Primary Health Properties Share Discussion Threads

[majka] 17/11/2017 13:40

Primary Health is such a good solid company with dividends now 4.5% - why is eveybody selling???

[1olddog] 03/11/2017 19:45

With interest rate hike, these were bound to drop a bit but the step down from previous high of 123+ seems dramatic. Mind you I never really understood how the high was justified as Income wasn’t increasing that much. Not sure how to call where they are likely to be in a few months time. Any thoughts?

[1olddog] 26/10/2017 18:05

Thanks. Does seem a bit more than usual ex div drop. Might be good time to add ...
I remain a long term holder/believer.

[ph1ts] 26/10/2017 10:21

Could just be ex div. price stayed within the channel, had risen sharply and has since returned to its steady rise.

[1olddog] 25/10/2017 18:33

Hmmm. Why the dip? Any ideas?

[speedsgh] 16/8/2017 16:30

Half Year Results interview (5m54s)-

FD could do with a few lessons on reading from a cue card! Perhaps presenting is not his natural forte.

[speedsgh] 16/8/2017 08:32

Don't get me wrong. Boring is beautiful in my book. Quite happy with the income & the odd %age move in the share price now & again.

[nick54] 16/8/2017 08:24

not that boring speedsgh!

[speedsgh] 27/7/2017 11:01

A nice, boring, steady hold during uncertain times imo

[ygor706] 27/7/2017 09:11

These results look solid with yet another increase in the dividend that is more or less covered by the income stream. There also looks to be enough in the pipeline to keep things moving along nicely and maintaining PHP's reputation of being one of the best income stocks in the market with a bit of capital appreciation thrown in.

[speedsgh] 27/7/2017 08:22

Acquisition of three properties -

Primary Health Properties PLC ("PHP"), the UK's leading investor in modern primary healthcare facilities, announces that it has acquired, in two separate transactions, three modern, purpose built healthcare facilities for a total consideration of £35.5 million (net assets and debt acquired of £35.5 million).

In the first transaction, PHP has agreed to acquire the entire issued share capital of Ettrick Health Limited, a company whose sole activity is the ownership of the Low Grange Health Village, Middlesbrough, and the Evenwood Medical Centre, Bishop Auckland, for a total consideration of £27.1 million (net assets and debt acquired of £27.1 million). These facilities together serve approximately 25,000 patients...

...These acquisitions increase PHP's portfolio to a total of 303 assets with a gross value of over £1.3 billion and a contracted rent roll of £71 million, and the unexpired lease terms will be accretive to the overall WAULT.

Harry Hyman, Managing Director of Primary Health Properties, commented:
"These acquisitions represent an important addition to PHP's portfolio, given their substantial lot sizes and importance in their respective communities, with the majority of the income secured by government backing. All the assets are high quality, purpose built properties and with facilities capable of meeting the needs and requirements of a modern primary care service. We continue to have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to grow our portfolio of modern, primary care infrastructure over the long term."

[speedsgh] 27/7/2017 08:20

Interim Results -

FINANCIAL HIGHLIGHTS
· EPRA Earnings1, 4 increased by 22.2% to £15.4m (30 June 2016: £12.6m)
· EPRA Earnings1, 4 per share increased by 8.3% to 2.6p (30 June 2016: 2.4p)
· Net rental income increased by 8.1% to £34.8m (30 June 2016: £32.2m)
· IFRS profit before tax increased by 73.7% to £44.3m (30 June 2016: £25.5m)
· EPRA Net Asset Value per share2, 4 increased by 5.5% to 96.1p (31 December 2016: 91.1p)
· IFRS Net Asset Value per share2 increased by 6.1% to 88.6p (31 December 2016: 83.5p)
· Total dividends of 2.62p per share distributed in the period (30 June 2016: 2.5625p), the 21st successive year of dividend growth
· Third quarterly dividend of 1.31p per share payable on 25 August 2017

OPERATIONAL HIGHLIGHTS
· Surplus on property valuation of £29.9m (30 June 2016: £15.5m), underlying like-for-like growth of 2.4%; portfolio net initial valuation yield of 5.04% (31 December 2016: 5.17%)
· Total portfolio, including development properties, valued at £1.27bn as at 30 June 2017 (31 December 2016: £1.22bn)
· Four properties acquired, including two developments currently on site, in period for £18.6m adding £1.1m to the contracted rent roll
· Three properties acquired post period end for £35.5m increasing the contracted rent roll by a further £1.7m from £69.3m to £71.0m
· Average annualised uplift of 1.6% on rent reviews agreed in the period resulting in an annualised uplift in rent of £0.4m (year ended 31 December 2016: 0.9% with an uplift of £0.3m)
· Portfolio 99.7% let with 13.3 years weighted average unexpired lease term (including commitments) (31 December 2016: 13.7 years)
· Loan to Value reduced to 53.0% (31 December 2016: 53.7%)
· New long-term financing with PHP's first transaction in the private placement market raising £100m, ten year, senior secured notes at 2.83%. The proceeds have been partially applied to refinance the £115m "club" facility with RBS and Santander with a new £50m bilateral facility with RBS
· Following successful refinancing the average loan maturity increased to 5.8 years (31 December 2016: 5.1 years)
· Group's average cost of debt reduced by 39bp to 4.26% (31 December 2016: 4.65%) including the impact of a £20m, 4.76% fixed rate swap cancelled, post period end, for a one-off payment of £6.2m. Total interest savings of £0.8m p.a.

Harry Hyman, Managing Director of PHP, commented:
"Notwithstanding the uncertainties in the current political and economic landscapes, the demand for modern, purpose built accommodation in primary care is undoubted. The delivery of the NHS Five Year Forward View depends upon many things but investment in primary care is essential for their success. We are committed to investing in growing our portfolio to support the modernisation agenda both in the UK and Ireland.

In addition to growing the portfolio, we will also continue to invest in the improvement of our assets, growing rents and extending lease terms. At a time of continued very low interest rates PHP's robust, low risk business model means we are well placed to deliver on our progressive dividend policy, underpinned by our secure and long term income."

[speedsgh] 26/7/2017 11:06

Interim Results due out tomorrow...

[ph1ts] 26/7/2017 10:31

Quite a bit of activity on the share price Looks like it might be trying to break out.

[speedsgh] 16/5/2017 16:12

New Edison research note...

Steady long-term income -

[nfs] 26/4/2017 22:20

Yep I'm a holder tooExpect 5-10% a year including dividend

[chorister] 26/4/2017 21:04

I hold but don't really watch - it is what it is. A really solid, unspectacular, well run defensive stock run with a long term view. What's not to like?

[1olddog] 26/4/2017 20:07

Interesting to see that a major fund Manager agrees with me, 2% of his portfolio. Anyone watching this?

[1olddog] 21/4/2017 21:00

Really solid defensive share this one. Got to be almost as safe as cash and giving a decent divi. OK I did say "almost".

[mortimer7] 15/2/2017 15:36

Dec y/e prelims out tomorrow (16th). Up or Down???

[semper vigilans] 15/12/2016 07:55

Obviously a good deal, but no yield indication?

[speedsgh] 26/8/2016 13:40

New Edison research note out today...

Secure and growing income -

[woody888] 06/7/2016 16:02

People being spooked by the recent gating of open-ended commercial/residential property funds have resulted in the sell off that we are currently witnessing.PHP is a very different proposition with long tenancies guaranteed and paid for by the UK government - it is almost bond/gilt like in nature and has a quarterly dividend > I expect more institutional cash to move in to this as it needs a safe diversified home; holders should not panic and hold IMHO.

[speedsgh] 20/5/2016 09:52

Trading Update -

· Successful, over-subscribed share placing, raising gross proceeds of £150 million

· 19 completed properties acquired for an aggregate consideration of £53.8 million with an ongoing, attractive pipeline of opportunities in both UK and Republic of Ireland

· Property portfolio comprising 292 properties with a total value of £1.2 billion

· Total contracted annualised rent roll increased to £66.6 million

· Interest rate reduced by 3.92% on £88 million of debt by restructuring associated swap contracts