Primary Health Properties Share Discussion Threads

[essentialinvestor] 17/2/2022 11:19

What pay over NAV with longer term interest rates rising?.

[r9505571] 17/2/2022 08:03

Big write up on pg 45 of today's Times! Perhaps another year of dividend growth on the cards, as it has a strong pipeline of targeted acquisitions and other projects worth about £337m in the UK and £107m in Ireland

[r9505571] 16/2/2022 21:48

Primary Health Properties rose 0.9% after it lifted its dividend and unveiled a rise in annual earnings, driven by demand for facilities to catch up on the backlog of delayed operations due to the Covid pandemic.

[r9505571] 16/2/2022 21:42

Yes guys! I'm currently down the local boozer in Harrogate and thoroughly enjoy listening to your podcast on Soundcloud and Spotify. Am always looking for decent dividend paying growth stocks. Have held FXPO, EUA, DWF, STX and ARB and considering CGO! Keep up the good work!

[makinbuks] 16/2/2022 11:01

I note the cash and indrawn facilities of over £300m together with the pipeline comments including around £150m of deals in legal. Smart move to move to the very top of the 50% LTV ratio. That will provide additional rent roll and margin and sustain dividend increases. I’m wondering if this has stabilised now in the mid 130’s

[ygor705] 16/2/2022 07:44

Another good set of numbers from php this morning with yet another good increase in the dividend. Dividend cover is 1 which compares favourably with other points in the investment cycle where that number has dropped to around 0.7. The NTA per share figure is also closer to the share price than I have seen in a while. Solid hold for me.

[grahamg8] 16/2/2022 07:32

It's a REIT that's what they do, have to do.

[knightlight] 16/2/2022 07:06

Looking at today's results almost all there profit is going too divided I consider that a risk am I wrong have a missed something?

[skinny] 11/2/2022 16:21

Yes - but reduced in January :-

[deanforester] 11/2/2022 16:19

Results on Wednesday, 16th feb.

[panshanger1] 11/2/2022 12:50

Still some short interest here I notice

[winsome] 09/2/2022 14:28

I still don't quite understand why PHP and AGR are tanking while my other holdings such as LXI and BBGI on similar yields are steady. PHP and AGR have lower risk profiles than LXI. PHP has historically grown NAV quite strongly. I see no other real reason than investors following recent downward momentum. I'm a long term holder and I see rates and inflation going back to normal levels later this year. Consumer spending will soon be seriously constrained.

[makinbuks] 08/2/2022 14:52

Exactly, so winsome the threat is less from what the BOE does with rates more with inflation and the effect that has on the long term cash flows. We all love the benefit of compound interest, this is simply the opposite.

To be fair there will still be plenty of demand for what PHP do I just think any new deals they sign up will be NIY 6% + rather than the sub 5% of recent years. Also it remains true that with basically the Government as a tenant you have the best covenant available

[chucko1] 08/2/2022 14:20

The big problem for long duration assets is that the yield on inflation linked bonds is still derisory. Inflation MINUS 200bps. This has seen, for example, the UKTI 2068s fall 70 points in the past 2 months alone (real yield has risen from -255bps to -199bps).

The last NAV seems to be in the order of 115p (June 2021), so it is not as thought this is cheap even after the large fall of the past few months.

Add to that a potential rise in discount rate, and I would still be concerned.

[winsome] 08/2/2022 14:01

People expect another 4 hikes in interest rate this year but the BOE is way behind the curve. Consumer spending is already buckling under pressure from increased mortgage and energy bills. I expect this will drive down inflation during the spring, ie much quicker than expected, at which point the BOE will put the emergency brakes on further rate hikes.

[makinbuks] 08/2/2022 13:01

The act of typing my posts 1024 and 1026 on 19th Jan made me act on my own advice and sell at 1.447. Been great to me for over a decade. I assume wealth managers getting private clients out at the moment

[3800] 08/2/2022 11:52

I sold out yesterday after holding for years. It looks to me that interest rates are going much higher or I may be wrong.
3800

[mirandaj] 08/2/2022 11:33

16 February 2022 Preliminary Announcements

[spoole5] 04/2/2022 21:12

Pretty heavy premium

[panshanger1] 04/2/2022 18:04

Seems to be sensitive to rising interest rates