Primary Health Properties Share Discussion Threads

[taylor20] 13/10/2022 10:43

yes, massive head winds, and the yield less favourable against the higher interest rate background.

However they are in a very strong position in terms of their debt profile, I think there are a couple of traunches that need renewing/rolling over in 2 - 3 years time, but the two large refinancings they did recently were perfectly timed.

I can see over the next couple of years they will be picking up assets at fire sale prices from less well positioned owners.

Waiting for the price to settle, but sorely tempted at these prices.

[panshanger1] 13/10/2022 08:47

Relentless selling here

[williamcooper104] 27/9/2022 18:49

I think for 8 years Divi cover is very tight, but given assets that's probably fine The sell off is accross the board The next thing to look at is valuation covenants and what yields need to get to to break those Lenders are going to be utterly brutal this time around on enforcing as they can be - unlike last time

[digger18] 27/9/2022 18:34

According to the last interims, 95% of debt is either fixed or hedged, so this looks solid compared to other REITs.

[masurenguy] 23/9/2022 15:44

Primary Health Properties (LSE: PHP) owns hundreds of medical facilities, mainly health centres and GP surgeries across the UK and Ireland. Five-year rent reviews are built into most of the company’s leases and the majority of its revenue comes from government agencies. I don't think you could find a more secure, inflation-proof income stream than that. Structured as a real estate investment trust (Reit), Primary Health supports a dividend yield of 4.6%.
MoneyWeek: 24/08/22

At todays offer the yield is circa 5.3%.
On my Watchlist - no current position

[mirandaj] 18/9/2022 08:39

Primary Health Properties mentioned near end of article above.

[speedsgh] 17/9/2022 22:01

Good stuff. That's what watchlists are for. No holding here at present.

[williamcooper104] 17/9/2022 12:09

Dec 21 was from memory about 116p and on a 4.6-7 NIY - current NAV likely to be c7-10 percent lower; though that may not show up in the valuations

[wynterwilde] 17/9/2022 09:45

Hello all,

Can someone please tell me the share price that equates to NAV..?

TIA

[williamcooper104] 16/9/2022 16:05

There's long been an elevated short position here (relatively speaking)

[panshanger1] 16/9/2022 15:11

Still 3.1% short here I notice

[williamcooper104] 16/9/2022 15:02

Last reported NAV is likely to be 10 percent below now with rates blowing out

[speedsgh] 16/9/2022 14:34

Will go back on watchlist once it is within touching distance of last reported NAV. Little way to go still.

[panshanger1] 16/9/2022 13:45

Relentless downward pressure here

[grahamg8] 02/9/2022 07:13

Thanks bull19, found it.

[bull19] 01/9/2022 07:34

Paid on 19 August

[grahamg8] 01/9/2022 07:32

Have I missed a trick. Quarterly dividend due yesterday. Have we moved to every six months?

[c3479z] 28/7/2022 22:51

All very well for the NHS to invest in primary care facilities but the weak link will be the absence of GPs the way things are going!

[speedsgh] 27/7/2022 10:09

Adjusted NTA per share up 3.5% to 120.8p (31/12/21: 116.7p). Dividend cover 103%.

Interim results for the six months ended 30 June 2022 -

Harry Hyman, Chief Executive of PHP, commented:

"We are encouraged by the firmer tone of rental growth experienced in the period from the ongoing rent reviews and asset management projects successfully completed. Furthermore, with the majority of PHP's debt either fixed or hedged for a weighted average period of just under eight years the Board remains confident that PHP can continue to deliver further earnings and dividend growth.

"Notwithstanding the outlook for longer-dated interest rates the investment market has remained robust in the first half of the year and we have continued to see further net initial yield compression in both the UK and Ireland.

"NHS initiatives to modernise and invest in the primary care estate support the important role that primary healthcare as a first line of defence must play to re-focus services away from over-burdened hospital settings, and to satisfy increased demand, driven by the long-term demographic trends of populations that are growing, ageing and suffering from more instances of chronic illness. We continue to maintain close relationships with our key stakeholders, working closely with the NHS in the UK, HSE in Ireland, and our GP partners in both markets to help them evolve and adapt as the 'new normal' is established."

[hedgehog 100] 24/7/2022 10:28

PHP has been a tremendous long-term success for investors, growing to its current market cap. of £1.914 billion (at 143.5p/share), since being founded in 1995 and floating the next year.

And PHP founder & CEO Harry Hyman has relatively recently brought another share to market, which may be of interest to fans of his success here:-


"Harry Hyman
Non-Executive Chairman

Harry Hyman is a chartered accountant. He is the founder and CEO of Primary Health Properties PLC (“PHP”) a FTSE250 Listed company that specialises in the ownership of property leased on a long term basis to primary care providers in the UK and Ireland. PHP has a property portfolio of over £2.6bn and a consistent record of growth. ..."




08/11/2021 07:00 UK Regulatory (RNS & others) TMT Acquisition PLC Half-year Report LSE:TMTA Tmt Acquisition Plc

"Unaudited Interim Results

TMT Acquisition (LSE: TMTA), the investment business established to pursue opportunities in the technology, media and telecom sector, today announces its unaudited interim results for the period from 25 March to 30 September 2021.

Harry Hyman, Non-Executive Chairman of TMT Acquisition, said:

"We are delighted with outcome of the listing and the support shown from institutional shareholders. In the short time we have been on the market we have already started evaluating a number of investment opportunities and look forward to updating shareholders with developments when appropriate."

... On 11 October, the Company was admitted to listing on the standard segment of the Official List and to trading on the main market for listed securities of the LSE, raising gross proceeds of GBP5 million (net proceeds of GBP4.73 million) from institutional investors. As at 31 October 2021, current assets were approximately GBP4.83 million. ..."

[rik shaw] 24/3/2022 07:46

Notice of Interim Dividend
The Company announces that the second quarterly interim dividend in 2022 of 1.625 pence per ordinary share of 12.5 pence each will be paid on 20 May 2022 to shareholders on the register on 1 April 2022. (ex Div 31/3)