Company Overview
The idea of purchasing primary health care premises and leasing back to NHS General Practitioners through indirect property investment was put forward by Harry Hyman in 1994.
Following the purchase of a small portfolio of primary care premises, Primary Health Properties PLC ('PHP') was incorporated in 1995 and floated on the Alternative Investment Market in 1996. On 5 November 1998, PHP achieved full market listing on the London Stock Exchange. On 1 January 2007, PHP became the UK's first dedicated healthcare Real Estate Investment Trust ('REIT').
PHP specialises in the ownership of freehold or long leasehold interests in modern purpose-built healthcare facilities, the majority of which are leased to general practitioners and other associated healthcare users.
The Group's portfolio comprises over one hundred and fifty primary healthcare facilities, both completed and committed, the majority of which are GP surgeries, with other properties let to Primary Care Trusts (PCTs), pharmacies and dentists.
PHP endeavours to provide high quality buildings for its tenants and to provide the highest quality assets for its shareholders.
Group financial highlights as at 30 June 2012
- Increased interim dividend of 9.25p for the period ended 30 June 2012 (30 June 2011: 9.0p)
- Operating profit before revaluation gain up 6.5% to £13.4 million (30 June 2011: £12.6 million)
- Rental income increased by 6.3% to £16.21 million (30 June 2011: £15.25 million), fuelled by acquisitions and rent reviews completed in the period
- Acquisition of four properties in H1 for a total consideration of £11.5 million
- Core debt facilities of £175 million refinanced by a new four year, interest only "Club" Bank Facility
- £18 million equity fundraising in May 2012
- 90% of the rent roll is directly or indirectly received from the NHS
- Average remaining lease term in portfolio of 16 years
Group operational highlights as at 30 June 2012
- A further asset purchase in July 2012 for £3.9 million brings the Group's property portfolio to 165 assets
- Total portfolio including recent commitments increased by 2.4% to £552.5 million (December 2011: £539.7 million)
- Total annualised rent roll including commitments up 2.8% to £33.2 million (December 2011: £32.3 million)
- Terms agreed for the purchase of a further £49 million of high quality medical centre assets
- A significant pipeline of acquisition opportunities
- Successfully completed a £75 million, seven year 5.375% retail bond issue on 23 July 2012
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