Primary Health Properties PLC Portfolio Update (3038B)
06 6월 2019 - 3:01PM
UK Regulatory
TIDMPHP
RNS Number : 3038B
Primary Health Properties PLC
06 June 2019
6 June 2019
Primary Health Properties PLC
Portfolio Update
Primary Health Properties PLC ("PHP"), one of the UK's leading
investors in modern primary healthcare facilities, publishes an
update on the property portfolio and net debt as at 31 March 2019
following the completion of the successful all share merger with
MedicX Fund Limited ("MedicX") on 14 March 2019.
Property portfolio
The portfolio now comprises 484 properties with a gross book
value of over GBP2.3 billion (31 December 2018: GBP1.5 billion) and
a contracted annualised rent roll in excess of GBP125 million (31
December 2018: GBP79.6 million). The portfolio includes 15
properties in Ireland including developments at Bray, Athy, Rialto
and Mullingar representing 6% of the total portfolio (31 December
2018: 6%).
The portfolio's average lot size has remained constant at GBP4.8
million (31 December 2018: GBP4.8 million).
Number Book value Average lot
of properties GBP million % size (GBP
million)
------------------------- --------------- ------------- ------- ------------
>GBP10m 42 585 25.3% 13.9
GBP5m - GBP10m 107 746 32.2% 7.0
GBP3m - GBP5m 159 609 26.3% 3.8
GBP1m - GBP3m 169 370 16.0% 2.2
< GBP1m (including land
GBP2.7million) 7 6 0.2% 0.5
------------------------- --------------- ------------- ------- ------------
Total 484 2,316 100.0% 4.8
------------------------- --------------- ------------- ------- ------------
The geographical analysis of the portfolio by book value is as
follows:
Midlands and East Anglia 23%
North East 16%
South East 14%
North West 13%
Scotland 8%
Wales 8%
London 7%
Ireland 6%
South West 5%
-------------------------- -----
Total 100%
-------------------------- -----
The security and longevity of our income are important drivers
of our secure, long-term, predictable income stream and enable our
progressive dividend policy. 90% (31 December 2018: 91%) of the
rent roll is funded directly or indirectly by the NHS in the UK and
HSE or government funded bodies in Ireland. The portfolio also
benefits from an occupancy rate of 99.5% (31 December 2018:
99.8%).
68.1% of the rents are reviewed on an open market basis,
typically every three years and are impacted by land and
construction inflation. The balance of the portfolio has either RPI
(25.2%) or fixed uplifts (6.7%) which provide an element of
certainty to future rental growth within the portfolio.
The portfolio's weighted average lease length at 31 March 2019
was 13.4 years (31 December 2018: 13.1 years) and only 1.6% of our
income expires over the next three years and 68.8% expires in over
10 years. The table below sets out the lease expiry profile of our
income.
< 3 years 1.6%
4-5 years 5.3%
5-10 years 24.3%
10-15 years 35.2%
15-20 years 19.7%
> 20 years 13.9%
------------- -------
Total 100.0%
------------- -------
Net debt
As at 31 March 2019 the enlarged group's net debt stood at
GBP1,115 million (31 December 2018: GBP673 million) with a loan to
value ratio of 48.1% (31 December 2018: 44.8%) and an average cost
of debt of 4.0% (31 December 2018: 3.9%). The weighted average debt
maturity was 7.2 years (31 December 2018: 5.4 years).
Harry Hyman, Managing Director of PHP, commented:
"We are delighted to have successfully completed the merger with
MedicX bringing together two highly complementary portfolios and
teams in the UK and Ireland and the combined business represents a
stronger platform for the future. This transformational deal has
created significant value for shareholders of the enlarged group
and we continue to work assiduously to deliver the significant
operating and financial savings outlined when the merger was
announced earlier this year."
More information on Primary Health Properties PLC can be found
on www.phpgroup.co.uk
Further details:
Harry Hyman
Managing Director
Tel: +44 (0) 20 7451 7050
Richard Howell
Finance Director
Tel: +44 (0) 20 7104 5599
David Rydell / Steph Watson (Buchanan
Communications)
Tel: +44 (0) 20 7466 5066
Legal Entity Identifier: 213800Y5CJHXOATK7X11
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END
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