under leases which provide the Company with attractive levels of rent cover .

The Company aims to provide shareholders with an attractive sustainable return, principally in the form of quarterly income distributions and with the potential for capital and income growth, through exposure to a diversified and resilient portfolio of UK healthcare real estate assets, in particular care homes for the elderly.

The Company has a progressive dividend policy with a target to grow its annual aggregate dividend in line with the inflation-linked rental uplifts received by the Group under the terms of the rent review provisions contained in the Group's leases in the prior financial year.

On this basis, the target total dividend for the year ending 31 December 2022 is 6.54 pence per share*, a 2.0% increase over the 6.41 pence in dividends paid per ordinary share for the year ended 31 December 2021.

The Group's Ordinary Shares trade on the main market of the London Stock Exchange, premium segment. The Company is a constituent of the FTSE EPRA/NAREIT index.

* This is a target only and not a profit forecast. There can be no assurance that the target will be met and it should not be taken as an indicator of the Company's expected or actual results.

Half year results presentation

The Company presentation for investors and analysts will take place at 8.30am (UK) today via a live webcast and conference call.

To access the live webcast, please register in advance here:

https://www.lsegissuerservices.com/spark/ImpactHealthcareREIT/events/59df34ab-a55f-4f99-bc23-963fc7d1ee0b

To access the live conference call, please register to receive unique dial-in details here :

https://cossprereg.btci.com/prereg/key.process?key=PTHLAVCCE

The recording of the results presentation will be available later in the day via the Company's London Stock Exchange profile page:

https://www.lsegissuerservices.com/spark/ImpactHealthcareREIT/events/59df34ab-a55f-4f99-bc23-963fc7d1ee0b

and from the Company website: https://www.impactreit.uk/investors/reporting-centre/presentations/

Our purpose

To form long-term partnerships with our tenants, through which we own and invest in the buildings they lease from us in return for a predictable and sustainable rent, enabling our tenants to concentrate on providing excellent care to their residents.

Our values

Our core values are to:

· focus on the long-term sustainability of our business;

· always to act openly and transparently with all our stakeholders;

· be practical, combining entrepreneurial nimbleness with the strength of a listed company; and

· be efficient.

Our business model

Successfully implementing each element of our business model ensures we maintain a high ‑ quality business, with a rigorous focus on:

· the quality of the buildings we own;

· the quality of care our tenants deliver; and

· the quality of the cash flows we generate, helping us to maintain a healthy balance sheet and provide shareholders with attractive, sustainable returns.

CHAIRMAN'S STATEMENT

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. We 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 macroeconomic and geopolitical backdrop, our business continues to demonstrate its high level of in-built resilience, underpinned by a defensive sector that is largely uncorrelated with the wider economy.

Three of the main pillars of our business leave the Group well-positioned to continue providing vital social infrastructure whilst delivering attractive, secure returns to shareholders. These pillars are:

· careful selection of tenants who provide essential social care;

· putting in place inflation-linked leases with those tenants with rents set at sustainable levels for the life of the leases; and

· maintaining a conservatively managed balance sheet.

While increasing inflation presents an issue for many businesses, our inflation-linked leases allow the Group's revenues to follow this trend over the long term, although we also cap the rental uplifts to avoid putting undue strain on our tenants, which helps to create sustainable long-term income and value to all our stakeholders.

Our operator base has continued to show stability in a time of rising costs with the 12-month average rent cover to 30 June 2022 standing at a healthy 1.85x, evidencing their ability to manage inflationary change in the current economic environment. The strength of our tenants' operations underpins our 100% track record of receiving the rent due with no lease variations, allowing us to provide shareholders with an attractive, fully covered and inflation-linked progressive dividend.

Delivering material growth and positive strategic progress

In the first half of 2022, we completed the acquisition of seven homes and exchanged contracts to acquire a further three, all with existing tenants. These transactions add a further 596 beds to the Group's portfolio for a total consideration of £55.2 million.

Our property investments were independently valued at £568.9 million¹ as at 30 June 2022, a 14.5% increase from £496.9 million on 31 December 2021. On a like-for-like basis the portfolio value increased by 4.9% (£22.6 million) between 31 December 2021 and 30 June 2022 driven mainly by the inflationary rental uplifts.

To date, we have invested in 131 properties, which offer 7,161 beds¹. In the whole of the United Kingdom, there are an estimated 465,000 beds for elderly care, so we now own 1.5% of a highly fragmented market. That gives us confidence that we can continue to grow while being very selective in looking for acquisitions which will be accretive and will further increase diversification.

Asset management remains core to our business and continues to be a key driver of enhancing the quality, growth and value creation capabilities of our portfolio for the benefit of all our stakeholders.

We have had an active start to the year, having completed the internal refurbishment of Belmont House in Harrogate and the upgrade of three care homes operated by our tenant, Electus Healthcare, in Northern Ireland. Good progress has been made on site in Carlisle at Riverwell Beck, formerly known as Blackwell Vale, where we are undertaking a comprehensive refurbishment of the existing care home including a small extension. These combined works, which include energy performance improvements will deliver: reconfigured and extended day space for residents; extended and enhanced kitchen and laundry facilities; six additional bedrooms increasing the operational capacity from 51 to 57 beds including nine additional en-suites; and improving the EPC performance of the home from a C to a B rating. These works will enhance the environment for the residents and staff while ensuring the home is fit for purpose for the duration of the lease.

Looking ahead, in Bristol phase one of the new link building will complete at Fairview House and Fairview Court next month. Phase two will then commence, which involves an extensive refurbishment of Fairview House and the introduction of further sustainability improvement measures to improve the overall EPC rating of the property to an overall EPC rating of A.

We have a number of future capital projects in either the planning or tender phase, which we will look to commit to over the next six months; the average yield on cost is expected to be 8%.

Our forward-funded development in Hartlepool has achieved practical completion, funded at a total development cost of £6.1 million. This project has achieved a £1.9 million increase in value in the period (a 30% profit on development cost) and will deliver an initial yield on development costs of 7.8%. We are delighted with the resulting 94-bedroom future-proofed home and look forward to our tenant, Prestige, welcoming in the new residents.

Increasing tenant diversification and continued financial resilience

The Group's tenant base is made up of 13² high-quality operators with established care quality and financial track records, who invest, sometimes alongside the Company, in ensuring high ongoing operational standards in their homes. In the period, the acquisitions have been with our smaller tenants which improves the diversification by tenant of our portfolio.

Throughout the period our tenants have continued to perform well overall, with average rent cover for the 12 months to 30 June 2022 at 1.85x and occupancy continuing to climb across the Group's homes to 85.4%³ by the period end (31 December 2021: 83.1%).

The Group continues to source potential new tenants through its selective screening process to diversify further our operator base and accretively expand our business, which remains a key part of our growth strategy. We choose tenants who prioritise high-quality care, a positive environment for their residents and share our vision of continued asset improvement. The Board and Investment Manager are very focused on maintaining and improving the Group's assets to a high standard and pay close attention to our tenants' programmes of repair and maintenance.

Robust and resilient financial performance

The unaudited NAV at 30 June 2022 was £448.1 million (+13.7% increase) or 116.18 pence per share (+3.3% increase) (31 December 2021: NAV: £394.2 million; 112.43 pence per share). This increase is primarily driven by the market value uplifts received on the property portfolio, underpinned by the inflation-linked rent reviews and stable operator performance.

Unaudited earnings per share (EPS) for the period was 7.26 pence per share (basic and diluted), up 64.6% from 4.41 pence per share in the same period in 2021. EPRA EPS was 4.22 pence per share (H1 2021: 4.10 pence per share) and Adjusted EPS was 3.66 pence per share (H1 2021: 3.26 pence per share). Adjusted earnings dividend cover for the period increased to 112% (H1 2021: 102%).

Looking forward, our priorities continue to be to take a disciplined approach to allocating capital as we grow the business, while being as efficient as possible in the way we manage the business.

More information about our financial performance in the period can be found in the Investment Manager's report.

Secure, attractive, inflation-linked long-term income and returns

In 2019 the Company introduced a progressive dividend policy. It seeks to grow its target dividend in line with the inflation-linked rental uplifts received by the Group under the terms of the rent review provisions contained in the Group's leases in the prior financial year. 100% of the Group's leases are inflation-linked with floors and caps typically between 2% and 4%.

The Board set a target total dividend for the year ending 31 December 2022 of 6.54 pence per share⁴, a 2.0% increase over the 6.41 pence per share paid for the year ended 31 December 2021.

So far in 2022, we have declared two dividends in relation to the first two quarters of the year of 1.635 pence each, delivering on our target. This dividend continues to be well covered by our EPRA EPS in the period of 4.22 pence per share and is also covered by our Adjusted EPS of 3.66 pence per share.

Our medium-term total accounting return target is an average of 9.0% per annum⁴, and we delivered a total accounting return for the six months to 30 June 2022 of 6.21% (not annualised).

S trong and conservative balance sheet

The Group had an active first half to 2022. We raised £40 million in equity in February 2022 and used the proceeds to pay down debt and subsequently fund acquisitions occurring in the period. In June, we drew down the second tranche of long-term institutional debt amounting to £38 million at an attractive fixed coupon of 3.0% per annum. This second tranche matures in June 2035 and provides long-term, fixed-rate financing aligned to the Group's long-term income profile. In parallel, we reduced our more expensive Metro facility from £40 million to £30 million.

In July 2022, following the period end, a further £22.3 million in equity was raised with the proceeds being used to pay down debt and allow the Company to progress its acquisition pipeline as well as allowing further scope to invest into additional accretive asset management initiatives, thereby modernising, extending and improving homes in the portfolio for the benefit of shareholders, tenants and their underlying residents .

The Group now has £206 million of committed debt facilities. Our drawn debt as at 30 June 2022 was £137.6 million, giving us a gross LTV of 23.1%. Our cash position on 30 June 2022 was £22.0 million. 48% of our debt facilities are currently hedged against rising interest rate costs (73% of drawn debt as at 30 June 2022). 36% through long-term fixed-rate facilities and 12% through an interest rate cap at 1% which expires in June 2023.

Enhancing sustainability

The Group has continued to build on its energy efficiency and EPC improvements plan to achieve the necessary EPC ratings ahead of the MEES regulatory dates. Further work is taking place to determine the best route to decarbonise the portfolio and move towards formulating a science-based net zero carbon strategy and setting a target date to achieve it. The Group has also laid building blocks in defining how best to measure the social value our investment creates. Both of these pieces of work should be substantially completed this year.

Strong governance

The Company has a strong and independent board, comprising the Chairman and five other non-executive directors.

Specialist, experienced and disciplined Investment Manager

Impact Health Partners LLP is our Investment Manager. Our Investment Manager is working rigorously on the Group's behalf to source and provide diligently researched acquisition and development opportunities, which continue to further the Group's diversification strategy a nd grow our inflation-linked long leased REIT for the benefit of all stakeholders . We are pleased to see the continued growth of the Investment Manager's team and capability in the past 12 months.

Our Investment Manager continues to provide comprehensive and granular analysis of the Group's tenants, demonstrating its high degree of oversight and rapport with tenants to allow these consistent information flows. Its close relationship with our tenants enables us to navigate the challenging ongoing environment of a pandemic and more recently energy prices and inflation while endeavouring to ensure we continue to keep the welfare of all our stakeholders at the forefront of our actions.

Well-positioned to deliver further attractive sustainable value

We are a long-term business and the Group's resilient and defensive healthcare portfolio continues to provide crucial care-based infrastructure supporting vulnerable elderly people across the UK.

The Company's business model remains robust and resilient as demonstrated by the Group's continued 100% rent receipt and healthy rent cover. We appreciate the support of new and existing shareholders in our February and July fundraises, the proceeds of which, along with additional financing secured in the period, allow the Group to pursue further accretive acquisitions whilst remaining well capitalised, with a strong balance sheet, and significant liquidity and headroom.

Rupert Barclay

Chairman

16 August 2022

1 This relates to the property portfolio along with property portfolios that have been invested in via loans to operators with an option for the Group to acquire.

2 Including Croftwood and Minster, which are both part of the Minster Care Group.

3 Excludes three turn-around assets that have not reached maturity.

4 This is a target only and not a profit forecast. There can be no assurance that the target will be met and it should not be taken as an indicator of the Company's expected or actual results.

INVESTMENT MANAGER'S REPORT

We are pleased to publish a strong set of results for the first half of 2022, with profit before tax up 88% on the same period in 2021; NAV per share at 30 June 2022 up 3.3% on 31 December 2021; and the dividends declared for the period of 3.27 pence per share 129% covered by EPRA earnings per share and 112% by adjusted earnings per share.

Completion of our first forward-funded development at Hartlepool delivered a £1.9 million valuation uplift in the period, which alongside inflation-linked rent increases received during the first half of 2022 were the main drivers of a 2.9%, or £13.4 million, uplift in the investment portfolio's value during the period.

This robust performance has been delivered against a challenging backdrop. It might have been tempting to ask in 2020 and 2021, during the peak of the COVID-19 pandemic when our tenants found themselves in the eye of the storm, what could be more challenging? We are still full of admiration for how they rose to that challenge. The pandemic is not yet over, and it seems living with COVID-19 might mean managing successive spikes in infection rates as new variants emerge. However, the success of the vaccines and the experience of managing enhanced infection control measures at care homes gained over the past two years means it is now possible to have an effective strategy to live with COVID-19.

Now, as the pandemic recedes, all businesses face a new challenge: a spike in inflation which has taken it to levels which we have not seen in G7 economies for four decades. Since founding the business five years ago, we have always applied two principles. First, the Group's leases must be inflation-linked and today 100% of its leases are inflation-linked. Second, rent needs to be sustainable over the long fixed term of the Group's leases. This requires careful tenant selection, setting the initial rent at a prudent level and putting in place floors and caps on rent increases in most of our leases to give our tenants some level of protection against a spike in inflation such as we are now experiencing, while in periods of low inflation providing the Group with progressive rental uplifts.

Our tenants provide an essential service and the sector in which they operate has demonstrated over long time periods the ability to pass on inflationary cost increases. Over the past two decades, while RPI averaged 2.8% per annum, the annual increases in nursing and residential care fees rose by 3.8% and 3.6% per annum respectively. How they are faring during this spike in inflation is discussed in more detail below, but the key points are that they continue to pay 100% of the rent due, while maintaining solid levels of rent cover, demonstrating once again the resilience of our business model.

Strong and resilient tenant performance

One key driver of tenant performance is their level of occupancy. The first wave of the pandemic in 2020 reduced average occupancy across the Group's portfolio from just over 90% in March 2020, to a low point of 79% in January 2021. The effective roll-out of the vaccinations seen in 2021 and subsequent booster programme helped our tenants to stabilise and then start to rebuild occupancy to more normal levels. However, this recovery stalled during the first quarter of 2022, when infections caused by the first Omicron variant were very widespread. While vaccinations continued to be effective in protecting most people against severe illness, during the first quarter of this year public guidance was that a care home should close to new admissions for 28 days if more than two people in the home tested positive for COVID-19. During the second quarter of 2022, our tenants have been steadily rebuilding occupancy. As at 30 June 2022, occupancy reached 85.4%¹ (up 2.3% on December 2021), the highest it has been since early 2020.

Despite lower than normal levels of occupancy, the Group continues to have no voids and to receive 100% of rent due with no alterations to leases. Tenants' rent cover remains healthy, at an average of 1.85x times for the 12 months ended 30 June 2022, making it higher than it was pre-pandemic.

Three factors underpin this solid level of rent cover. Firstly, the care we take in setting initial rents when agreeing new leases with tenants to ensure the building is not structurally over-rented and the inflation-linked rent is likely to be received through the life of a long-term lease; secondly; the support from government through to March 2022, which was focused on improving infection control measures, during the pandemic; and, thirdly, strong increases in the fees our tenants charge for the care they provide.

Investing for accretive growth

During the first half of the year, the Group acquired seven care homes and exchanged contracts to acquire a portfolio of three homes in Scotland. As at 30 June 2022, the Group had invested in 131 properties with 7,161 beds, up from 124 and 6,720 respectively at 31 December 2021².

These investments, combined with rent increases received during the period, helped to grow our contracted rent roll³ from £38.0 million on 31 December 2021, to £42.0 million on 30 June 2022, a 10.7% increase.

Value-enhancing asset management

Well-delivered asset management has the potential to create value for shareholders and tenants, while offering a high-quality environment for the homes' residents. In the first half of the year, in partnership with our tenants MMCG and Electus Healthcare, we completed work on the refurbishment of Belmont House in Harrogate and three care homes in Northern Ireland, respectively. These capital projects have focused on enhancing the care homes' premises.

Good momentum has been made over the last six months on site at Riverwell Beck, formerly known as Blackwell Vale, with our tenant, Careport Group. The capital project will be completed in August 2023, comprising an extensive refurbishment of ancillary accommodation, day space and residents' bedrooms within the existing care home, with a further small extension to add six new bedrooms. We have committed further capital to improve the EPC rating of the premises, improving the rating from a C to a B rating, further future-proofing the building, and it is expected to deliver potential value enhancement.

Looking forward, phase one of the new link building, connecting Fairview House and Fairview Court in Bristol, is expected to be completed in Q3 2022. Following occupation of phase one, work will commence on phase two, which involves a comprehensive refurbishment of Fairview House, adding en-suites to existing bedrooms and improving residents' day spaces. Additional sustainability improvement measures have been incorporated into the scheme to ensure the new combined Fairview building has an EPC rating of A.

The Group has committed total capital of £21.8 million to these projects, which will be rentalised at an average yield of 8%.

In addition to the capital investment under the terms of the leases, tenants are fully responsible for maintaining the Group's building in a good state of repair through regular repair and maintenance programmes. We monitor each tenant's expenditure on repair and maintenance and support our tenants in its implementation through regular physical inspections and on-site progress meetings with the operators.

Value-enhancing forward-funded development

We are pleased that our forward-funded development in Hartlepool has achieved practical completion. The 94-bedroom home will be operated by Prestige, one of the Group's existing tenants, and will offer a modern and well-designed environment for residents. The Group funded development costs of £6.1 million and the project will deliver a yield on development cost of 7.8%. The completion value of the asset includes a £1.9 million increase in value in the period or a 30% profit on cost. We look forward to working closely with Prestige over the build-up phase as residents move in.

Work continues on our £10.5 million forward-funding commitment for a new care home development in Norwich, to be developed and operated by our latest tenant, Carlton Hall. The project is currently in the planning system for approval and is pending resolution of wider nutrient neutrality matters for the local area. Once completed, we are confident that the 80-bedroom home will be the best of its type in the Norwich area. We anticipate that the project will deliver a yield on cost of approximately 7%, which will be further assessed once the building contract has been tendered.

We consider that asset management and development opportunities will produce further opportunities to deliver projects accretive to earnings and help us to deliver on our sustainability objectives by delivering energy efficient buildings that are future-proofed for the benefit of all our stakeholders. Looking forward, we are also actively considering the principle of refurbishing and recycling existing buildings in addition to funding new build development opportunities as part of our recognition of the complexities of achieving net zero.

Further increasing our portfolio valuation

The portfolio is independently valued by Cushman & Wakefield each quarter, in accordance with the RICS Valuation - Professional Standard (the "Red Book").

As at 30 June 2022, the portfolio was valued at £530.2 million, a 15.4% increase of £70.8 million from the valuation of £459.4 million at 31 December 2021. The components of this valuation increase were as follows:

· Acquisitions completed: £47.4 million (67% of valuation increase in the period);

· Acquisition costs capitalised: £1.2 million (2% of valuation increase in the period);

· Capital improvements: £8.8 million (12% of valuation increase in the period); and

· Valuation uplift: £13.4 million (19% of valuation increase in the period).

The valuation uplift was largely driven by rent increases, with c.60% of the Group's properties subject to rent reviews during the period. Furthermore, £1.9 million relates to the valuation uplift received on practical completion of the forward-funded development of a 94-bed care home in Hartlepool.

Responsible and sustainable business

We remain committed to investing responsibly, with a long-term outlook for both environmental and social considerations.

We have completed our initial review of the energy efficiency performance of our portfolio by updating EPC certifications and modelling the capex required to achieve the levels required for future MEES compliance, ahead of the expected regulatory requirement dates of C by 2027 and B by 2030. We continue to carefully assess additions to our portfolio to identify how they can achieve a minimum EPC band B where they do not already achieve that. Further, we have commissioned expert consultants to review the carbon emissions arising from our portfolio so that we can identify the optimum approach to decarbonisation which will form our proposed net zero carbon strategy. Reducing energy demand from our homes will ensure compliance with regulatory requirements and deliver a lower cost in use for our tenants.

We have also commenced work on scenario planning for transitional and physical risk and opportunity from climate change and this will be an increasing area of focus for us in the future.

The homes within our portfolio play an essential role in the UK's social infrastructure, where care is provided for some of the nation's most vulnerable people, many of whom fall within the state funded sector. During 2022 we are working on defining and measuring the social value that our investment creates and safeguards.

Strong and resilient financial results

Total net rental income recognised for the period increased 10.2% to £19.6 million (H1 2021: £17.8 million). Under IFRS, the Group must recognise some rent in advance of receipt, reflecting the minimum uplift in rents over the term of the leases, on a straight-line basis. Cash rental income received in the period increased 15.6% to £16.9 million (H1 2021: £14.6 million).

Administrative and other expenses totalled £3.2 million (H1 2021: £2.8 million), contributing to a total expense ratio of 1.51% for the period (H1 2021: 1.50%), lower than the full year average for 2021 of 1.55%. The EPRA cost ratio for the period was 16.2%, up from 15.5% in H1 2021 and 15.8% for the full year 2021. This increase is driven by the income received on loans to operators for the purchase of property portfolios where the Group has an option to acquire, not being included in the revenue line, adjusting to include this income gives an adjusted cost ratio of 14.8%. Finance costs were £2.2 million (H1 2021: £1.6 million). Interest income was £1.8 million (H1 2021: £0.0 million), reflecting property investments made via a loan to an operator. The change in fair value of investment properties was £10.6 million (H1 2021: £1.0 million), contributing to profit before tax increasing 88.2% to £27.3 million (H1 2021: £14.5 million).

Earnings per share ("EPS") for the period was 7.26 pence per share (H1 2021: 4.41 pence per share) and EPRA EPS was 4.22 pence per share (H1 2021: 4.10 pence per share). Adjusted EPS, which strips out the non-cash items and one-off costs, was 3.66 pence per share (H1 2021: 3.26 pence per share).

All the EPS figures listed above are on both a basic and diluted basis. More information on the calculation of EPS can be found in note 7 to the financial statements.

Attractive fully covered progressive dividends

To ensure the Company benefits from the full exemption from tax on rental income afforded by the UK REIT regime, it must distribute at least 90% of the qualifying profits each year from the Group's qualifying rental business.

The Company has declared two quarterly dividends of 1.635 pence each in respect of the period. Both dividends were Property Income Distributions. The details of these dividends were as follows:

Quarter to	Declared	Paid	Cash cost £m
31 March 2022	25 April 2022	20 May 2022	6.3
30 June 2022	16 August 2022	9 September 2022	6.6
Total			12.9

Dividends declared for the period were 129% covered by EPRA EPS and 112% covered by Adjusted EPS.

S trong and conservative balance sheet

We continue to source financing to allow the Group's ongoing development and to take advantage of its attractive pipeline of acquisitions. On 21 February 2022, we completed a placing of 35.1 million new ordinary shares at 114.0 pence per share, which raised gross proceeds of £40.0 million for the Company. Following the period end, a further £22.3 million was raised through the placing of 19.0 million new ordinary shares at 117.0 pence per share. The net proceeds from the placing were used to pay down debt and will be used to fund pipeline acquisitions.

We continue to take a conservative approach to managing the Group's balance sheet. At 30 June 2022, the Group had five facilities totalling £206.0 million, of which £137.6 million was drawn (31 December 2021: £114.5 million), giving a gross LTV of 23.1% (31 December 2021: 22.3%). As at 30 June 2022, the weighted average term of debt facilities (excluding options to extend) was 6.1 years. 48% of our debt facilities our hedged against interest rate rises (73% of drawn debt as at 30 June 2022); 36% as a result of putting in place long-term fixed-rate debt and 12% from a 1% interest rate cap which expires in June 2023.

As at 30 June 2022, we had £68.4 million of undrawn debt facilities and £22.0 million cash, leaving headroom to finance all committed contingent liabilities for deferred payments and capital expenditure, as well as to pursue a selected number of acquisition opportunities.

Remain confident in the outlook for the business

The Investment Manager will continue, as usual, to monitor tenants' performance at a granular level during this high inflationary period and to work with tenants to develop further plans to enhance the buildings they operate for the Group for the benefit of all our stakeholders. We remain confident that we will continue to be able to identify acquisitions which will be accretive for the Group; will help to reduce risk through further diversification; and some of which will have potential for further value creation through active asset management.

Impact Health Partners LLP

Investment Manager

16 August 2022

1 Excludes three turn-around assets that have not reached maturity.

2 This relates to the property portfolio along with property portfolios that have been invested in via loans to operators with an option for the Group to acquire.

3 Contracted rent includes all post-tax income from investment in properties, whether generated from rental income or post-tax interest income.

KEY PERFORMANCE INDICATORS

The Group uses the following measures to assess its strategic progress.

1. Total Accounting Return ("TAR")

6.21% for the period to 30 June 2022 (+60% on H1 2021)

Definition : The change in the net asset value ("NAV") over the period, plus dividends paid in the period, as a percentage of NAV at the start of the period.

2. Dividends

3.27p per share for the period to 30 June 2022 (+2% on H1 2021)

Definition : Dividends declared in relation to the period.

3. EPRA earnings per share

4.22p per share for the period to 30 June 2022 (+3% on H1 2021)

Definition : Earnings from operational activities. The EPRA calculation removes revaluation movements in the investment portfolio and interest rate derivatives but includes rent smoothing.

4. EPRA 'topped-up' Net Initial Yield ("NIY")

6.69% at 30 June 2022 (-6 bps on H1 2021)

Definition : Annualised rental income based on the cash rents passing on the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property portfolio, increased by 6.3% to reflect a buyer's costs and adjusted for the expiration of rent-free periods or other unexpired lease incentives.

5. NAV per share

116.18p per share at 30 June 2022 (+5% on H1 2021)

Definition : Net asset value based on the properties and other investment interests at fair value.

6. Gross Loan to Value ("LTV")

23.13% per share as at 30 June 2022 (+86 bps on H1 2021)

Definition : The proportion of our gross asset value that is funded by borrowings.

7. Weighted Average Unexpired Lease Term ("WAULT")

19.9 years as at 30 June 2022 (+0.4 years on H1 2021)

Definition : The average unexpired lease term of the property portfolio, weighted by annual passing rents.

8. Total Expense Ratio ("TER")

1.51% as at 30 June 2022 (+1 bps on H1 2021)

Definition : Total recurring administration costs as a percentage of average net asset value throughout the period. EPRA cost ratio was 16.2%, adjusted to include the income on loans to operators for the purchase of property portfolios where the Group has an option to acquire, gives an adjusted cost ratio of 14.8%. (H1 2021: 15.5%).

PRINCIPAL RISKS AND UNCERTAINTIES

The board has been regularly evaluating the performance of and risks to the business arising from the ongoing effects of the COVID-19 pandemic and the wider operating environment. While vaccines are proving significant in the fight against COVID-19, the pandemic is not over and significant uncertainties remain. The principal risks and uncertainties continue to be those outlined on pages 44-49 of our 2021 Annual report dated 28 March 2022 and the board considers that these will remain valid for the remainder of the year.

The principal risks are summarised below and include updates since the annual report from our evaluation in the period.

Changes to government social care policy - Care for older people is at the heart of our business. The government may change policy or introduce legislation that affects the sector.

Interim update - With the resignation of the Prime Minister there is increased uncertainty in the direction of future government legislation. At the time of reporting, the final candidates for the future leader of the Conservative Party have been selected. There is a proposal to reverse the increase in National Insurance contributions, which places at risk the increased funding for the NHS and elderly care. While there was no clarity as to how this increased funding would have flowed through to care homes, if this change is implemented, it would be a step backwards on the funding of adult social care and for the NHS.

Infectious diseases - Significant outbreaks of infectious diseases, in particular pandemics such as COVID-19, can have long-lasting and far-reaching effects across all businesses.

Interim update - While COVID-19 remains prevalent within the UK population and globally, the number of people becoming seriously ill appears to be reducing with the current variants, and our experience is that its impact on care homes and their residents is reducing. However, the risk of impact from new variants remains.

General economic conditions - Adverse general economic conditions are expected to heighten as the government implements measures to reduce the unprecedented levels of debt that have been required to manage the immediate economic implications of the pandemic.

Interim update - There is continued uncertainty about the scale and duration of the current economic and inflationary environment which has been exacerbated by the war in Ukraine and supply chain and resourcing issues.

For our tenants, their underlying cost base is increasing with rising staff, food and utility costs. Our tenants remain confident that these costs can be passed on, however there is expected to be a time lag in achieving this. Weakening financial performance of our tenants and/or rising interest rates may also result in weakening valuation yields across our portfolio.

The inflation rate caps we have in place with the majority of our tenants will help to ensure the rent remains affordable and does not compound the challenges of rising costs.

Interest rates continue to increase and the Group is well placed to manage its financing obligations as discussed below.

The increased risk assessment at the year end remains in place at the half year.

Weakening care market - Several factors may affect the market for care for older people, including: changing service user requirements in the healthcare sector, local authority funding partners amending their payment terms, and increased regulatory responsibility and associated costs for our tenants.

Default of one or more tenants - The default of one or more tenants, or failing to act quickly and decisively when confronted with a failing tenant, would affect the value of our homes and both our ability to pay dividends to our shareholders and to meet our financing obligations.

Underinvestment in care homes - The attractiveness of our portfolio is based on the quality of the tenants' operations, measured by their regulatory and financial performance, and our properties' ability to provide effective space in which our tenants can operate. This does not require our homes to be new, but it does require them to be well maintained and fit for purpose.

Environmental regulation and impact of climate change - Tightening environmental regulations may increase the need for investment or redevelopment of our portfolio.

Interim update -The board has increased its assessment of the risk to the business from the impact of climate change and the probability of changes to climate-related legislation

Ability to meet our financing obligations - If we are unable to operate within our debt covenants, this could lead to a default and our debt funding being recalled.

Interim update - The Group remains well placed to manage its debt facilities with good interest cover and low overall LTV levels. 48% of the group's current debt facilities are hedged against interest rate increases. Our overall low leverage levels also mean that the group is well placed with strong interest cover ratios within each security pool.

Reliance on the Investment Manager - As an externally managed company, we rely on the Investment Manager's services and reputation to execute our strategy and support our day-to-day relationships.

The approach to risk taken by the board is rigorous and thorough. It ensures that the assessment of risk remains appropriate and relevant.

As regards the six months to 31 December 2021, the course of the pandemic may cause further changes to the probability and impact of our principal risks. These risks have all been considered as part of our going concern assessment which is reported on page 28 of our 2021 annual report dated 28 March 2022.

DIRECTORS' RESPONSIBILITIES

The directors confirm that to the best of their knowledge, this condensed set of financial statements has been prepared in accordance with IAS 34 in conformity with the requirements of the Companies Act 2006 and that the operating and financial review contained within the Investment Manager's report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8 of the Disclosure Guidance and Transparency rules of the United Kingdom's Financial Conduct Authority, namely:

· an indication of important events that have occurred during the first period of the financial year and their impact on the condensed financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

· material related party transactions in the first period of the financial year and any material changes in the related party transactions disclosed in the 2021 annual report as disclosed in note 21.

A list of the directors is shown on page 68-69 in the 2021 annual report.

Shareholder information is as disclosed on the Impact Healthcare REIT plc website.

For and on behalf of the board

Rupert Barclay

Chairman

16 August 2022

Condensed consolidated statement of comprehensive income

		Six months ended 30 June 2022 (unaudited)	Six months ended 30 June 2021 (unaudited)	Year ended 31 December 2021 (audited)

	Notes	£'000	£'000	£'000

Gross rental income	5	19,648	17,829	36,398

Insurance/service charge income	5	387	236	496
Insurance/service charge expense	5	(387)	(236)	(496)

Net rental Income		19,648	17,829	36,398

Administrative and other expenses		(3,181)	(2,752)	(5,766)
Profit on disposal of investment properties		-	-	308
Operating profit before changes in fair value		16,467	15,077	30,940
Changes in fair value of call option	11	527	-	-
Changes in fair value of investment properties	9	10,646	1,038	4,220
Operating profit		27,640	16,115	35,160

Finance income		1,831	1	72
Finance expense		(2,176)	(1,609)	(3,264)
Profit before tax		27,295	14,507	31,968

Tax charge on profit for the period/year	6	-	-	-
Profit and comprehensive income (attributable to shareholders)		27,295	14,507	31,968


Earnings per share - basic and diluted (pence)	7	7.26p	4.41p	9.41p

The results are derived from continuing operations during the period/year.

Condensed consolidated statement of financial position

		As at 30 June 2022	As at 30 June 2021	As at 31 December 2021
		(unaudited)	(unaudited)	(audited)
	Notes	£'000	£'000	£'000

Non-current assets
Investment property	9	505,667	415,332	437,635
Call option	11	527	-	-
Interest rate derivatives	11	342	11	94
Trade and other receivables	11	64,594	19,774	61,948
Total non-current assets		571,130	435,117	499,677

Current assets
Trade and other receivables		1,817	1,902	1,557
Cash and cash equivalents		22,050	17,731	13,261
Total current assets		23,867	19,633	14,818

Total assets		594,997	454,750	514,495

Current liabilities
Trade and other payables		(10,074)	(4,112)	(6,703)
Total current liabilities		(10,074)	(4,112)	(6,703)

Non-current liabilities
Bank borrowings	10	(134,223)	(59,905)	(110,907)
Trade and other payables		(2,570)	(2,713)	(2,641)
Total non-current liabilities		(136,793)	(62,618)	(113,548)

Total liabilities		(146,867)	(66,730)	(120,251)

Total net assets		448,130	388,020	394,244

Equity
Share capital	12	3,857	3,506	3,506
Share premium reserve	13	344,400	305,672	305,672
Capital reduction reserve		24,077	24,077	24,077
Retained earnings		75,796	54,765	60,989
Total equity		448,130	388,020	394,244

Net Asset Value per ordinary share (pence)	15	116.18p	110.66p	112.43p

Condensed consolidated statement of cash flows

		Six months ended 30 June 2022	Six months ended 30 June 2021	Year ended 31 December 2021
		(unaudited)	(unaudited)	(audited)
	Notes	£'000	£'000	£'000

Cash flows from operating activities
Profit for the period/year (attributable to equity shareholders)		27,295	14,507	31,968
Finance income		(1,831)	(1)	(72)
Finance expense		2,176	1,609	3,264
Profit on disposal of investment properties		-	-	(308)
Change in fair value of call option		(527)	-	-
Changes in fair value of investment properties	9	(10,646)	(1,038)	(4,220)
Net cash flow before working capital changes		16,467	15,077	30,632

Working capital changes
Increase in trade and other receivables		(2,830)	(5,672)	(9,183)
(Decrease)/increase in trade and other payables		(948)	980	2,133
Net cash flow from operating activities		12,689	10,385	23,582

Investing activities
Purchase of investment properties	9	(47,367)	(7,610)	(26,900)
Proceeds on sale of investment property		-	-	1,676
Acquisition costs paid in period	9	(431)	(483)	(1,230)
Capital improvements paid in period	9	(4,702)	(544)	(1,050)
Loan advanced to operator for portfolio acquisition		-	-	(37,500)
Loan associated costs paid in period		(466)	-	(93)
Interest received		1,715	1	2
Net cash flow from investing activities		(51,251)	(8,636)	(65,095)

Financing activities
Proceeds from issue of ordinary share capital	12,13	40,000	35,334	35,334
Issue costs of ordinary Share capital	13	(921)	(707)	(707)
Bank borrowings drawn	10	68,070	30,529	92,685
Bank borrowings repaid	10	(45,000)	(44,508)	(54,507)
Loan arrangement fees paid		(736)	(754)	(1,844)
Loan commitment fees paid		(290)	(164)	(430)
Interest paid on bank borrowings		(1,284)	(1,092)	(1,864)
Dividends paid to equity holders	8	(12,488)	(10,635)	(21,872)
Net cash flow from financing activities		47,351	8,003	46,795

Net increase in cash and cash equivalents for the period		8,789	9,752	5,282
Cash and cash equivalents at the start of the period		13,261	7,979	7,979
Cash and cash equivalents at the end of the period		22,050	17,731	13,261

Condensed consolidated statement of changes in equity

Six months ended 30 June 2022 (unaudited)

	Notes	Share capital (unaudited)	Share premium (unaudited)	Capital reduction reserve (unaudited)	Retained earnings (unaudited)	Total (unaudited)
		£'000	£'000	£'000	£'000	£'000

1 January 2022		3,506	305,672	24,077	60,989	394,244

Total comprehensive income		-	-	-	27,295	27,295

Transactions with owners
Share issues	12, 13	351	39,649	-	-	40,000
Dividends paid	8	-	-	-	(12,488)	(12,488)
Share issue costs	13	-	(921)	-	-	(921)
30 June 2022		3,857	344,400	24,077	75,796	448,130

Six months ended 30 June 2021 (unaudited)

	Notes		Share capital (unaudited)	Share premium (unaudited)	Capital reduction reserve (unaudited)	Retained earnings (unaudited)	Total (unaudited)
			£'000	£'000	£'000	£'000	£'000

1 January 2021			3,189	271,362	24,077	50,893	349,521

Total comprehensive income			-	-	-	14,507	14,507

Transactions with owners Share issues	12, 13		317	35,017	-	-	35,334
Dividends paid	8		-	-	-	(10,635)	(10,635)
Share issue costs	13		-	(707)	-	-	(707)
30 June 2021		3,506		305,672	24,077	54,765	388,020

For the year ended 31 December 2021 (audited)

	Notes	Share capital	Share premium	Capital reduction reserve	Retained earnings	Total
		£'000	£'000	£'000	£'000	£'000

1 January 2021		3,189	271,362	24,077	50,893	349,521
Total comprehensive income		-	-	-	31,968	31,968

Transactions with owners
Dividends paid	8	-	-	-	(21,872)	(21,872)
Share issue	12, 13	317	35,017	-	-	35,334
Share issue costs	13	-	(707)	-	-	(707)
31 December 2021		3,506	305,672	24,077	60,989	394,244

Notes to the condensed consolidated financial statements

1. Basis of preparation

General information

These unaudited condensed consolidated financial statements for the six-month period ended 30 June 2022, are prepared in accordance with UK adopted accounting standards and IAS 34 "Interim Financial Reporting", including the comparative information for the six-month period ended 30 June 2021 and for the year ended 31 December 2021. They do not include all of the information required for full annual financial statements and should be read in conjunction with the 2021 annual report and accounts, which were prepared in accordance with UK adopted international accounting standards.

The condensed consolidated financial statements have been prepared on a historical cost basis, except for investment properties and derivative financial instruments which have been measured at fair value.

The Group has chosen to adopt EPRA best practice guidelines for calculating key metrics such as earnings per share.

The Company is a public listed company incorporated and domiciled in England and Wales. The Company's ordinary shares are listed on the Premium Listing Segment of the Official List and trade on the premium segment of the main market of the London Stock Exchange. The registered address of the Company is disclosed in the corporate information.

The condensed consolidated financial statements presented herein for the six months to 30 June 2022 do not constitute full statutory accounts within the meaning of section 434 of the Companies Act 2006. The Group's annual report and accounts for the year to 31 December 2021 have been delivered to the Registrar of Companies. The Group's Independent Auditor's report on those accounts was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2016.

Convention

The condensed consolidated financial statements are presented in Sterling, which is also the Group's functional currency, and all values are rounded to the nearest thousand (£'000), except when otherwise indicated.

Going concern

After making enquiries and bearing in mind the nature of the Company's business and assets, the directors consider that the Company has adequate resources to continue in operational existence for the next 12 months from the date of approval of these financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

The effects of the COVID‑19 pandemic and inflationary environment have been considered by the directors. The directors have reviewed the forecasts for the Group taking into account the impact of COVID‑19 and inflation on trading over the 12 months from the date of signing this report. The forecasts have been assessed against a range of possible downside outcomes; the Group and the Company have adequate cash resources to continue to operate in all of these scenarios.

The directors believe that there are currently no material uncertainties in relation to the Company's and Group's ability to continue for a period of at least 12 months from the date of approval of the Company and Group interim statements. The board is, therefore, of the opinion that the going concern basis adopted in the preparation of the interim report is appropriate.

2. Significant accounting judgements, estimates and assumptions

The preparation of the Group's financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts recognised in the financial statements and disclosures. However, uncertainty about these assumptions and estimates could result in outcomes that could require material adjustment to the carrying amount of the assets or liabilities in future periods.

Information about significant areas of estimation, uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amount recognised in the financial statements are disclosed below:

2.1 Judgements

Operating lease contracts - the Group as lessor

The Group has acquired investment properties that are subject to commercial property leases with tenants. The Group has determined, based on an evaluation of the terms and conditions of the arrangements, particularly the duration of the lease terms and minimum lease payments, that it retains all the significant risks and rewards of ownership of these properties and so accounts for the leases as operating leases.

The leases, when signed, are for between 20 and 35 years with a tenant-only option to extend for one or two periods of 10 years. At the inception of the lease, the directors do not judge any extension of the leases to be reasonably certain and, as such, do not factor any lease extensions into their considerations of lease incentives and their treatment.

2.2 Estimates

Fair valuation of investment property

The valuations have been prepared in accordance with the RICS Valuation - current edition of the global and UK standards as at the valuation date or the RICS 'Red Book' as it has become widely known.

The basis of value adopted is that of fair value being "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date" in accordance with IFRS 13. The concept of fair value is considered to be consistent with that of market value.

The significant methods and assumptions used by the valuers in estimating the fair value of the investment properties are set out in note 9.

Gains or losses arising from changes in the fair values are included in the Condensed consolidated statement of comprehensive income in the period in which they arise. In order to avoid double counting, the assessed fair value may be increased or reduced by the carrying amount of any accrued income resulting from the spreading of lease incentives and/or guaranteed minimum rent uplifts at the inception of the lease.

3. Summary of significant accounting policies

The accounting policies adopted in this report are consistent with those applied in the Group's statutory accounts for the year ended 31 December 2021 and are expected to be consistently applied during the year ending 31 December 2022.

4. New standards issued

4 .1 New standards issued with effect from 1 January 2022

No new standards have been applied that have had a material effect on the financial position or performance of the Group.

4.2 New standards issued but not yet effective

There are no new standards issued but not yet effective that are expected to have a material effect on the Group.

5. Property income

	Six months ended 30 June 2022	Six months ended 30 June 2021	Year ended 31 December 2021
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Rental income cash received in the period/year	16,931	14,649	30,472
Rent received in advance of recognition¹	71	71	143
Rent recognised in advance of receipt²	2,716	3,156	5,873
Rental lease incentive amortisation³	(70)	(47)	(90)
Gross rental income	19,648	17,829	36,398

Insurance/service charge income	387	236	496
Insurance/service charge expense	(387)	(236)	(496)
Net rental income	19,648	17,829	36,398

1 This relates to movement in rent premiums received in prior periods as well as any rent premiums received during the period/year, deemed to be a premium over the term of the leases.
2 Relates to both rent-free periods being recognised on a straight-line basis over the term of the lease and rent recognised in the period to reflect the minimum uplifts in rents over the term of the lease on a straight-line basis.
3 Lease incentives relate to the amortisation of payments made to tenants that are not part of any acquisition contractual obligations. These payments are made in return for an increase in rent.

6. Taxation

As a REIT, the Group is exempt from corporation tax on the profits and gains from its property investment business, provided it continues to meet certain conditions as per REIT regulations. For the period ended 30 June 2022 and year ended 31 December 2021, the Group did not have any non-qualifying profits except interest income on bank deposits and loans.

7. Earnings per share

Earnings per share (EPS) amounts are calculated by dividing profit for the period attributable to ordinary equity holders of the Company by the time-weighted average number of ordinary shares outstanding during the period. As there are no dilutive instruments outstanding, basic and diluted earnings per share are identical.

	Six months ended 30 June 2022	Six months ended 30 June 2021	Year ended 31 December 2021
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000

Total comprehensive income (attributable to shareholders)	27,295	14,507	31,968
Adjusted for:
- Revaluation movement	(13,363)	(4,968)	(12,896)
- Movement in lease incentive debtor	(70)	703	2,660
- Rental income arising from recognising rental premiums and future guaranteed rent uplifts	2,787	3,227	6,016
Change in fair value of investment properties	(10,646)	(1,038)	(4,220)
Profit on disposal of investment property	-	-	(308)
Change in fair value of interest rate derivative	(248)	(4)	(87)
Change in fair value of call option	(527)	-	-
EPRA earnings	15,874	13,465	27,353
Adjusted for:
- Rental income arising from recognising rental premiums and future guaranteed rent uplifts	(2,787)	(3,227)	(6,016)
- Profit on disposal of investment property	-	-	308
- Amortisation of lease incentive¹	70	47	90
- Amortisation of loan arrangement fees	593	425	960
Adjusted earnings	13,750	10,710	22,695
Average number of ordinary shares	375,845,314	328,758,604	339,705,743
Earnings per share (pence)²	7.26p	4.41p	9.41p
EPRA basic and diluted earnings per share (pence)²	4.22p	4.10p	8.05p
Adjusted basic and diluted earnings per share (pence)²	3.66p	3.26p	6.68p
1 Lease incentives relate to the amortisation of payments made to tenants that are not part of any acquisition contractual obligations. These payments are made in return for an increase in rent. 2 There is no difference between basic and diluted earnings per share.

The European Public Real Estate Association ("EPRA") publishes guidelines for calculating adjusted earnings designed to represent core operational activities.

The EPRA earnings are arrived at by adjusting for the changes in fair value of on investment properties, options to acquire investment properties and interest rate derivatives, and removal of profit or loss on disposal of investment properties.

Adjusted Earnings:

Adjusted earnings is used by the board to help assess the Group's ability to deliver a cash covered dividend from net income. The metric reduces EPRA earnings by other non ‑ cash items credited or charged to the Group statement of comprehensive income including the effect of straight ‑ lining of rental income from fixed rental uplift adjustments and amortisation of lease incentives and loan arrangement fees. The metric also adjusts for any one ‑ off items that are not expected to be recurring.

Fixed rental uplift adjustments relate to adjustments to net rental income on leases with minimum uplifts embedded within their review profiles. The total minimum income recognised over the lease term is recognised on a straight ‑ line basis and therefore not supported by cash flows during the early term of the lease, but this reverses towards the end of the lease.

No one ‑ off costs were incurred in the current or prior year/period.

The board uses the adjusted earnings alongside the available distributable reserves in its consideration and approval of dividends.

8. Dividends

	Dividend rate	Six months ended 30 June 2022	Six months ended 30 June 2021	31 December 2021
	per share	(unaudited)	(unaudited)	(audited)
	pence	£'000	£'000	£'000

Fourth interim dividend for the period ended 31 December 2020 (ex-dividend - 11 February 2021)	1.5725p	-	5,016	5,015
First interim dividend for the period ended 31 December 2021 ( ex-dividend - 27 May 2021)	1.6025p	-	5,619	5,619
Second interim dividend for the period ended 31 December 2021 (ex ‑ dividend - 5 August 2021)	1.6025p	-	-	5,619
Third interim dividend for the period ended 31 December 2021 (ex ‑ dividend - 28 October 2021)	1.6025p	-	-	5,619
Fourth interim dividend for the period ended 31 December 2021 (ex-dividend - 24 February 2022)	1.6025p	6,181	-	-
First interim dividend for the period ended 31 December 2022 ( ex-dividend - 5 May 2022)	1.6350p	6,307	-	-

Total dividends paid		12,488	10,635	21,872

Total dividends paid in respect of the period/year		1.6350p	1.6025p	4.8075p
Total dividends unpaid but declared in respect of the period/year		1.6350p	1.6025p	1.6025p
Total dividends declared in respect of the period/year - per share		3.270p	3.205p	6.410p

On 4 February 2022 the Company declared an interim dividend of 1.6025 pence per share for the period from 1 October 2021 to 31 December 2021 and was paid in March 2022.

On 25 April 2022 the Company declared an interim dividend of 1.635 pence per ordinary share for the period from 1 January 2022 to 31 March 2022 and was paid in May 2022.

On 16 August 2022, the Company declared an interim dividend of 1.635 pence per share for the period from 1 April 2022 to 30 June 2022 payable in September 2022.

9. Investment property

In accordance with the RICS 'Red Book' the properties have been independently valued on the basis of fair value by Cushman & Wakefield, an accredited independent valuer with a recognised professional qualification. They have recent and relevant experience in the locations and categories of investment property being valued and skills and understanding to undertake the valuations competently. The properties have been valued on an individual basis and their values aggregated rather than the portfolio valued as a single entity. The valuers have used recognised valuation techniques in accordance with those recommended by the International Valuation Standards Committee and are compliant with IFRS 13. Factors reflected include current market conditions, annual rentals, lease lengths, property condition including improvements affected during the period, rent coverage, location and comparable evidence.

The valuations are the ultimate responsibility of the directors. Accordingly, the critical assumptions used in establishing the independent valuation are reviewed by the board.

All corporate acquisitions during the year/period have been treated as asset purchases rather than business combinations because they are considered to be acquisitions of properties rather than businesses.

	As at 30 June 2022	As at 30 June 2021	As at 31 December 2021
	(unaudited)	(unaudited)	(audited)
	'000	'000	'000
Opening value	459,442	418,788	418,788
Property additions	47,367	7,610	26,900
Property disposals²	-	-	(1,368)
Acquisition costs capitalised	1,177	493	1,311
Capital improvements	8,842	534	915
Revaluation movement	13,363	4,968	12,896
Closing value per independent valuation report	530,191	432,393	459,442
Lease incentive (debtor)/creditor	(2,590)	(703)	(2,660)
Guaranteed rent reviews and initial lease rental payment net (debtor)/creditor	(21,934)	(16,358)	(19,147)
Closing fair value per Condensed consolidation statement of financial position	505,667	415,332	437,635
1 Investment properties include freehold and long leasehold properties. 2 In the year ended 31 December 2021 the carrying value of disposals was £1,368,000, this combined with the profit on disposal of £308,000 makes up the total net proceeds shown in the Condensed consolidated statement of cash flows.

Change in fair value of investment properties

The following elements are included in the change in fair value of investment properties reported in the condensed consolidated statements:

	Six months ended 30 June 2022	Six months ended 30 June 2021	31 December 2021
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Revaluation movement	13,363	4,968	12,896
Movement in lease incentive debtor¹	70	(703)	(2,660)
Rental income arising from recognising rental premiums and future guaranteed rent uplifts	(2,787)	(3,227)	(6,016)
Change in fair value of investment properties	10,646	1,038	4,220
1 Lease incentives relate to the amortisation of payments made to tenants that are not part of any acquisition contractual obligations. These payments are made in return for an increase in rent.

10. Bank borrowings

A summary of the bank borrowings drawn in the period are shown below:

	As at 30 June 2022	As at 30 June 2021	As at 31 December 2021
	(unaudited)	(unaudited)	(audited)
	£'000	'000	'000
At the beginning of the period/year	114,548	76,370	76,370
Bank borrowings drawn in the period/year	68,070	30,529	92,685
Bank borrowings repaid in the period/year	(45,000)	(44,508)	(54,507)
Total bank borrowings drawn	137,618	62,391	114,548
Total bank borrowings undrawn	68,382	78,609	53,452
Total bank borrowings available	206,000	141,000	168,000

The Group drew down £68 million and repaid £45 million under its existing loan facilities with Metro Bank PLC, HSBC UK Bank Plc, Clydesdale Bank Plc and National Westminster Bank Plc.

The second tranche of the £75 million long-term debt financing in the form of senior secured notes with two large institutional investors was drawn comprising of £38 million of senior secured notes at a fixed coupon of 3.002%. These notes were issued on 21 June 2022 and matures in June 2035. The debt has been guaranteed by Impact Healthcare REIT plc.

Any fees associated with arranging the bank borrowings unamortised as at the period end are offset against amounts drawn on the facilities as shown in the table below:

	As at 30 June 2022	As at 30 June 2021	As at 31 December 2021
	(unaudited)	(unaudited)	(audited)
	£'000	'000	'000
Bank borrowings drawn: due after more than one year	137,618	62,391	114,548
Arrangements fees - carried forward	(3,641)	(2,157)	(2,157)
Arrangement fees paid during the period/year	(347)	(754)	(2,444)
Amortisation of loan arrangement fees	593	425	960
Non-current liabilities: Bank borrowings	134,223	59,905	110,907

11. Other non-current assets

	As at 30 June 2022	As at 30 June 2021	As at 31 December 2021
	(unaudited)	(unaudited)	(audited)
	'000	'000	'000
Rent recognised in advance of receipt	24,504	19,071	21,788
Rental lease incentive¹	2,590	703	2,660
Loan receivable	37,500	-	37,500
Trade and other receivables	64,594	19,774	61,948

Interest rate derivative	342	11	94
Call option	527	-	-
	65,463	19,785	62,042

1 Lease incentives relate to the amortisation of payments made to tenants that are not part of any acquisition contractual obligations. These payments are made in return for an increase in rent.

On 23 December 2021, the Group entered into a loan agreement with the Holmes Care Group, in which the Group provided a term loan facility of £37,500,000 which bears interest at 8.57% per annum. The funds were lent to Holmes Care Group to acquire a portfolio of properties.

On the same date, a call option agreement was entered into between entities owned by Holmes Care Group and Impact Property 6 Limited which, upon certain conditions being met, gives the Group the right to acquire the company holding the portfolio of properties from Holmes Care Group. The fair value of this option, recognised in the Condensed consolidated statement of financial position as at 30 June 2022, was £527,000.

No impairment losses have been recognised during the period/year.

12. Share capital

	Six months ended 30 June 2022	Six months ended 30 June 2022	Six months ended 30 June 2021	Year ended 31 December 2021
		(unaudited)	(unaudited)	(audited)
	Number of shares	£'000	£'000	£'000
At the beginning of the period/year	350,644,188	3,506	3,189	3,189
Shares issued - 6 May 2021	-	-	317	317
Shares issued - 21 February 2022	35,087,720	351	-	-
	385,731,908	3,857	3,506	3,506

On 21 February 2022, the Company issued 35,087,720 ordinary shares at a price of 114 pence per ordinary share raising gross proceeds of £40 million. This increased the total number of ordinary shares in the Company in issue to 385,731,908.

Following the period end, a further £22.3 million in gross proceeds was raised; see note 19 for further detail.

13. Share premium

Share premium comprises share capital subscribed for in excess of nominal value less costs directly attributed to share issuances.

	Six months ended 30 June 2022	Six months ended 30 June 2021	Year ended 31 December 2021
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
At the beginning of the year/period	305,672	271,362	271,362
Surplus of net proceeds on shares issued above their par value	39,649	35,017	35,017
Share issue costs	(921)	(707)	(707)
	344,400	305,672	305,672

14. Transactions with related parties

Investment Manager

The fees calculated and paid for the period to the Investment Manager were as follows:

	Six months ended 30 June 2022	Six months ended 30 June 2021	Year ended 31 December 2021
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Impact Health Partners LLP	2,233	1,862	3,858

For the six-month period ended 30 June 2022 the principals and finance director of Impact Health Partners LLP, the Investment Manager, are considered key management personnel. Mr Patel and Mr Cowley are the principals and Mr Yaldron is the finance director of Impact Health Partners LLP and they own 2.82%, 0.23% and 0.03% respectively (either directly or through a wholly-owned company) of the total issued ordinary share capital of Impact Healthcare REIT plc. In addition, Impact Health Partners LLP held 0.26% directly. Mr Patel also (directly and/or indirectly) holds a majority 72.5% stake in Minster Care Group Limited "MCGL". Mr Cowley also holds a 20% interest in MCGL. 47% of the Group's rental income was received from MCGL or its subsidiaries during the period. There were no trade receivables or payables outstanding at the period end.

During the year the key management of Impact Health Partners LLP received the following dividends from Impact Healthcare REIT plc: Mahesh Patel £350,995; Andrew Cowley £35,096 and David Yaldron £3,504.

Directors' interests

Paul Craig is a director of the Company. He is also the portfolio manager at Quilter Investors, which has an interest in 63,876,452 ordinary shares of the Company through funds under management. The remaining directors who are shareholders in the Company do not hold significant interest in the ordinary share capital of the Company.

During the period the directors, who are considered key management personnel, received the following dividends from the Company: Rupert Barclay £5,934; Rosemary Boot £971; Philip Hall £971; and Christopher Santer £227. In addition, funds managed by Paul Craig received dividends from the Company of £2,068,712.

These transactions were fully compliant with the Company's related party policy.

15. Net Asset Value (NAV) per share

Basic NAV per share is calculated by dividing net assets in the consolidated statement of financial position attributable to ordinary equity holders of the Company by the number of ordinary shares outstanding at the end of the year. As there are no dilutive instruments outstanding, basic and diluted NAV per share are identical.

EPRA updated their guidance on NAV measures in October 2019, giving three new NAV measures to report, effective for periods commencing on or after 1 January 2020. The Group has chosen to adopt EPRA net tangible assets ("NTA") as its primary EPRA NAV measure as it most closely aligns with the business practices of the Group. The adjustments between NAV and NTA are reflected in the following table:

	As at 30 June 2022	As at 30 June 2021	As at 31 December 2021
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000

Net assets per Condensed consolidated statement of financial position	448,130	388,020	394,244
Fair value of derivatives	(342)	(11)	(94)
EPRA NTA	447,788	388,009	394,150

Issued share capital (number)	385,731,908	350,644,188	350,644,188
Basic NAV per share	116.18p	110.66p	112.43p
EPRA NTA per share	116.09p	110.66p	112.41p

16. Capital commitments

At 30 June 2022 the Group had committed capital expenditure on one forward-funded development of a new property and on capital improvements to five existing properties, this amounted to £11.8 million. The Group has committed to deferred payment agreements on one acquisition in return for increased rent based on trading performance. As at 30 June 2022 the total capital commitment for these deferred payments is estimated at £4.0 million.

17. Contingent liabilities

Full relief for Stamp Duty Land Tax (SDLT) has been granted in relation to the transfer of properties between companies which are members of the Group. Should there be a change in control of the Company within three years of completion, or a single shareholder acquires a substantial stake in the Company a liability in the subsidiary companies could arise. This is equal to approximately 5% of the aggregate value of the properties and is estimated as £1.1 million (31 December 2021: £5.0 million) on the net purchase price of the assets acquired in corporate acquisitions over the preceding three years.

18. Controlling parties

The Company is not aware of any person who, directly or indirectly owns or controls the Company. The Company is not aware of any arrangements the operations of which may give rise to a change in control of the Company.

19. Subsequent events

In July 2022, the Company issued 19,032,420 new ordinary shares at an issue price of 117 pence per share, raising gross proceeds of £22.3 million.

On 1 August 2022, the Group completed the acquisitions of three care homes comprising 155 all en-suite beds, for gross consideration of £8.1 million at a gross initial yield 7.75%. The Group exchanged contracts to purchase these homes during the period.

Corporate information

Directors Rupert Barclay - non-executive Chairman

Amanda Aldridge non ‑ executive director

Rosemary Boot - senior independent non-executive director

Paul Craig - non-executive director

Philip Hall - non-executive director

Christopher Santer - non-executive director

Registered office The Scalpel

18^th Floor

52 Lime Street

London

EC3M 7AF

Telephone: +44 (0)207 409 0181

Investment Manager Impact Health Partners LLP

149-151 Regent Street

London

W1B 4JD

Independent Auditor BDO LLP

55 Baker Street

London

W1U 7EU

Administrator & Secretary JTC (UK) Limited

The Scalpel

18^th Floor

52 Lime Street

London

EC3M 7AF

Depositary Indos Financial Limited

54 Fenchurch Street

London

EC3M 3JY

Registrar Computershare Investor Services PLC

The Pavilions

Bridgwater Road

Bristol

BS99 6ZZ

Legal Advisers Travers Smith LLP

10 Snow Hill

London EC1A 2AL

Joint Financial Adviser and Corporate Broker Jefferies International Limited

100 Bishopsgate

London

EC2N 4JL

Joint Financial Adviser and Corporate Broker Winterflood Securities Limited

The Atrium Building

Cannon Bridge

25 Dowgate Hill

London EC4R 2GA

Communications Adviser Maitland/AMO

3 Pancras Square

London N1C 4AG

Company Registration Number 10464966

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IR ZZGMRGKGGZZZ

Companies

Care REIT plc (CRT)

Full Archive

UK 100

Latest directors dealings

All directors dealings today