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 31 December 2011
- Total debt of £300m secured or with agreed terms to refinance
- New debt facilities totalling £125 million secured and operating as at 31 December 2011
- Credit approved terms agreed with Royal Bank of Scotland and Santander to refinance £175 million club facility for new a four year term
- Profit before revaluation result and change in fair value of derivatives rose from £9.1 million to £10.0 million
- Payment of 18.0p of dividends during the year (2010: 17.5p); 9.25p second interim dividend for 2011 declared, payable on 5 April 2012
- EPRA net asset value of 318.7p per share (2010: 311.5p)
Group operational highlights as at 31 December 2011
- Rental and related income increased by £3.8 million to £30.7 million (2010: £26.9 million)
- Eight high quality properties acquired during the year, at a cost of £45.7 million, adding £2.9 million to the rent roll
- Including commitments, total portfolio value has increased by 7% to £539.7 million at an initial yield of 5.74% (2010: £503.6 million)
- Average annualised uplift of 3.0% on reviews completed in the year, combined with acquisitions and commitments, increases annualised rent roll to £32.3 million (2010: £30.4 million)
- Portfolio 100% let
- Health and Social Care Bill should enhance the role of GPs and lead to increased demand for modern primary healthcare facilities in the medium term
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