Primary Health Properties PLC (LON:PHP), the investor in modern primary healthcare facilities, said its portfolio's gross book value has risen substantially since the MedicX merger.
The merger with MedicX Fund completed on 14 March, took the FTSE 250-listed firm's portfolio up to 484 properties with a gross book value of more than £2.3bn, up from £1.5bn at the end of 2018.
READ Primary Health Properties updates investors on MedicX Fund merger
The contracted annualised rent roll now exceeds £125mln, up from £79.6mln at the end of 2018. The portfolio's average lot size has remained constant at £4.8mln.
Primary Health said 90% of the rent roll is funded directly or indirectly by the NHS in the UK and HSE (Ireland's public health services agency) or government-funded bodies in Ireland, down from 91% at the end of last year.
The portfolio also benefits from an occupancy rate of 99.5% (31 December 2018: 99.8%).
The portfolio's weighted average lease length at 31 March 2019 was 13.4 years (31 December 2018: 13.1 years) and only 1.6% of the group's income expires over the next three years , while 68.8% has a lifespan of more than 10 years.
At the end of March, net debt had risen to £1.12bn from £673mln at the end of 2018 and the loan-to-value ratio had risen to 48.1% from 44.3%.
"We are delighted to have successfully completed the merger with MedicX bringing together two highly complementary portfolios and teams in the UK and Ireland and the combined business represents a stronger platform for the future,” commented Harry Hyman, the managing director of PHP.
“This transformational deal has created significant value for shareholders of the enlarged group and we continue to work assiduously to deliver the significant operating and financial savings outlined when the merger was announced earlier this year," he added.
Shares in Primary Health were unchanged in early deals.