Primary Health Properties (PHP)

Sector:

Property Investment Trusts

Index:

FTSE 250

96.05p
   
  • Change Today:
      0.40p
  • 52 Week High: 106.30p
  • 52 Week Low: 85.50p
  • Currency: UK Pounds
  • Shares Issued: 1,336.49m
  • Volume: 2,396,802
  • Market Cap: £1,283.70m
  • RiskGrade: 84

Primary Health Properties rent income rises in first quarter

By Josh White

Date: Wednesday 19 Apr 2023

LONDON (ShareCast) - (Sharecast News) - Primary Health Properties reported an additional £1.3m, or 0.9%, of extra rental income on a like-for-like basis from its rent review and asset management activities in the first quarter on Wednesday.
The FTSE 250 company said it also generated £1.2m of income from 101 rent reviews that had been settled, equivalent to 3.7% on an annualised basis.

Over the course of 2023, the group said it expected rent reviews to generate around £4m of extra income.

In January 2023, PHP acquired Irish property management business Axis, and signed a long-term development pipeline agreement providing access to a pipeline of future primary care projects in Ireland.

Since the acquisition, Axis had performed in line with management's expectations, and PHP said it had successfully migrated all asset and property management activities in Ireland to the Axis team.

The group was adopting a "very disciplined approach" to investment and development activity, which the board said would only take place if accretive to earnings.

Currently, there was limited exposure to development risk, with just one scheme on-site at present.

As at 31 March, PHP's net debt stood at £1.27bn, with a loan-to-value ratio of 45.5%.

The group said it had £321m of undrawn loan facilities available, net of capital commitments.

Additionally, it converted €60m of sterling-equivalent denominated debt into euros across its various revolving credit facilities, with the expectation that it would reduce its average cost of debt by around nine-basis points over the next 2.5 years.

PHP declared its second quarterly interim dividend of 1.675p per ordinary share, equivalent to 6.7p on an annualised basis, representing a 3.1% increase over 6.5p paid in 2022.

The firm said it intended to maintain its strategy of paying a progressive dividend, in equal quarterly instalments, covered by underlying earnings in each financial year, with further dividend payments planned to be made in August and November.

"The first quarter of 2023 has seen a good start to the year for PHP and as previously reported, we believe the favourable dynamics of higher inflation and increased build costs combined with a demand for new primary care facilities and the need to modernise the estate will continue to increase future rental settlements," said chief executive officer Harry Hyman.

"We continue to focus on income growth from our existing portfolio and are encouraged by the growth seen in the first quarter of the year.

"Furthermore, with the majority of PHP's debt either fixed or hedged, a strong control on costs, a disciplined approach to capital deployment and just one development on site we have limited exposure to further cost increases and development risk."

At 1054 BST, shares in Primary Health Properties were down 0.85% at 104.7p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

PHP Market Data

Currency UK Pounds
Share Price 96.05p
Change Today 0.40p
% Change 0.42 %
52 Week High 106.30p
52 Week Low 85.50p
Volume 2,396,802
Shares Issued 1,336.49m
Market Cap £1,283.70m
RiskGrade 84

PHP Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
38.72% below the market average38.72% below the market average38.72% below the market average38.72% below the market average38.72% below the market average
42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average
Price Trend
17.37% below the market average17.37% below the market average17.37% below the market average17.37% below the market average17.37% below the market average
13.33% below the sector average13.33% below the sector average13.33% below the sector average13.33% below the sector average13.33% below the sector average
Income
87.33% above the market average87.33% above the market average87.33% above the market average87.33% above the market average87.33% above the market average
85.19% above the sector average85.19% above the sector average85.19% above the sector average85.19% above the sector average85.19% above the sector average
Growth
81.83% below the market average81.83% below the market average81.83% below the market average81.83% below the market average81.83% below the market average
42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average

What The Brokers Say

Strong Buy 4
Buy 0
Neutral 4
Sell 1
Strong Sell 1
Total 10
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

PHP Dividends

  Latest Previous
  Q3 Q2
Ex-Div 04-Jul-24 28-Mar-24
Paid 16-Aug-24 17-May-24
Amount 1.73p 1.73p

Trades for 18-Jul-2024

Time Volume / Share Price
16:38 133,410 @ 96.05p
16:36 4,760 @ 96.05p
16:35 554,997 @ 96.05p
16:35 1 @ 96.05p
16:35 410 @ 96.05p

PHP Key Personnel

CFO Richard Howell
CEO Mark Davies

Top of Page