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 fifteen 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
- Successful capital raisings of £60.7 million net of expenses
- Payment of 17p of dividends during the year
- 8.75p second interim dividend for 2009 declared and payable on 26 March 2010
- Operating profit before revaluation result and fair value gain/loss on derivatives rose from £4.7million to £7.9million
- Loan to value ratio reduced to 49% at 31 December 2009 against covenant of 70%
- Basic net asset value increased to 247.2p per share (31 December 2008 (Adjusted): 226.7p)
- EPRA net asset value of 279.9p per share (31 December 2008 (Adjusted): 272.9p)
- Borrowing facilities not due for renewal until 2013
Group Operational Highlights
- Continued success of our strategy of investing in modern purpose built healthcare centres
- Increase in the portfolio from £316.9million to £341.9million
- Rental growth of approximately 3.12% per annum
- Rent roll at year end of £21.3million
- Important decision achieved on rent review appeal process during the year
- Portfolio 100% let
- Portfolio including commitments valued at £371million as at 31 December 2009 on an initial yield of 6.0%
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