Title: 242087476.pdf URL Source: https://documentscdn.financialexpress.net/Literature/6CA98D13F11841BA04508BBB14710C50/242087476.pdf Number of Pages: 4 Markdown Content: Quarterly Investor Report: Quarter ended 31 March 2026 # May 2026 Target Healthcare REIT plc and its subsidiaries (‘the Group’) is a leading investor in modern purpose-built UK care homes with en suite wet-rooms. The Group’s purpose is to provide investors with an attractive quarterly dividend, generated from a portfolio diversified by tenant, geography and end-user payment profile, through responsible investment. Group at a glance Properties Beds Tenants Contracted rent Property Value # 86 5,885 31 £60 .1m £903 .2m Overview Key ratios & financials Launch date March 2013* Investment properties £903.2 million ISIN GB00BJGTLF51 Drawn debt £203.5 million SEDOL BJGTLF5 EPRA NTA £748.1 million Company name Target Healthcare REIT plc EPRA NTA per share 120.6 pence Registered number 11990238 Quarterly NAV total return (including dividend) 2.3% Expected quarterly dividend Feb/May/Aug/Nov Quarterly Group specific adjusted EPRA earnings per share 1.60 pence Financial year end 30 June Currency Sterling Quarterly dividend per share 1.508 pence Website www.targethealthcarereit.co.uk Dividend yield (05/05/2026) 5.8% Ordinary share class as at 05/05/2026 Loan-to-Value (‘LTV’)** 22.5% (gross); 15.2% (net) Shares in issue 620,237,346 Management fee rate 1.05% up to £500m NAV 0.95% of £500m - £750m NAV 0.85% of £750m - £1,000m NAV 0.75% of £1,000m - £1,500m NAV 0.65% of £1,500m + NAV Share price 104.6 pence Market capitalisation £648.8 million Share price discount to EPRA NTA 13.3% WAULT 26.1 years * Originally launched as Target Healthcare REIT Limited (Jersey registered: 112287) ** Gross LTV calculated as total gross debt as a proportion of gross property value. Net LTV calculated as total gross debt less cash, as a proportion of gross property value Summary balance sheet > £m Mar -26Dec -25 > Property portfolio* 903.2 894.6 > Cash 66.1 67.2 > Net current assets/(liabilities) (17.7) (17.6) > Loans (203.5) (203.5) > Net assets 74 8.1740 .7 > EPRA NTA per share (pence) 120.6 119.4 > * Ignores the effect of fixed/guaranteed rent reviews. See note 9 to the Annual Report 2025 for full details. Ten Year Performance – NAV and share price total return (rebased to 100 at March -201 6) > 95 > 105 > 115 > 125 > 135 > 145 > 155 > 165 > 175 > 185 > 195 > 205 > 215 > Mar-16 > Jun-16 > Sep-16 > Dec-16 > Mar-17 > Jun-17 > Sep-17 > Dec-17 > Mar-18 > Jun-18 > Sep-18 > Dec-18 > Mar-19 > Jun-19 > Sep-19 > Dec-19 > Mar-20 > Jun-20 > Sep-20 > Dec-20 > Mar-21 > Jun-21 > Sep-21 > Dec-21 > Mar-22 > Jun-22 > Sep-22 > Dec-22 > Mar-23 > Jun-23 > Sep-23 > Dec-23 > Mar-24 > Jun-24 > Sep-24 > Dec-24 > Mar-25 > Jun-25 > Sep-25 > Dec-25 > Mar-26 > NAV total return > Share price total return Recent news The Group continued to deliver EPRA NTA and earnings growth driven by contractual, inflation- linked, annual rent increases and value enhancing asset management activity. The Group has built an attractive pipeline, in excess of the capital available, of high-quality investment opportunities, with further acquisitions expected to be committed prior to the June 2026 year end. Performance The portfolio value increased by 0.8% on a like- for-like basis, with an additional 0.2% from rentalisation of capital expenditure. The like-for- like increase was comprised of inflation-linked rent reviews (+0.8%), the re-tenanting of a property (+0.1%) and a marginal softening in the portfolio’s net initial yield (-0.1%). Contracted rent increased by 0.9% over the quarter on a like-for-like basis, with increases from inflation-linked upwards-only rent reviews (+0.8%) and from re-tenanting activities (+0.1%). The rentalisation of capital expenditure added another 0.1% to contracted rent. Asset Management and Investment Activity During the quarter, the Group successfully re-tenanted one asset, representing 0.9% of the total rent roll, to an existing tenant of the Group. This delivered a valuation uplift, from a combination of increased rent and yield shift, which more than offset the rental incentive provided. A capital expenditure facility of £1.6 million was granted to the tenant to fund further improvements to the real estate which, if utilised, will be rentalised at a similar investment yield. The Group’s continued investment in PV panels, with the corresponding increase in rents that this generates, is now supported by a full year of energy usage data demonstrating it to be an attractive investment. This quarter, the Group’s total capital expenditure was c.£1.2 million, across seven properties, in relation to recent real estate improvements, with a resulting blended investment yield in excess of the portfolio net initial yield of 6.2%. Following the quarter end, the Group disposed of one home which was responsible for c.1% of uncollected rent in the quarter and it is expected the portfolio will return to full rent collection in the quarter to 30 June 2026. Outlook The Group remains focused on executing on its pipeline of opportunities to re-deploy the remaining c.£40m of disposal proceeds from the sub portfolio sale late last October. The Group has agreed terms and is in legals for purchases at a value in excess of those disposal proceeds and expect these proceeds to have been materially committed by the end of the Group’s financial year with an indicative blended net initial yield in excess of 6%. This Report is intended solely for the information of the person to whom it is provided by the Group, the Investment Manager or the Administrator. This Report is not intended as an offer or solicitation for the purchase of shares in the Group and should not be relied on by any person for the purpose of accounting, legal or tax advice or for making an investment decision. The payment of dividends and the repayment of capital are not guaranteed by the Group. Any forecast, projection or target is indicative only and is not guaranteed in any way, and any opinions expressed in this Report are not statements of fact and are subject to change, and neither the Group nor the Investment Manager is under any obligation to update such opinions. Past performance is not a reliable indicator of future performance, and investors may not get back the original amount invested. Unless otherwise stated, the sources for all information contained in this report are the Investment Manager and the Administrator. Information contained in this Report is believed to be accurate at the date of publication, but none of the Group, the Investment Manager and the Administrator gives any representation or warranty as to the Report’s accuracy or completeness. This Report does not contain and is not to be taken as containing any financial product advice or financial product recommendation. None of the Group, the Investment Manager and the Administrator accepts any liability whatsoever for any loss (whether direct or indirect) arising from any use of this Report or its contents. Target Healthcare REIT plc, registered in the UK (Registered Number: 11990238). Registered Office: Level 4, Dashwood House, 69 Old Broad Street, London EC2M 1QS. Portfolio summary at 3 1 March 202 6 > Scotland North East > North West Yorkshire & The Humber > Wales East Midlands > West Midlands East of England > South West South East Number of properties by geographic region Directors Alison Fyfe (Chair) Michael Brodtman Richard Cotton Vince Niblett Dr Amanda Thompsell Investment Manager Target Fund Managers Ltd. Kenneth MacKenzie MBE, James MacKenzie, Alastair Murray +44 (0) 1786 845 912 targetfundmanagers.com Advisers Administrator Depositary Brokers Legal Auditors Target Fund Managers Ltd. IQ EQ Depositary Company (UK) Ltd. Stifel Nicolaus Europe Ltd. Panmure Liberum Ltd. Dickson Minto LLP Ernst & Young LLP > 18% > 18% > 18% > 10% > 10% > 9% > 8% > 6% > 2% 1% Contracted rent by geographic region 19% 18% 18% 10% 9% 9% 8% 6% 2% 1% South East Yorkshire and the Humber North West Scotland South West West Midlands East Midlands Eastern North East Wales 0% 5% 10% 15% 20% Valuation by geographic region (including developments)