viewPrimary Health Properties PLC

Primary Health Properties continues to work on portfolio expansion


  • FTSE 250-listed firm with £1.5bn valuation
  • £2.3bn portfolio of primary care assets

Quick facts: Primary Health Properties PLC

Price: 160.2 GBX

Market: LSE
Market Cap: £1.95 billion

What PHP does

Primary Health Properties PLC (LON:PHP) invests solely in the freehold or long leasehold of modern purpose-built healthcare facilities in the UK and the Republic of Ireland.

The group holds the properties for long-term investment and leases them to general practitioners (GPs), government healthcare bodies, pharmacies and other associated healthcare agencies.

The company floated on AIM in 1996 before graduating to the full market in 1996, and in 2018 it reached a significant milestone, joining the FTSE 250 index.

In November 2019, PHP increased the size of its portfolio to 485 properties worth £2.4bn after securing a £4.92mln funding deal for the construction of a new primary care centre at Mountain Ash in Wales, bringing its total rent roll to around £127mln.


How it is doing

While a merger with MedicX fund earlier this year gave a big boost to the company’s portfolio, PHP has continued to acquire medical centres on a regular basis, expanding in both the United Kingdom and Ireland.

Harry Hyman, PHP’s managing director commented: “Whatever the final outcome and consequences of Brexit for the UK it is unlikely to have a direct impact on the primary health centres we invest in.”

PHP has increased its dividend for 22 years consecutively

The firm hiked its annual dividend by 2.9% to 5.4p, giving a yield of 4% based on the current share price 134p.

PHP said strong demand for healthcare properties was continuing to push asset prices higher, and it played down Brexit uncertainties.

In June, PHP concluded a £150mln convertible issue at a coupon of 2.86%.

Half-year results showed adjusted EPRA earnings per share up 12% to 2.8p as net rental income grew 44% to £53.8mln.



What the boss says: Harry Hyman, managing director

“We have a strong pipeline of opportunities in the UK and Ireland and are well-positioned to continue to grow our portfolio and to support the healthcare systems in these markets through the provision of modern, primary care infrastructure."


Inflection points

  • Rental growth of out of the portfolio
  • Acqusitions of more healthcare properties
  • Asset management opportunities


Blue Sky

"Positively, rent reviews have shown further improvement with annualised growth of 1.9%," analysts at Liberum have said, adding that they expect PHP’s portfolio "to continue to benefit from long-term structural growth, driven by a growing and ageing UK population coupled with efforts to improve the efficiency and cost-effectiveness of the NHS by expanding the scope of services provided by GPs".

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