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Primary Health Properties (PHP)

richfool
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Primary Health Properties (PHP)

#387661

Postby richfool » February 18th, 2021, 10:20 am

Primary Health Props
Preliminary Results
RNS Number : 5492P
Primary Health Properties PLC
18 February 2021

Primary Health Properties PLC

Preliminary results for the year ended 31 December 2020

Continued strong performance throughout COVID-19 pandemic and successful management internalisation

Primary Health Properties PLC ("PHP", the "Group" or the "Company"), a leading investor in modern primary health facilities, announces its audited preliminary results for the year ended 31 December 2020.

DELIVERING EARNINGS AND DIVIDEND GROWTH

· Adjusted earnings per share increased by 5.5% to 5.8p (2019: 5.5p)

· Notwithstanding the impact of Covid-19, average uplift of 1.8% per annum on rent reviews completed in the year, continuing the trend in rental growth (FY 2019: 1.9%; FY 2018: 1.4%)

· Additional annualised rental income on a like-for-like basis of £2.0 million or 1.6%, from rent reviews and asset management projects (FY 2019: £1.9 million or 1.5%; FY 2018: £1.3 million or 1.8%)

· Contracted annualised rent roll increased by 5.9% to £135.2 million (31 December 2019: £127.7 million)

· 23 purpose-built medical centres acquired in the year for £58.8 million with good asset management opportunities

· Four forward funded developments acquired in the year with a net development cost of £34.2 million at Arklow and Enniscorthy in Ireland, Epsom, Surrey and Llanbradach, Wales

· Post period end, successful completion of the internalisation of the Group's management structure, at a cost including fees of £35.7m, with shareholders representing 99.95% of the votes cast voting in favour of the internalisation which is anticipated to deliver annual cost savings of approximately £4.0 million.

· Quarterly dividends totalling 5.9p per share distributed in the year, a 5.4% increase over 2019 (5.6p per share)

· First quarterly dividend of 1.55p per share declared, payable on 26 February 2021, equivalent to 6.2p on an annualised basis. This represents a further 5.1% increase over the 2020 dividend per share and marks the start of the Company's 25th consecutive year of dividend growth

· The Company intends to make further dividend payments in May, August and November 2021 and maintain its strategy of paying a progressive dividend, in equal quarterly instalments, covered by underlying earnings in each financial year

https://www.investegate.co.uk/primary-h ... 00055492P/

Dod101
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Re: Primary Health Properties (PHP)

#387668

Postby Dod101 » February 18th, 2021, 10:45 am

This is the third posting of the same report today. LSE Company News, HYP and now Reits and Property Companies. Never mind.

Dod.

richfool
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Re: Primary Health Properties (PHP)

#387725

Postby richfool » February 18th, 2021, 1:35 pm

As a holder of this Property Company, I was pleased to note:
· Quarterly dividends totalling 5.9p per share distributed in the year, a 5.4% increase over 2019 (5.6p per share)

. First quarterly dividend of 1.55p per share declared, payable on *26 February 2021, equivalent to 6.2p on an annualised basis. This represents a further 5.1% increase over the 2020 dividend per share and marks the start of the Company's 25th consecutive year of dividend growth

* Ex dividend date was: 14th January 2021.

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Re: Primary Health Properties (PHP)

#414110

Postby CautiousPaul » May 22nd, 2021, 11:36 am

I received my dividend on PHP shares yesterday, which I hold in an ISA. 20% tax has been taken. Is that correct ? I was expecting to receive the gross amount.

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Re: Primary Health Properties (PHP)

#414113

Postby Dod101 » May 22nd, 2021, 11:52 am

CautiousPaul wrote:I received my dividend on PHP shares yesterday, which I hold in an ISA. 20% tax has been taken. Is that correct ? I was expecting to receive the gross amount.


Usually it is paid net (as yours apparently has) but the platform will usually recover the tax on your behalf and credit it to your account about 6 weeks later. Platforms may vary that practice of course but you will usually get it refunded at some point.

Dod

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Re: Primary Health Properties (PHP)

#414128

Postby CautiousPaul » May 22nd, 2021, 1:04 pm

Thanks, Dod. That's what I wanted to hear. :-)

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Re: Primary Health Properties (PHP)

#415598

Postby MDW1954 » May 27th, 2021, 3:14 pm

CautiousPaul wrote:I received my dividend on PHP shares yesterday, which I hold in an ISA. 20% tax has been taken. Is that correct ? I was expecting to receive the gross amount.


Mine was paid gross, on both the platforms I use. Admittedly, one account is a SIPP, not an ISA, but I wouldn't have thought that would make much difference.

I am not aware of dividends being received net.

MDW1954

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Re: Primary Health Properties (PHP)

#415603

Postby Alaric » May 27th, 2021, 3:54 pm

MDW1954 wrote:I am not aware of dividends being received net.


When you hold REITs in a dealing account, you get the PID (Property Income Distribution) with 20% tax withheld. Depending on the Broker's back office structure, you might have the same applied to an ISA or SIPP. In those cases the tax is credited at a later date. ii are sufficiently well organised to pay PIDs gross on ISAs and presumably SIPPs, but not organised to flag them as PIDs in the narrative, in particular, where in a dealing account the PID has been received net.

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Re: Primary Health Properties (PHP)

#415607

Postby MDW1954 » May 27th, 2021, 4:26 pm

Alaric wrote:ii are sufficiently well organised to pay PIDs gross on ISAs and presumably SIPPs, but not organised to flag them as PIDs in the narrative, in particular, where in a dealing account the PID has been received net.


Yes, that matches my experience. Systems tend to regard the two as dividends, even when they're PIDs. Anyway, mine were paid gross, and as long as I get the money, they can call it what they want!

MDW1954

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Re: Primary Health Properties (PHP)

#416107

Postby CautiousPaul » May 29th, 2021, 5:52 pm

Hi MDW1954,

What platform do you use for your SIPP ? I'm looking to open a SIPP and would probably place some PHP shares in there. I'm currently, considering Ineractive Investor and AJ Bell

Thanks.

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Re: Primary Health Properties (PHP)

#416111

Postby Dod101 » May 29th, 2021, 6:14 pm

I certainly get REIT PIDS paid gross by Interactive Investor but HSBC Investdirect pay it net of 20% with holding tax. As I said earlier you will usually get the tax refunded about 6 weeks later. My experience is that that applies whether for an ISA or a SIPP.

Dod

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Re: Primary Health Properties (PHP)

#416112

Postby MDW1954 » May 29th, 2021, 6:17 pm

CautiousPaul wrote:Hi MDW1954,

What platform do you use for your SIPP ? I'm looking to open a SIPP and would probably place some PHP shares in there. I'm currently, considering Ineractive Investor and AJ Bell

Thanks.


Paul,

Because I am publicly identified on the site -- lots of people on the HYP board know who I am, because of my work for Motley Fool's paid services -- that's a piece of information I'd rather not share.

If it helps, there's an excellent comparative table over on the Monevator site, that reviews just about every provider out there. (Full disclosure: I occasionally write for that, as well.)

MDW1954

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Re: Primary Health Properties (PHP)

#416211

Postby CautiousPaul » May 30th, 2021, 12:15 pm

MDW,

Understood and thanks. I'll probably go for an Interactive Investor SIPP.

Cheers
Paul

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Re: Primary Health Properties (PHP)

#478564

Postby richfool » February 4th, 2022, 1:03 pm

I've just been reviewing my holding of PHP. The yield is fine for me, but the SP just seems to be going backwards. I wonder why.

Most of my other REIT's and property companies are doing well in terms of capital appreciation. The investment thesis, investing in GP clinics etc seems fine. I wonder is it concern over debt and rising interest rates, or something I'm not seeing?

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Re: Primary Health Properties (PHP)

#478578

Postby stevensfo » February 4th, 2022, 2:30 pm

richfool wrote:I've just been reviewing my holding of PHP. The yield is fine for me, but the SP just seems to be going backwards. I wonder why.

Most of my other REIT's and property companies are doing well in terms of capital appreciation. The investment thesis, investing in GP clinics etc seems fine. I wonder is it concern over debt and rising interest rates, or something I'm not seeing?


I have PHP and the next top up will be in a few weeks, so I quite like the price to come down a bit.

But what is irritating is that I would also like to top up AIRE at the same time. This one has decided to go up rather too fast for my liking.

Steve

PS I think long-term and become just as nervous when holdings shoot up fast as when they fall. I much the prefer the 'slow but steady' type of increases. 8-)

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Re: Primary Health Properties (PHP)

#478585

Postby BullDog » February 4th, 2022, 3:10 pm

richfool wrote:I've just been reviewing my holding of PHP. The yield is fine for me, but the SP just seems to be going backwards. I wonder why.

Most of my other REIT's and property companies are doing well in terms of capital appreciation. The investment thesis, investing in GP clinics etc seems fine. I wonder is it concern over debt and rising interest rates, or something I'm not seeing?

Thanks for flagging this up. I will take a look and see if it has now become reasonably priced. Always been too expensive for me.

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Re: Primary Health Properties (PHP)

#478590

Postby Dod101 » February 4th, 2022, 3:25 pm

BullDog wrote:
richfool wrote:I've just been reviewing my holding of PHP. The yield is fine for me, but the SP just seems to be going backwards. I wonder why.

Most of my other REIT's and property companies are doing well in terms of capital appreciation. The investment thesis, investing in GP clinics etc seems fine. I wonder is it concern over debt and rising interest rates, or something I'm not seeing?

Thanks for flagging this up. I will take a look and see if it has now become reasonably priced. Always been too expensive for me.


It has often traded at a premium to its net assets and I suspect the premium may have dropped a bit. I think the price just got a bit ahead of itself. Furthermore the properties of course have only one use so I doubt that we will get a great capital appreciation.
I am happy to hold.

Dod

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Re: Primary Health Properties (PHP)

#478592

Postby BullDog » February 4th, 2022, 3:38 pm

Dod101 wrote:
BullDog wrote:
richfool wrote:I've just been reviewing my holding of PHP. The yield is fine for me, but the SP just seems to be going backwards. I wonder why.

Most of my other REIT's and property companies are doing well in terms of capital appreciation. The investment thesis, investing in GP clinics etc seems fine. I wonder is it concern over debt and rising interest rates, or something I'm not seeing?

Thanks for flagging this up. I will take a look and see if it has now become reasonably priced. Always been too expensive for me.


It has often traded at a premium to its net assets and I suspect the premium may have dropped a bit. I think the price just got a bit ahead of itself. Furthermore the properties of course have only one use so I doubt that we will get a great capital appreciation.
I am happy to hold.

Dod

Thank you Dod. Yes, the share price is at a year low it seems. Some of the froth might have have blown off the premium to NAV. But if looks to me like it's still around 25%-ish or thereabouts. Whilst the yield is at a level that interests me, I would have to sell something to invest in PHP. I think I will sit and wait awhile. Thanks again.

I am grateful it has been flagged up though 8-)

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Re: Primary Health Properties (PHP)

#478596

Postby richfool » February 4th, 2022, 3:59 pm

Thanks for the comments everyone. I have held PHP for a number of years, as I have WHR (Warehouse REIT), - OK very different type of properties, but stick with me for a minute..

My holding of WHR Warehouse REIT is up over 60%, and at a premium of +11.6%(though recently its performance perhaps understandably has gone flat), but my holding of PHP is only up 6%, having fallen back significantly over the last year, from a much higher position. None of my other REIT's has fallen back to the extent that PHP has. Thus my pondering about debt levels and interest rate rises, or some other scenario that Mr Market might be aware of.
Last edited by richfool on February 4th, 2022, 4:05 pm, edited 1 time in total.

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Re: Primary Health Properties (PHP)

#478599

Postby Dod101 » February 4th, 2022, 4:04 pm

BullDog wrote:Thank you Dod. Yes, the share price is at a year low it seems. Some of the froth might have have blown off the premium to NAV. But if looks to me like it's still around 25%-ish or thereabouts. Whilst the yield is at a level that interests me, I would have to sell something to invest in PHP. I think I will sit and wait awhile. Thanks again.

I am grateful it has been flagged up though 8-)


I think the price is at its lowest point since December 2020 and of course the yield is now better than 4% where it has not been for some time. This could be a good time to buy. As a long term holder though I am not too impressed.

Dod


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