Primary Health Properties PLC Edison issues update on Primary Health Properties
May 14 2018 - 11:24AM
RNS Non-Regulatory
TIDMPHP
Primary Health Properties PLC
14 May 2018
London, UK, 14 May 2018
Edison issues update on Primary Health Properties (PHP)
With a successfully completed GBP115m (gross) equity raise
behind it, PHP is well funded for continuing growth in its
investment portfolio, targeting returns that are supportive the
progressive dividend policy, now in its 22nd year. The prospects
for cash deployment look positive, with a c GBP151m pipeline of
investment prospects, of which more than a third are at a highly
advanced stage of negotiation. Reduced gearing leaves Primary
Health Properties (PHP) well placed to seize additional
opportunities that may arise, with the NHS commissioning of primary
healthcare investment finally showing signs of acceleration, and
the Republic of Ireland (RoI) operation becoming established, with
a fourth asset recently added.
Our DPS estimates are unchanged despite the increase in share
count, and our forecasts show the FY18 DPS substantially (99%)
covered for a yield of 4.7%. Revenues are supported by secure,
long-term income, substantially subject to upwards-only review,
with little exposure to the economic cycle, or fluctuations in
occupancy. The reduction in gearing makes faster asset and income
growth possible, should opportunities arise.
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