Primary Health Properties (PHP)

Sector:

Property Investment Trusts

Index:

FTSE 250

94.75p
   
  • Change Today:
    -1.30p
  • 52 Week High: 106.30p
  • 52 Week Low: 85.50p
  • Currency: UK Pounds
  • Shares Issued: 1,336.49m
  • Volume: 1,191,352
  • Market Cap: £1,266.33m
  • RiskGrade: 84

Primary Health Properties rental income grows YTD, hikes dividend

By Iain Gilbert

Date: Tuesday 24 Oct 2023

LONDON (ShareCast) - (Sharecast News) - Healthcare facilities investor Primary Health Properties said on Tuesday that improved rental income had continued to drive its strong performance and dividend growth in the third quarter.
In the nine months to 30 September, the company generated an additional £3.3m of rental income from its rent review and asset management activities, both in the UK and in Ireland.

PHP said it continues to see an "improving rental growth outlook", in particular from rent reviews. An extra £3.1m of income was generated year-to-date from 243 reviews that have been settled, representing a 9.6% increase over the previous passing rent, equivalent to 4.4% on an annualised basis.

PHP added that it remains on course to generate in excess of £4.0m of extra income from rent reviews in 2023, driven by the impact of inflation on both indexed-linked and open-market value reviews. A further £200,000 was generated from asset management activities where the company has exchanged on five new projects, completed six lease re-gears, and three new lettings.

As a result, PHP, declared a fourth quarterly interim dividend of 1.675p per ordinary share on 13 October. The dividend will be paid by way of a property income distribution of 1.34p and a normal dividend of 0.335p, equivalent to 6.7p on an annualised basis and represents a 3.1% increase over the 6.5p paid in 2022.

Chief executive Harry Hyman said: "We continue to focus on income growth from our existing portfolio and are encouraged by the growth already seen in the year to date.

"The increasingly firmer tone of rental growth is positive and we believe in the medium term that PHP will be a beneficiary of the current inflationary environment both through open market and index-linked reviews."

The FTSE 250 group also said that its listing on the Johannesburg Stock Exchange was effective as of today and believes that the secondary listing will contribute to liquidity in its shares.

As of 0915 BST, Primary Health Properties shares were up 0.64% at 86.05p.

Reporting by Iain Gilbert at Sharecast.com

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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 94.75p
Change Today -1.30p
% Change -1.35 %
52 Week High 106.30p
52 Week Low 85.50p
Volume 1,191,352
Shares Issued 1,336.49m
Market Cap £1,266.33m
RiskGrade 84

PHP Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
37.8% below the market average37.8% below the market average37.8% below the market average37.8% below the market average37.8% 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
38.77% below the market average38.77% below the market average38.77% below the market average38.77% below the market average38.77% below the market average
53.33% below the sector average53.33% below the sector average53.33% below the sector average53.33% below the sector average53.33% below the sector average
Income
87.31% above the market average87.31% above the market average87.31% above the market average87.31% above the market average87.31% 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
81.68% below the market average81.68% below the market average81.68% below the market average81.68% below the market average81.68% 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 19-Jul-2024

Time Volume / Share Price
16:35 3,548 @ 94.75p
15:36 12 @ 95.00p
16:35 264,612 @ 94.75p
16:35 527 @ 94.75p
16:35 963 @ 94.75p

PHP Key Personnel

CFO Richard Howell
CEO Mark Davies

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