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Primary Health Properties (PHP)

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Dod101
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Re: Primary Health Properties (PHP)

#480864

Postby Dod101 » February 16th, 2022, 7:21 am

Thanks Ian. That is a good steady as she goes report with no surprises. Makes a good addition to any income portfolio I would have thought.

Dod

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Re: Primary Health Properties (PHP)

#480867

Postby idpickering » February 16th, 2022, 7:24 am

Dod101 wrote:Thanks Ian. That is a good steady as she goes report with no surprises. Makes a good addition to any income portfolio I would have thought.

Dod


You're welcome Dod. I do find it strange that the share seems to be not very popular currently. I'm not letting that faze me out though, and am happy to hold, and add to my holdings too.

Ian.

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Re: Primary Health Properties (PHP)

#480951

Postby idpickering » February 16th, 2022, 12:36 pm

This item from TMF re PHP may be of interest to some here.

One of the best stocks to buy for a passive income!

A rock-solid dividend stock
Right now, I think Primary Health Properties (LSE: PHP) could be one of the best stocks to buy for a passive income. Firstly, the company has a sound record of delivering dividends above the market average. It’s a trend that City analysts expect to continue too. For 2022 and 2023, the business yields an impressive 4.9% and 5% respectively.

Secondly, Primary Health Properties has a proud record of lifting yearly dividends. In fact, it’s lifted them every year for a quarter of a century. This reflects its ultra-defensive operations which allow the profits to roll in during good times and bad.


As the name suggests, this UK dividend stock develops and lets out primary healthcare properties such as GP surgeries. As a conseque

nce, almost all of its rents are effectively paid out by the State, meaning that it doesn’t have to worry about collections.


https://www.fool.co.uk/2022/02/16/one-o ... ve-income/

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Re: Primary Health Properties (PHP)

#480965

Postby Dod101 » February 16th, 2022, 1:55 pm

idpickering wrote:This item from TMF re PHP may be of interest to some here.

One of the best stocks to buy for a passive income!

A rock-solid dividend stock
Right now, I think Primary Health Properties (LSE: PHP) could be one of the best stocks to buy for a passive income. Firstly, the company has a sound record of delivering dividends above the market average. It’s a trend that City analysts expect to continue too. For 2022 and 2023, the business yields an impressive 4.9% and 5% respectively.

Secondly, Primary Health Properties has a proud record of lifting yearly dividends. In fact, it’s lifted them every year for a quarter of a century. This reflects its ultra-defensive operations which allow the profits to roll in during good times and bad.


As the name suggests, this UK dividend stock develops and lets out primary healthcare properties such as GP surgeries. As a conseque

nce, almost all of its rents are effectively paid out by the State, meaning that it doesn’t have to worry about collections.


https://www.fool.co.uk/2022/02/16/one-o ... ve-income/


For once, I entirely agree with TMF. Of course there will be times (like now) when there is little or no growth in the share price.

Dod

idpickering
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Re: Primary Health Properties (PHP)

#481008

Postby idpickering » February 16th, 2022, 4:31 pm

Dod101 wrote:
For once, I entirely agree with TMF. Of course there will be times (like now) when there is little or no growth in the share price.

Dod


I agree Dod, with you and TMF, and thanks for your input.

As an aside, I know I've said in the past that I wouldn't bother putting TMF articles hereabouts any more, however, I thought this item was very much on topic, and worthy.

By the way, a belated congrats to you for becoming a full Lemon.

Ian.

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Re: Primary Health Properties (PHP)

#481016

Postby monabri » February 16th, 2022, 4:52 pm

A useful article from Citywire dated today.

The article discusses

- Current share price premium
- Chief Execs view on current shareprice/interest rates/inflation/government's "levelling up" agenda
- Current "borrowings"
- Shareholder returns compounded
- Net tangible asset increase
- Cost ratio reduction
- 90% "rent roll" from UK & Irish gov.
- 26th year of increases in dividends
- pay out versus EPS
- current cash/net borrowing facilities

https://citywire.com/investment-trust-i ... -news-list

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Re: Primary Health Properties (PHP)

#485274

Postby idpickering » March 9th, 2022, 7:27 am


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Re: Primary Health Properties (PHP)

#488746

Postby idpickering » March 24th, 2022, 7:07 am

Dividend Declaration

The Company announces that the second quarterly interim dividend in 2022 of 1.625 pence per ordinary share of 12.5 pence each will be paid on 20 May 2022 to shareholders on the register on 1 April 2022. The dividend will be paid as an ordinary dividend. The Company will be offering a scrip alternative with this dividend.

Shareholders wishing to elect for the scrip dividend alternative, who hold their shares in certificated form and who have not previously completed a scrip mandate form, or, who have done so but subsequently have withdrawn a scrip mandate form, should complete and return a scrip mandate form which must be returned to the Company's registrars, Equiniti, at the address given on the form by the Election Date set out below. Details of where to obtain a copy of the scrip mandate form are set out below. Shareholders, who hold their shares in certificated form and have previously completed, and not withdrawn, a scrip mandate form, need take no further action.

Shareholders who hold their ordinary shares in CREST must elect for the scrip dividend alternative by submitting an election by CREST input message by the Election Date set out below.



Ex Dividend 31 Mar 22, paid 20 May 22

https://www.investegate.co.uk/primary-h ... 00108002F/

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Re: Primary Health Properties (PHP)

#490750

Postby idpickering » April 1st, 2022, 7:06 am

Acquisition.

Primary Health Properties PLC, one of the UK's leading investors in modern primary healthcare facilities, announces that it has acquired a newly refurbished clinical facility in Chertsey, Surrey for a total consideration of £6.95 million.

The property is let on a new 20-year FRI lease to the Surrey and Borders Partnership NHS Foundation Trust (the "Trust") and benefits from RPI led rent reviews. The Trust will mainly be providing Drug and Alcohol rehabilitation services from the building together with office based administrative functions.

This acquisition is accretive to the overall portfolio WAULT and will increase PHP's portfolio to a total of 522 assets, of which 20 are in Ireland, with a contracted rent roll of £141 million.

Harry Hyman, Chief Executive Officer of Primary Health Properties, commented:

"We are delighted to be making this acquisition of a healthcare asset that houses services being relocated from the nearby St Peter's Hospital in line with the NHS's strategy of moving ancillary services away from hospital settings. Originally constructed in the late 1990's the property has undergone a comprehensive refurbishment, which will also enhance the buildings environmental credentials, to provide clinical accommodation on the ground floor and office space on the upper floors.

We have a strong pipeline of opportunities in the UK and Ireland and are well positioned to continue to grow our portfolio and to support the healthcare systems in these markets through the provision of modern, primary care infrastructure."


https://www.investegate.co.uk/primary-h ... 00078545G/

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Re: Primary Health Properties (PHP)

#492553

Postby idpickering » April 7th, 2022, 4:18 pm

Notice of Interim Dividend - Replacement.

The full amended text is shown below:-

"The Company announces that the second quarterly interim dividend in 2022 of 1.625 pence per ordinary share of 12.5 pence each will be paid on 20 May 2022 to shareholders on the register on 1 April 2022. The dividend will be paid as an ordinary dividend. The Company will be offering a scrip alternative with this dividend.

Shareholders wishing to elect for the scrip dividend alternative, who hold their shares in certificated form and who have not previously completed a scrip mandate form, or, who have done so but subsequently have withdrawn a scrip mandate form, should complete and return a scrip mandate form which must be returned to the Company's registrars, Equiniti, at the address given on the form by the Election Date set out below. Details of where to obtain a copy of the scrip mandate form are set out below. Shareholders, who hold their shares in certificated form and have previously completed, and not withdrawn, a scrip mandate form, need take no further action.

Shareholders who hold their ordinary shares in CREST must elect for the scrip dividend alternative by submitting an election by CREST input message by the Election Date set out below.

The key dates for the dividend are detailed in the timetable below. Further information on the dividend, including the terms and conditions and the scrip mandate form, can be obtained from the Investors web pages of the Company's website http://www.phpgroup.co.uk, or from the Company's Registrars (Equiniti, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA, telephone 0371 384 2030, international callers +44(0)121 415 7047).


https://www.investegate.co.uk/primary-h ... 20106636H/

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Re: Primary Health Properties (PHP)

#492557

Postby idpickering » April 7th, 2022, 4:37 pm

Scrip dividend reference price.

The Company announces that the scrip dividend reference price for the Second Quarterly Interim Dividend in 2022 (the "Interim Dividend"), payable on 20 May 2022, is 149.58 pence.

The reference price is the price at which Primary Health Properties PLC ordinary shares of 12.5p each ("Ordinary shares") will be issued to shareholders who have elected to receive shares in lieu of cash dividends through participation in the Scrip Dividend Scheme and is the average of the closing middle market quotations of the Ordinary shares derived from the London Stock Exchange Daily Official List for the day on which the Ordinary shares were first quoted as ex-dividend (31 March 2022) and the four subsequent dealing days (being 1,4,5 and 6 April 2022).

Any shareholders entitled to the Interim Dividend who do not already participate in the Scrip Dividend Scheme (or whose mandates are not deemed valid and effective, as explained above) and wish to do so, may obtain a mandate form either by contacting the Company's Registrar, Equiniti, on 0871 384 2268, or by downloading from the Company's website http://www.phpgroup.co.uk/Investors, or from the National Storage Mechanism. This form must be completed and returned to Equiniti to arrive no later than the close of business on 6 May 2022 in order for it to be effective for the Interim Dividend.


https://www.investegate.co.uk/primary-h ... 20286645H/

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Re: Primary Health Properties (PHP)

#493478

Postby idpickering » April 11th, 2022, 7:06 am

First Net Zero Carbon ("NZC") Direct Development.

Primary Health Properties PLC, one of the UK's leading investors in modern primary healthcare facilities, announces that it has signed agreements for its first NZC direct development, a new purpose-built facility in Eastergate, West Sussex, with a gross development value of £6.7 million.

The new building will be one of the first UK healthcare buildings to achieve this status. NZC will be achieved by measuring, minimising and offsetting embodied carbon from materials used during construction as well as enabling occupiers to operate the building with NZC emissions. The building is expected to deliver high levels of health and wellbeing and achieve BREEAM Excellent standards and an EPC rating of A, with low levels of waste and water usage, and the use of responsibly sourced and sustainable materials.

The centre will showcase the breadth of medical services available to patients and the wider Primary Care Network which characterise PHP's modern healthcare facilities. These services will include general practice (physical, telephone, video and minor operations), physiotherapy, mental and occupational health, social prescribing, care co-ordination, clinical pharmacy and training for GPs, nurses and paramedics.

The site has been identified in line with PHP's strategy of addressing the increasing demand for services in an area following major local population growth and the transfer of services away from the overburdened local hospital setting.

The development is pre-let to both a GP practice and the local pharmacy for a 25-year term. This transaction will increase PHP's portfolio to a total of 523 assets, of which 20 are in Ireland, with a contracted rent roll of over £141 million. Work is expected to commence imminently with practical completion expected in Q2 2023.


https://www.investegate.co.uk/primary-h ... 00078390H/

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Re: Primary Health Properties (PHP)

#493659

Postby idpickering » April 12th, 2022, 6:36 am

Another from TMF if I may;

Here’s 1 dividend stock to help me beat inflation!

Dividend stocks that make me a passive income could help me beat rising inflation levels. One dividend stock I like the look of for my holdings is Primary Healthcare Properties (LSE:PHP). Here’s why.

PHP is a REIT. It specialises in owning, developing, and renting out modern primary healthcare facilities in the UK and Ireland. An example of a primary healthcare facility is a GP surgery.

A REIT is set up in a specific way to make money from income-producing real estate. As an investor, I can access the property market through investing in a REIT but don’t have to buy or manage the property in question. REITs can be an excellent dividend stock to help make a passive income. This is because they must return a large chunk of profit as dividends to investors. In fact, I already own other REITs as part of my holdings.

PHP shares are currently trading for 152p. At this time last year, the shares were trading for 148p, which is a 2% rise. More recently, however, the shares have rallied 16% from 131p in February to current levels. Global markets dropped when the tragic events in Ukraine began to unfold.

PHP’s dividend yield currently stands at over 4%. The FTSE 100 average yield is 3%-4%. PHP’s yield is better than this and I only expect it to grow, especially as performance has continued to grow.

At current levels, PHP shares look reasonably priced to me. The shares sport a price-to-earnings ratio of just 15, as I write.


https://www.fool.co.uk/2022/04/11/heres ... inflation/

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Re: Primary Health Properties (PHP)

#494183

Postby idpickering » April 14th, 2022, 7:14 am

Acquisition.

Primary Health Properties, one of the UK's leading investors in modern primary healthcare facilities, announces that it has acquired the Chiswick Medical Centre, London for a total consideration of £34.5 million.

The property is fully let to HCA International Ltd with an unexpired term of just under 20 years and benefits from five yearly annually compounded RPI led rent reviews.

The property has been subject to a comprehensive tenant led fit-out to create a bespoke diagnostic and private healthcare facility providing some of the best medical technology available in London. The facility provides a number of services and expert teams specialising in neurology, cardiology, orthopaedics, urology and gastroenterology as well as women's healthcare services and a dedicated children's unit.

This acquisition will increase PHP's portfolio to a total of 524 assets, of which 20 are in Ireland, with a contracted rent roll of just under £143 million.

Harry Hyman, Chief Executive Officer of Primary Health Properties, commented:

"We are delighted to have acquired this state-of-the-art diagnostic centre in London, let to an excellent covenant which provides a wide range of services which alongside the NHS is assisting with tackling the significant backlog of referrals following COVID-19.

"We have a strong pipeline of opportunities in the UK and Ireland and are well positioned to continue to grow our portfolio and to support the healthcare systems in these markets through the provision of modern, primary care infrastructure."


https://www.investegate.co.uk/primary-h ... 00053409I/

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Re: Primary Health Properties (PHP)

#494188

Postby Dod101 » April 14th, 2022, 7:34 am

Thanks Ian. The interesting thing to me is that they seem to be able to keep acquiring more properties without having to keep coming back to their shareholders for a fundraising, unlike many of the investors in say renewables. Not quite sure how except of course by borrowings because one of the drawbacks to REITs is that they must pay out 90% of their property income to shareholders so that there is not much chance of building much in the way of reserves. I suppose the other thing is that most acquisitions are individually relatively small in terms of capital value.

Obviously they have done so from time to time but it does not seem t be quite as regular as some companies.

Dod

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Re: Primary Health Properties (PHP)

#494217

Postby monabri » April 14th, 2022, 9:24 am

Dod101 wrote:Thanks Ian. The interesting thing to me is that they seem to be able to keep acquiring more properties without having to keep coming back to their shareholders for a fundraising, unlike many of the investors in say renewables.


Not quite sure how except of course by borrowings because one of the drawbacks to REITs is that they must pay out 90% of their property income to shareholders so that there is not much chance of building much in the way of reserves. I suppose the other thing is that most acquisitions are individually relatively small in terms of capital value.

Obviously they have done so from time to time but it does not seem t be quite as regular as some companies.

Dod


Looking at both the equity and debt profile: both increasing as they grow the business and the equity is now above the debt line.

source: https://simplywall.st/stocks/gb/real-es ... res#health
Image

Then looking at the shares issue: in particular, FY ending December 2019 when the share count increased significantly and then tie in to the debt graph above.

source: http://financials.morningstar.com/ratio ... region=GBR
Image

It looks to me as though shares are being generated to acquire properties along with a corresponding debt increase. Thus there is no tapping shareholders for cash injections. Recently, they seem to be buying properties at more favourable prices ( equity to debt lines opening up), of course, the valuation of the properties is key.

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Re: Primary Health Properties (PHP)

#496776

Postby idpickering » April 27th, 2022, 7:25 am

Q1 2022 Trading Update

Primary Health Properties PLC, one of the UK's leading investors in modern primary healthcare facilities, today publishes a trading update for the period 1 January 2022 to 31 March 2022 ahead of its AGM later today.

Investment and development

We have made good progress in converting our year-end pipeline into committed deals and have already announced the acquisition of a large, state-of-the-art diagnostic centre in Chiswick, let to HCA Healthcare, for £34.5 million and the purchase of a clinical facility in Chertsey, let to the NHS, for £6.95 million.

In line with PHP's Net Zero Carbon ("NZC") Framework we have also announced PHP's first NZC direct development; a new purpose-built medical centre at Eastergate, West Sussex with a gross development value of £6.7 million. The development will be one of the UK's first NZC healthcare facilities and demonstrates our strategic commitment to transitioning all our operational, development and asset management activities to NZC by 2030 and to help our occupiers achieve NZC by 2040.

Including standing investments, direct and forward funded developments and asset management projects, we continue to generate and grow a strong pipeline totalling £360 million in the UK and €145 million (£122 million) in Ireland of which £65 million and €87 million (£74 million) respectively is in legal due diligence.

Like-for-like rental growth

In the first quarter of 2022 we have generated an additional £0.9 million or 0.6% (Q1 2021: £0.8 million or 0.6%) of extra rental income from our rent review and asset management activities.

We continue to see an improvement in growth from rent reviews with an extra £0.6 million (Q1 2021: £0.5 million) of income generated in the quarter from 99 reviews that have been settled, equivalent to 2.0% (2021: 1.7%) on an annualised basis.

A further £0.3 million (Q1 2021: £0.3 million) has been generated in the quarter from our asset management activities completing ten projects and we have a further six schemes currently on site which in addition to extending lease lengths will improve the environmental performance of the buildings.

Financing

As at 31 March 2022 the Group's net debt stood at £1,217.3 million (31 December 2021: £1,199.5 million) and on a pro-forma basis the Loan to Value ("LTV") ratio was 43.3% (31 December 2021: 42.9%). After capital commitments the Group has undrawn loan facilities and cash on deposit totalling £270 million (31 December 2021: £321 million) providing significant liquidity headroom.

97% of the Group's net debt is fixed or hedged for a weighted average period of just over nine years providing significant protection from increasing interest rates.

Dividend

On 24 March 2022, the Company declared its second quarterly interim dividend of 1.625p per Ordinary Share which will be paid on 20 May 2022 to shareholders who were on the share register at the close of business on 31 March 2022. The dividend will comprise entirely of a normal dividend. The dividend is equivalent to 6.5p on an annualised basis and represents a 4.8% increase over 6.2p paid in 2021.

The Company intends to maintain its strategy of paying a progressive dividend, in equal quarterly instalments, covered by underlying earnings in each financial year. Further dividend payments are planned to be made in August and November 2022.


https://www.investegate.co.uk/primary-h ... 00074262J/

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Re: Primary Health Properties (PHP)

#510822

Postby richfool » June 30th, 2022, 9:53 am

Primary Health Properties PLC

Notice of Interim Dividend

The Company announces that the third quarterly interim dividend in 2022 of 1.625 pence per ordinary share of 12.5 pence each will be paid on 19 August 2022 to shareholders on the register on 8 July 2022. The dividend will comprise a Property Income Distribution ("PID") of 0.8 pence per share and an ordinary dividend of 0.825 pence per share. The Company will be offering a scrip alternative with this dividend.

https://www.investegate.co.uk/primary-h ... 00124281Q/

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Re: Primary Health Properties (PHP)

#510939

Postby idpickering » June 30th, 2022, 5:28 pm

Notice of Interim Results.

Primary Health Properties PLC (LSE: PHP), one of the UK's leading investors in modern primary healthcare facilities, will announce its interim results for the six months ended 30 June 2022 on Wednesday 27 July 2022.

An in-person presentation for analysts will be held on the day at 10am. For those who cannot attend in person, the meeting will be accessible via live video webcast and a live conference call facility. Following the presentation, there will be a managed Q&A session.


https://www.investegate.co.uk/primary-h ... 00127169Q/

Ian.

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Re: Primary Health Properties (PHP)

#512367

Postby idpickering » July 7th, 2022, 7:41 am

Disposal of 13 assets for £27.7 million.

Primary Health Properties PLC ("PHP"), one of the UK's leading investors in modern primary healthcare facilities, announces that it has exchanged contracts to sell a portfolio of 13 smaller medical centres, located across England and Wales, for a price of £27.7 million.

The sale price is 13% above PHP's 31 December 2021 book value, representing around 60bps of yield compression.

Following completion of the sale, which is anticipated to take place later in July 2022, PHP's portfolio will comprise 511 assets, of which 20 are in Ireland, with a contracted rent roll of just under £143 million.

Harry Hyman, Chief Executive Officer of Primary Health Properties, commented:

"We are delighted to have been able to achieve such a strong price for this portfolio of medical centres, which comprises smaller facilities significantly below our average lot size. The disposal will allow us to deploy the proceeds into our strong pipeline across the UK and Ireland which we believe will deliver stronger returns."



https://www.investegate.co.uk/primary-h ... 00086016R/

Ian.


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