Primary Health Properties - Keeps delivering for investors
Primary Health Properties PLC (LON:PHP) recently announced the acquisition of a portfolio of 20 medical centres across England and Wales for a total of £47.1mln before costs, and a conditional contract to acquire two further medical centres for £6.9mln. These are primary healthcare facilities, with 91% of rental income being government-backed, in line with the existing property portfolio.
Other recent news
Within the news release on 11 May, PHP also disclosed that 98% of all UK rents for the second quarter have been collected, and 97% of all rents in Ireland up to 1 April. We expect PHP to continue to benefit from what is essentially uninterrupted rent collection. Additionally, on 1 April, PHP released a positive trading update, including the disclosure that three projects in Ireland, with a total development cost of €48.3mln, had reached project completion or near completion. This represents a significant de-risking of the development pipeline. In the same release, the company announced that it would maintain its progressive dividend policy, at a run-rate of 1.475p per quarter.
Finally, PHP also disclosed that its rent reviews during the first quarter of 2020 led to an average annualised increase of 2.4%. This compares with 1.9% annualised uplift during full-year (FY) 2019 and represents a continuation of a sequence of improving rent reviews.
Quick facts: Primary Health Properties PLC
Price: 154 GBX
Market Cap: £1.88 billion
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