Interim Management Statement


 

TIDMPHP 
 
RNS Number : 8347V 
Primary Health Properties PLC 
09 November 2010 
 

                         PRIMARY HEALTH PROPERTIES PLC 
                          Interim Management Statement 
 
Primary Health Properties PLC ("PHP", the "Group" or the "Company"), one of the 
UK's largest providers of modern primary healthcare facilities, today issues its 
Interim Management Statement for the period from 1 July 2010. 
 
Since we reported our results to the 30th June 2010, yields have stabilised with 
continued strong demand for the Company's asset class. 
 
The achieved increase in rent on those leases reviewed in the period to 30 
September 2010 was a portfolio weighted average rate of 3.23%per annum. 
 
The Directors note the initiatives announced on Monday 12 July by Secretary of 
State for Health, Andrew Lansley, in the Department of Health's White Paper, 
'Equity and Excellence: Liberating the NHS'. The Group believes that the greatly 
enhanced role of the GP in the provision of NHS services will propel 
significantly the increasing demand for modern, purpose-built premises befitting 
a modern health service environment, which has the potential to create 
substantial opportunities for PHP. 
 
At 31 October 2010, Group borrowings totalled GBP271.4m due to growth in the 
Group's gross asset base.  Aggregate facilities are GBP296.7m of which GBP258.4m 
is on a term loan basis and GBP10m is on an overdraft basis. The term facilities 
are not due for renewal/replacement until 2013. The secured facilities from 
Aviva totaling GBP28.3m acquired with Health Investments Limited amortise over 
19 years, matching the average length of the underlying leases on the properties 
acquired.  The GBP3.0m facility with NatWest Bank is repayable in May 2011. 
 
The Group continues to actively manage its portfolio and is engaged in a number 
of acquisition and disposal opportunities. Of note, the Group has agreed heads 
of terms for a new GBP25 m facility with Aviva Commercial Finance Ltd. This ten 
year interest only loan is currently being documented and will enable the Group 
to continue with its policy of acquisitions and the forward funding of new 
developments. The Group is also examining other options to refinance both its 
existing facilities and provide expansionary capital. 
 
PHP remains committed to keeping a relatively high level of cover against its 
variable interest rate borrowings. The Group's fixed rate cover of GBP198m as at 
8 November 2010 included GBP88m of callable swaps which are reviewed on a 
quarterly basis. The next possible call date is on 11 November 2010.  At 30 
September 2010  (the latest practicable date), the valuation of the swaps was a 
net liability of GBP40m, reflecting the continued downward revision of long-term 
swap rates. 
 
-Ends- 
 
For further information contact: 
 
Harry Hyman 
Primary Health Properties PLC 
T +44(0)20 7451 7050 
M+44 (0)7973 344768 
harry.hyman@nexusgroup.co.uk 
 
David Rydell/Victoria Geoghegan/Samantha Boston 
Pelham Bell Pottinger 
Tel +44(0) 20 7861 3232 
 
This Interim Management Statement may contain forward looking statements. By 
their nature, forward looking statements involve risk and uncertainty because 
they relate to future events and circumstances. 
 
These statements reflect the knowledge and information at the time of the 
release of this Interim Management Statement.  Nothing in this Interim 
Management Statement should be construed as a profit forecast or estimate. 
 
Apart from the information contained in this Interim Management Statement there 
have been no material events or transactions affecting the Group during the 
period. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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