TIDMPHP
RNS Number : 7919Y
Primary Health Properties PLC
20 May 2016
20 May 2016
Primary Health Properties PLC
Trading Update
Primary Health Properties PLC ("PHP", the "Company" or the
"Group"), the UK's leading investor in modern primary healthcare
facilities, today publishes a trading update for the period from 1
January 2016 to 19 May 2016.
Highlights
-- Successful, over-subscribed share placing, raising gross proceeds of GBP150 million
-- 19 completed properties acquired for an aggregate
consideration of GBP53.8 million with an ongoing, attractive
pipeline of opportunities in both UK and Republic of Ireland
-- Property portfolio comprising 292 properties with a total value of GBP1.2 billion
-- Total contracted annualised rent roll increased to GBP66.6 million
-- Interest rate reduced by 3.92% on GBP88 million of debt by
restructuring associated swap contracts
-- Group Loan to Value ratio reduced to 53% (31 December 2015:
63%), following acquisitions and swap re-structuring
-- 20(th) consecutive year of dividend growth; first quarterly
payment of 1.28125 pence made in February 2016, second payment of
1.28125 pence to be made on 27 May 2016
Successful share issue
On 13 April 2016, PHP successfully raised GBP150 million of new
capital (GBP145.5 million, net of expenses) from an over-subscribed
offer of shares to new and existing shareholders.
The proceeds are to be used to fund further earnings enhancing
acquisitions in both the UK and the Republic of Ireland that
support the Company's progressive dividend policy, whilst
maintaining gearing at appropriate levels.
Initially the funds were used to pay down revolving credit
facilities which are available to PHP to be re-drawn as investment
opportunities are secured. PHP now has significant resources with
which to continue to grow its property portfolio and lead the way
in the modernisation of primary care in the UK and Republic of
Ireland.
A growing property portfolio
The Company gave details of its pipeline of investment and
development funding opportunities in the UK and Republic of Ireland
in its recent share issue prospectus.
A number of these opportunities have now been contracted and a
total of 19 completed properties have been acquired since 1 January
2016 for an aggregate consideration of GBP53.8 million. The Group's
portfolio now comprises 292 properties with a total value of
GBP1.18 billion, including properties under construction.
These acquisitions add GBP3 million of additional rental income,
increasing the Group's total contracted annualised rent roll to
GBP66.6 million.
Good progress is being made in converting acquisitions agreed
with vendors in the Republic of Ireland into contracted
commitments.
The pipeline continues to be strong with new opportunities being
identified by the management team that will increase the size and
rent roll of the Group's portfolio, increasing earnings and helping
PHP to gain further critical mass.
Re-positioning the debt portfolio
As highlighted at the time of the share issue, current market
conditions offer opportunities for PHP to re-structure elements of
its interest rate swap portfolio, to rates that produce an overall
benefit for the Group.
PHP has recently completed the re-couponing of two active
interest rate swap contracts that hedge a total nominal value of
debt of GBP88 million. Both contracts expire in August 2021 and
carried an average fixed rate of 4.79% for their duration. The
contracted rate for both swaps has been reduced to 0.87% with
effect from November 2016, for the remaining term of the contract
for a one-off payment of GBP14.5 million.
Aggregate net debt has been reduced to GBP625.7 million,
reducing the Group's consolidated LTV to 53% (31 December 2015:
63%).
Growing dividend
The Company paid its first quarterly dividend of 1.28125 pence
in February 2016 and has declared the second quarterly payment to
shareholders of 1.28125 pence, to be made on 27 May 2016 to
shareholders as at 8 April 2016. These payments are fully covered
by earnings of the Group and represent the 20(th) consecutive year
of dividend growth.
Harry Hyman, Managing Director of Primary Health Properties,
commented:
"During the period we have continued to grow the portfolio,
increase rental income and successfully re-structured elements of
our debt portfolio. We were delighted at the strong support for our
fund raising in April, which is testament to PHP's attractive, long
term, growing, secure cash flows which underpin our progressive and
fully covered dividend.
"We have already invested a proportion of the funds that were
raised into modern primary care premises that generate both an
immediate rental surplus and the opportunity to add value and
income through active management.
"The Group is at the forefront of the continued government drive
to move healthcare services into the primary care setting and we
see increasing opportunities to provide new, flexible premises in
both the UK and the Republic of Ireland."
More information on Primary Health Properties PLC can be found
on www.phpgroup.co.uk
Further details:
Harry Hyman Phil Holland
Managing Director Finance Director
Tel: +44 (0) 20 7451 Tel: +44 (0) 20 7104
7050 5599
David Rydell / Elizabeth
Snow /
Eve Kirmatzis
Bell Pottinger
T +44 (0) 20 3772 2582
This information is provided by RNS
The company news service from the London Stock Exchange
END
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