Primary Health Properties Share Discussion Threads

[panshanger1] 04/6/2021 13:18

Chugging along nicely in recent months Wonder if short interest is reducing ?

[paulboz] 23/5/2021 11:07

Thanks, Chuck. Not what I wanted to hear but better to be aware of this than not. I may open an HL account and put my PHP shares in there.

[chucko1] 22/5/2021 19:28

ISA, yes. But they use a different third party for SIPP tax reclaims and it's gone spectacularly wrong. They send a bulk claim to HMRC in the November after the end of the relevant tax year and then you wait. Usually until the following March (so some dividends are only paid in full up to 23 months later). In my case, it's far more than that for reasons they are looking into, but after four months after I complained, have so far failed to understand. I have some, therefore, that I have been waiting three years for! I have helped them by sending a spreadsheet with the 200 or so dividend payments (with explicit calculations) where they have failed to repay the tax back into my SIPP.

It's the split between ordinary dividends and PIDs which causes the issue. Other dividends (RDSA, for example) are paid in full into a tax-exempt account.

There are other reasons to avoid Barclays, including their inability to allow you to buy certain Investment Trusts on the basis that they have not been supplied with the KIID. And yet other brokers appear to have no such problems - again it is stated that this is a function of their third party servicer.

[paulboz] 22/5/2021 18:25

As I understand it now, Barclays withhold the 20% initially but should pay it into the ISA separately in a few weeks time rendering the dividend tax free.

[chucko1] 22/5/2021 16:27

It varies from provider to provider. Barclays withhold the 20% because they have extremely unfriendly processes whereas, for example, HL pay the whole lot so long as the wrapper is an ISA of SIPP.

[paulboz] 22/5/2021 10:54

Thanks, Rik. That's what I thought. I'll check with my ISA provider.

[rik shaw] 22/5/2021 09:58

Should be no tax in ISA. This article sets out tax on REITS:


'The only way to ensure you don’t pay tax on your PIDs is to hold your REITs in a tax wrapper, such as an ISA or pension. If you do this, the PID will be paid gross – i.e. without the withholding tax deducted'

[paulboz] 22/5/2021 09:20

I received my divi yesterday but only 80% of what I was expecting. As I hold my shares in an ISA I was expecting to receive the full amount. Is it correct that 20% tax is taken on REIT dividends even when held in an ISA ?

Thanks in advance for any responses.

[panshanger1] 01/4/2021 08:45

Ex div today for 1.55p Pay day 21/5

[panshanger1] 02/3/2021 09:54

Market seems to agree with positive sentiments expressed after prelims Approaching 6 month highs

[makinbuks] 19/2/2021 12:17

Hi 3800, apologies for the slow response. I know nothing more than what was in the announcement. In addition to the parts you have quoted, I specifically noted:

"Rent reviews and asset management projects completed in the year added £2.0m or 1.6% (2019: £1.9m or 1.5%) to the contracted rent. However, we have seen a marginal reduction in the annualised rate of growth on rent reviews in 2020 at 1.8% (2019: 1.9%) and the outlook is becoming more muted for pharmacy rents as the consequences of the COVID-19 crisis become more apparent."

Many years back, buoyed by the success of my investment in PHP I went into another stock, the name of which escapes me right now, but they were surgeries and pharmacies with the latter providing more excitement. They went bust. Not suggesting for a second that will happen here. I continue to hold a small amount of PHP

[ygor705] 18/2/2021 16:20

If this is being heavily shorted l suggest that we put a few posts on Wall Street Bets. Solid stock with heavyweight benefits to the community.......they should just love it!

[perfect choice] 18/2/2021 14:55

2.36% shorts according to short interest tracker web site, down from 3.1% shorts in Q4 2020.

[williamcooper104] 18/2/2021 14:31

Is it still relatively heavily shorted

[3800] 18/2/2021 14:25

Hi Makinbus is "there are problems with UK pharmacies" you refered to, the bit at the end of this paragrph, or do you know more?

DELIVERING ROBUST RENTAL COLLECTION

-- Of PHP's contracted rental income, 90% is paid either directly or indirectly by the UK and Irish governments, with the balance mainly coming from pharmacies co-located at our properties

-- Rental collections continue to remain robust and as at 17 February 2021 99% and 94% had been collected in both the UK and Ireland respectively for the first quarter of 2021 and in-line with collection rates experienced for 2020 which now stand at over 99% for both countries. The balance of rent due for the first quarter of 2021 is expected to be received shortly

-- The Group has allowed GBP4.8 million of annualised rents, predominantly pharmacies, to be paid by monthly instalments, given short-term rent deferrals of GBP1.2 million and concessions of GBP0.5 million

[makinbuks] 18/2/2021 14:01

I was just a little concerned by the statement. The fact that the dividend in 2020 didn't compensate for the share price fall may be a feature for a few years to come as it trades so high above NAV. The rate of increase in rents slowed and there are problems with UK pharmacies. The dividend in 2020 was uncovered (just). I didn't like that virtually all KPI's were "adjusted" - I need to look at that more carefully.

On the positive side, the pipeline looks strong, LTV was down and has plenty of headroom.

I think the yield compression story has run its course. What comes next? Ether a prolonged period of stagnant share price or a big fall back to NAV as inflation takes off.

[ygor705] 18/2/2021 10:09

These prelims should not go unnoticed. Very strong performance in my view with earnings now covering the dividend again, NAV per share progressing, rent roll secure out to 10 years and a healthy increase in the dividend. Always been a good share to hold and no reason to change that view on these numbers.

[williamcooper104] 20/1/2021 14:56

And SUPR - same security of income (IMO) - but better yield

[williamcooper104] 20/1/2021 13:37

Prefer higher yielding US/Canadian REITs in this space - MPW/NWH/DOC

[makinbuks] 20/1/2021 11:54

The premium to NAV will disappear when interest rates rise in my view, but you have a while to wait before that happens. As a source of income if you can take a very long view and not worry what the price is other than your entry it seems pretty secure to me

[norland1] 19/1/2021 17:03

Its boring/unadventurous but its safe at the moment.

[panshanger1] 19/1/2021 15:30

Looking to add here after continued weakness Still on going short interest here though Am I missing anything ?

[williamcooper104] 11/12/2020 14:04

Need to know full details of the ManCo contract - but probably does given that it's an evergreen closed ended vehicle - eg unless the manager is sacked (which isn't always easy to do) then you get the management fees in perpetuity

[makinbuks] 11/12/2020 11:41

Thanks Perfect, yes Edison as similarly positive in a note today. Hasn't filtered into the share price yet. To be clear I think its a good deal well priced for PHP and the point Williamcooper makes is very valid