TIDMPHP
RNS Number : 1682R
Primary Health Properties PLC
15 November 2012
PRIMARY HEALTH PROPERTIES PLC
A specialist REIT providing Primary Care Accommodation for the
NHS
Interim Management Statement
Primary Health Properties PLC ("PHP", the "Group" or the
"Company") one of the largest providers of modern primary
healthcare facilities, today issues its Interim Management
Statement for the period from 1st July to 15 November 2012.
Highlights
-- Successful completion of retail bond issue raising
GBP75million unsecured finance at 5.375% for 7 year term
-- Acquisitions and commitments totalling GBP29.5million announced
-- Portfolio continues to be 100% let
-- Annualised passing rent roll, including commitments, was
GBP34.9million at 15 November (GBP33.2million at 30 June 2012)
-- There is a continued pipeline of attractive property acquisition opportunities
-- Deals in solicitors hands have a gross asset value of over GBP106million
-- Interim dividend of 9.25p per share was paid to shareholders
on 28 October 2012; total of 18.5p per share paid in 2012 (2011:
18.0p)
Borrowings and Banking facilities
As announced on 24 July 2012, the Group completed the issue of a
new seven year, GBP75 million unsecured retail bond. The Board
welcomes the new stakeholders this brings to the Group.
Following the retail bond issue, total facilities available to
the Group amount to GBP459million with drawn borrowings currently
totalling GBP329million. Contracted commitments to forward fund and
acquire future assets are GBP16million, giving the Group head room
of GBP114million to fund further acquisitions.
The GBP27million debt facility provided by Allied Irish Banks
("AIB") as part of the Group's historic core facilities will be
allowed to run its course to its maturity date of 31 January 2013.
The structure of the continuing provision of existing interest rate
swaps procured from AIB to mitigate interest rate risk across the
Group's wider bank debt portfolio is being finalised.
Upon maturity, the AIB loan will initially be refinanced from
existing debt resources, however, discussions continue with new
debt providers to secure new facilities to replace AIB and
facilitate the future expansion of the Group's portfolio.
Interest Rate hedging
The total mark to model liability of the derivative portfolio
was estimated at GBP52.4million as at 30 September 2012, an
increase from its value of GBP49.3million at 30 June 2012. This
movement has been caused by further reduction in longer term
interest rates as global economic markets remain weak.
Property portfolio
The Group has secured a number of new investment properties in
the period:
Asset Acquisition basis Acquisition Size
cost sqm
--------------------- ---------------------------- ----------------- ------
Luton, Bedfordshire Standing Let Investment GBP3.9 million 1,281
--------------------- ---------------------------- ----------------- ------
Stourbridge, West
Midlands Forward Funding Commitment GBP8.5 million 2,600
--------------------- ---------------------------- ----------------- ------
Newton Abbot, Devon Forward Funding Commitment GBP3.0 million 1,373
--------------------- ---------------------------- ----------------- ------
Rotherham Standing Let Investment GBP14.1 million 4,636
--------------------- ---------------------------- ----------------- ------
Transactions with a gross asset value of some GBP106million are
in solicitors' hands, to acquire further investment properties
located across mainland United Kingdom. Some of these will be
acquired as portfolios with associated debt of various durations
totalling some GBP50million, which reduces the cash required of PHP
to complete these acquisitions.
The Group continues to appraise a strong pipeline of attractive
acquisition opportunities, a mix of further forward funding
commitments to acquire newly developed assets and standing let
investments, all of which would be accretive to overall rent roll
and Group profitability.
The Directors believe that initial property yields in the
Group's portfolio have remained stable at approximately 5.74% in
the period under review, as demand continues from property
investors in all sectors for quality assets let to strong
covenants. The next valuation of the freehold, leasehold and
development properties of the Group will be carried out as at 31
December 2012.
The forward funding commitments at Allesley Park and Pelton have
both recently achieved practical completion and become rent
producing. The Group's other existing commitments are proceeding in
line with their planned timetables.
Rent roll and rental growth
Annualised passing rent roll of the Group's completed portfolio
as at 15 November 2012 was GBP33.5 million (30 June 2012-
GBP31.4million), the increase being due to deliveries and rent
reviews completed in the period.
Average rental growth achieved on rent reviews completed to 31
October 2012 showed an annualised rate of 2.5%. This is lower than
that achieved for 2011 of 3.0% but is satisfactory when analysed in
the context of the current economic climate.
Outlook
Having completed the refinance of the Group's core debt
facilities and obtained new funds from the unsecured retail bond,
the Group is now well positioned to add to its portfolio at yields
which exceed its marginal cost of funding. This will enable the
Group to re-establish 100% dividend cover which remains
management's top priority.
The amount of transactions in lawyers' hands is higher than it
has been for some time and when these deals are completed further
announcements will be made.
For further information contact
Harry Hyman/Phil Holland
Primary Health Properties PLC
T: +44(0)20 7451 7050
harry.hyman@nexusgroup.co.uk/phil.holland@nexusgroup.co.uk
David Rydell/Victoria Geoghegan/Elizabeth Snow
Pelham Bell Pottinger
T: +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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