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Primary Health Properties (PHP)

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idpickering
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Re: Primary Health Properties (PHP)

#452045

Postby idpickering » October 21st, 2021, 4:25 pm

Acquisition

Primary Health Properties PLC, one of the UK's leading investors in modern primary healthcare facilities, announces that it has agreed to acquire the Clonbrusk Primary Care Centre, Athlone, Co. Westmeath, Ireland for a cost of €10.1 million.

The property is a modern, purpose-built primary care centre which was developed in 2013 and is effectively 100% let to the Health Service Executive ("HSE"), Ireland's equivalent to the UK's NHS. It has an unexpired lease term of 17.5 years, which is accretive to the portfolio WAULT. There are long leases at peppercorn rents in place to two GP practices and a pharmacy.

This acquisition which is expected to complete on 22 October 2021 will increase PHP's portfolio to a total of 517 assets, of which 20 are in Ireland. The Group's portfolio now has a contracted rent roll of almost £139 million.

Harry Hyman, CEO of Primary Health Properties, commented:

"We are delighted to have acquired this large primary care centre of approximately 44,000 sq ft, further increasing the Group's footprint in Ireland in line with our stated strategy. The primary care centre is the principal centre within its locality, delivering a suite of core primary care outpatient services including: audiology, vaccinations, cervical checks, cryosurgery, diabetes care, family planning, maternity & infant care, minor surgery, phlebotomy and an x-ray service. 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 development of a modern healthcare infrastructure in these markets."


https://www.investegate.co.uk/primary-h ... 58358148P/

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Re: Primary Health Properties (PHP)

#453761

Postby idpickering » October 28th, 2021, 7:26 am

Refinancing & sustainability linked credit

Primary Health Properties PLC ("PHP" or the "Group"), one of the UK's leading investors in modern primary healthcare facilities, is pleased to announces that it has refinanced a number of legacy loan facilities with Aviva Investors, with a new £200 million facility for a 15-year term at a fixed rate of 2.52% and renewed its existing £100 million facility with NatWest.

Aviva Investors refinancing

The Group has secured a new £200 million 15-year debt facility with Aviva Investors at a fixed rate of 2.52%.

Sustainability KPIs have been incorporated into the new loan based around PHP's existing built environment targets. These focus on the portfolio's EPC ratings and new developments being built to BREEAM standards. The Group will benefit from a margin reduction on the new £200 million facility, conditional on achieving these targets.

The proceeds of the loan have been used to repay a number of legacy facilities with Aviva Investors totalling £177 million at a blended fixed rate of 5.0% and weighted average term of just under six years. As part of the refinancing a termination cost of £24 million has been paid.


https://www.investegate.co.uk/primary-h ... 00035509Q/

idpickering
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Re: Primary Health Properties (PHP)

#457215

Postby idpickering » November 11th, 2021, 7:20 am

Acquisition

Primary Health Properties PLC, one of the UK's leading investors in modern primary healthcare facilities, announces that it has acquired the entire issued share capital of Peak Health Solutions Limited, whose sole asset is the Lambgates Health Centre, Glossop for a total consideration of £5 million.

The property is a modern, purpose-built primary care facility which is fully let to a GP practice providing 100% government backed income. The lease has an unexpired term of over 20 years which is accretive to the overall portfolio WAULT and the lot size is in line with the portfolio average.

The medical centre supports 6,500 patients and is a key facility in the local health economy, being one of the only purpose-built buildings in the area.

PHP's portfolio now comprises a total of 518 assets, of which 20 are in Ireland, with a contracted rent roll of over £139 million.


https://www.investegate.co.uk/primary-h ... 00029986R/

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Re: Primary Health Properties (PHP)

#458168

Postby idpickering » November 15th, 2021, 1:22 pm

Acquisition

Primary Health Properties PLC, one of the UK's leading investors in modern primary healthcare facilities, announces that it has acquired the Bersted Green Surgery, West Sussex, for a total consideration of £5.34 million.

The property is a modern purpose-built primary care facility which is fully let to a substantial GP practice and a pharmacy. The lease has an unexpired term of over 14 years which is accretive to the overall portfolio WAULT.

The transaction increases PHP's portfolio to a total of 519 assets, of which 20 are in Ireland, with a contracted rent roll of over £139 million.

Harry Hyman, CEO of Primary Health Properties, commented:

"We are delighted to have acquired this modern primary care centre which provides a range of health services to the local community, including social proscribing, mental health counselling and phlebotomy, and benefits from a high level of government-back income.

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


https://www.investegate.co.uk/primary-h ... 00052881S/

They seem to be actively buying new opportunities recently, which imho is a good thing. I intend taking advantage of the recent weakening of the PHP share price by topping up my holdings of the stock soon.

Ian.

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Re: Primary Health Properties (PHP)

#460103

Postby idpickering » November 22nd, 2021, 1:39 pm

Application for Listing

In connection with the scrip dividend offer made in respect of the fourth quarterly interim dividend for 2021 of 1.55 pence per ordinary share announced on 7 October 2021 ("Scrip Offer"), the Company announces that it has received valid elections from shareholders holding a total of 68,063,125 ordinary shares of 12.5p each in the capital of the Company ("Ordinary Shares") resulting in a requirement to issue 595,033 new Ordinary Shares ("New Shares").

PHP has therefore made application for the New Shares to be issued in connection with the Scrip Offer to be admitted to the premium segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange respectively.

Admission of the New Shares is expected to be effective on 26 November 2021.


https://www.investegate.co.uk/primary-h ... 00041483T/

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Re: Primary Health Properties (PHP)

#460351

Postby Bushman » November 23rd, 2021, 4:33 pm

idpickering wrote:Application for Listing

In connection with the scrip dividend offer made in respect of the fourth quarterly interim dividend for 2021 of 1.55 pence per ordinary share announced on 7 October 2021 ("Scrip Offer"), the Company announces that it has received valid elections from shareholders holding a total of 68,063,125 ordinary shares of 12.5p each in the capital of the Company ("Ordinary Shares") resulting in a requirement to issue 595,033 new Ordinary Shares ("New Shares").

PHP has therefore made application for the New Shares to be issued in connection with the Scrip Offer to be admitted to the premium segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange respectively.

Admission of the New Shares is expected to be effective on 26 November 2021.


https://www.investegate.co.uk/primary-h ... 00041483T/


Does this mean that the scrip dividend results in new shares being created? Why don't they simply take the dividend that they would otherwise pay out and use it to purchase existing shares for those shareholders electing to receive scrip dividend?

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Re: Primary Health Properties (PHP)

#460357

Postby Dod101 » November 23rd, 2021, 5:10 pm

Bushman wrote:
idpickering wrote:Application for Listing

In connection with the scrip dividend offer made in respect of the fourth quarterly interim dividend for 2021 of 1.55 pence per ordinary share announced on 7 October 2021 ("Scrip Offer"), the Company announces that it has received valid elections from shareholders holding a total of 68,063,125 ordinary shares of 12.5p each in the capital of the Company ("Ordinary Shares") resulting in a requirement to issue 595,033 new Ordinary Shares ("New Shares").

PHP has therefore made application for the New Shares to be issued in connection with the Scrip Offer to be admitted to the premium segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange respectively.

Admission of the New Shares is expected to be effective on 26 November 2021.


https://www.investegate.co.uk/primary-h ... 00041483T/


Does this mean that the scrip dividend results in new shares being created? Why don't they simply take the dividend that they would otherwise pay out and use it to purchase existing shares for those shareholders electing to receive scrip dividend?


The simple answer is because that is not how it works.. The shareholder might as well do that himself. When companies pay dividend as scrip they issue new shares. That means that there are no transaction costs which would be the case otherwise. Following that through it would result in the shareholder receiving a scrip dividend of fewer shares because of the transaction costs. Straightforward when you think about it.

Dod

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Re: Primary Health Properties (PHP)

#461012

Postby Bushman » November 26th, 2021, 7:01 am

Dod101 wrote:The simple answer is because that is not how it works.. The shareholder might as well do that himself. When companies pay dividend as scrip they issue new shares. That means that there are no transaction costs which would be the case otherwise. Following that through it would result in the shareholder receiving a scrip dividend of fewer shares because of the transaction costs. Straightforward when you think about it.

Dod


Makes sense. Thanks for the clarification.

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Re: Primary Health Properties (PHP)

#465630

Postby idpickering » December 14th, 2021, 7:39 am

Acquisition

Primary Health Properties PLC, one of the UK's leading investors in modern primary healthcare facilities, announces that it has acquired the Parkside Medical Centre in Boston, Lincolnshire for a total consideration of £6.8 million.

The property is fully let to a substantial GP practice and a pharmacy. The two leases, with a weighted average unexpired lease term ("WAULT") of 13.5 years, are accretive to the portfolio WAULT and provide for a substantial proportion of government backed income.

This acquisition will increase PHP's portfolio to a total of 520 assets, of which 20 are in Ireland, with a contracted rent roll of over £139 million.

Harry Hyman, CEO of Primary Health Properties, commented:

"We are delighted to be making this acquisition of a modern, purpose-built facility in Boston. Originally constructed in 2009, the property was extended in 2013/14 in order to provide the range of medical services required by the local community, which has allowed the patient list to grow significantly.

"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 ... 00054928V/

I hold, and am intending to take advantage of the current, what seems like, a weakening in the PHP share price, by topping up my holdings by about 11% on 22 Dec 21. Thereafter, they should weigh in at about 3.3% in capital value weighting terms, of my 28 share HYP.

Ian.

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Re: Primary Health Properties (PHP)

#466639

Postby idpickering » December 17th, 2021, 7:09 am

Acquisition

Primary Health Properties PLC, one of the UK's leading investors in modern primary healthcare facilities, announces that it has agreed to acquire a medical and office facility in the North East of England for a total consideration of £10 million. The acquisition will complete when a current comprehensive refurbishment of the premises is finished, which is expected to occur in Qtr 2 2022.

The property comprises medical and office space arranged over five floors. On completion of the refurbishment, the NHS tenant will enter into a new long term lease, with index-linked rent reviews. The acquisition will be accretive to the overall portfolio WAULT and provide 100% government backed income.

This acquisition will increase PHP's portfolio to a total of 521 assets, of which 20 are in Ireland, with a contracted rent roll of over £140 million.


https://www.investegate.co.uk/primary-h ... 00069576V/

My top up of my PHP share holdings happened yesterday. tbh, I'm very impressed with this firm, and the essential services they offer, and might buy even more of the stock in the future.

Ian.

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Re: Primary Health Properties (PHP)

#470740

Postby idpickering » January 6th, 2022, 10:33 am

Dividend Declaration

The Company announces that it intends to pay four interim dividends in equal instalments in 2022. The first quarterly interim dividend in 2022 of 1.625 pence per ordinary share of 12.5 pence each will be paid as an ordinary dividend on 25 February 2022 to shareholders on the register at the close of business on 14 January 2022 . 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 ... 00065607X/

Ex div 13 Jan 22, paid 25 Feb 22.

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Re: Primary Health Properties (PHP)

#470744

Postby Dod101 » January 6th, 2022, 10:40 am

Thanks Ian, The amount of the dividend may have been announced already but I missed it. That is an increase of around 4.8%, very useful.

Dod

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Re: Primary Health Properties (PHP)

#470747

Postby idpickering » January 6th, 2022, 10:57 am

Dod101 wrote:Thanks Ian, The amount of the dividend may have been announced already but I missed it. That is an increase of around 4.8%, very useful.

Dod


You're welcome Dod. I'm tempted to buy more of this share? I'm a bit surprised with the current weakness of the stocks' sp of late tbh, particularly with the recent issues re COVID19 etc. Hmm.....?

Ian.

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Re: Primary Health Properties (PHP)

#470758

Postby Arborbridge » January 6th, 2022, 11:36 am

idpickering wrote:
Dod101 wrote:Thanks Ian, The amount of the dividend may have been announced already but I missed it. That is an increase of around 4.8%, very useful.

Dod


You're welcome Dod. I'm tempted to buy more of this share? I'm a bit surprised with the current weakness of the stocks' sp of late tbh, particularly with the recent issues re COVID19 etc. Hmm.....?

Ian.


Tempted, yes, as it is the highest valid share at the moment, but in order to do so I'd need to act on a trimming which is not quite due yet - for example of BBOX (lower yield, much higher cap weight) or EMG, higher cap weight but not much lower yield.

Arb.

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Re: Primary Health Properties (PHP)

#470767

Postby Dod101 » January 6th, 2022, 11:55 am

idpickering wrote:
Dod101 wrote:Thanks Ian, The amount of the dividend may have been announced already but I missed it. That is an increase of around 4.8%, very useful.

Dod


You're welcome Dod. I'm tempted to buy more of this share? I'm a bit surprised with the current weakness of the stocks' sp of late tbh, particularly with the recent issues re COVID19 etc. Hmm.....?

Ian.


I agree. The share price did nothing last year but I think that was because investors were going for tech or recovery shares instead. It is of course neither, just a nice steady as she goes type of share which any income portfolio ought to hold.

Dod

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Re: Primary Health Properties (PHP)

#470798

Postby Spet0789 » January 6th, 2022, 12:36 pm

idpickering wrote:
Dod101 wrote:Thanks Ian, The amount of the dividend may have been announced already but I missed it. That is an increase of around 4.8%, very useful.

Dod


You're welcome Dod. I'm tempted to buy more of this share? I'm a bit surprised with the current weakness of the stocks' sp of late tbh, particularly with the recent issues re COVID19 etc. Hmm.....?

Ian.


This is basically a fixed income replacement product, so I would expect concerns over higher rates are suppressing interest. There’s certainly no concern about the underlying cash flows.

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Re: Primary Health Properties (PHP)

#474276

Postby idpickering » January 19th, 2022, 7:15 am

Notice of Preliminary Results

Primary Health Properties PLC (LSE: PHP), one of the UK's leading investors in modern primary healthcare facilities, will announce its preliminary results for the year ended 31 December 2021 on Wednesday 16 February 2022.

A remote presentation for analysts will be held on the day at 9.30am and will be accessible via live video webcast and a live conference call facility. Following the presentation, there will be a managed Q&A session.

To access the briefing, please log on or dial in shortly before 09.30am via the details below:

Webcast: https://webcasting.brrmedia.co.uk/broad ... 4d1b2d6e85

Tel : +44 (0)330 336 9601


https://www.investegate.co.uk/primary-h ... 00088742Y/

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Re: Primary Health Properties (PHP)

#474723

Postby idpickering » January 20th, 2022, 1:12 pm

Scrip Dividend Scheme

The Company announces that the scrip dividend reference price for the First Quarterly Interim Dividend in 2022 (the "Interim Dividend"), payable on 25 February 2022, is 146.72 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 (13 January 2022) and the four subsequent dealing days (being 14,17,18 and 19 January 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 11 February 2022 in order for it to be effective for the Interim Dividend.


https://www.investegate.co.uk/primary-h ... 41291237Z/

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Re: Primary Health Properties (PHP)

#480860

Postby idpickering » February 16th, 2022, 7:14 am

Preliminary results for the year ended 31 December 2021

Harry Hyman, Chief Executive, commented:
"2021 has been another strong year of progress for PHP, having successfully completed the internalisation of our
management structure and refinanced a number of legacy loan facilities which have delivered substantial annual cost
savings. In addition, we have a strong targeted pipeline and continue to see good organic rental growth from rent
reviews and asset management projects with record levels of activity during the year.
“Throughout 2021 PHP has successfully worked with the NHS, HSE and the Group’s GP tenants to help them utilise our
properties for deployment in the front line of the COVID-19 pandemic, delivering vaccines and boosters across the UK
and Ireland. The need for modern, integrated, local primary healthcare facilities is becoming ever more pressing in
order to relieve the pressures being placed on hospitals and A&E departments and to catch up on the back-log of
missed procedures.
“Having successfully delivered 25 years of secure and reliable growth for our shareholders, we have firmly established
ourselves as a sector leader and the Board looks forward to delivering further earnings and dividend growth in 2022
and remains confident in PHP’s future outlook.”

DELIVERING EARNINGS AND DIVIDEND GROWTH

· Adjusted earnings per share increased by 6.9% to 6.2p (2020: 5.8p)

· Contracted annualised rent roll increased by 4.1% to £140.7 million (31 December 2020: £135.2 million)

· Additional annualised rental income on a like-for-like basis of £2.4 million or 1.8% from rent reviews and asset management projects (FY 2020: £2.0 million or 1.6%; FY 2019: £1.9 million or 1.5%)

· Successful refinancing of a number of legacy loan facilities with Aviva Investors reducing average cost of debt to 2.9% (31 December 2020: 3.5%) resulting in annualised interest cost savings of approximately £5.0 million

· Successfully completed the internalisation of the Group's management structure which resulted in annual cost savings of approximately £4.0 million, equivalent to 0.3 pence per share

· EPRA cost ratio reduced to 9.3% (FY 2020: 11.9%) the lowest in the UK REIT sector

· Quarterly dividends totalling 6.2 pence per share distributed in the year, a 5.1% increase over 2020 (5.9 pence per share)

· First quarterly dividend of 1.625 pence per share declared, payable on 25 February 2022, equivalent to 6.5 pence on an annualised basis and a 4.8% increase over the 2021 dividend per share, marking the Company's 26th consecutive year of dividend growth


https://www.investegate.co.uk/primary-h ... 00087956B/

I hold, and intend topping up my holdings soon.

Ian.

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Re: Primary Health Properties (PHP)

#480863

Postby idpickering » February 16th, 2022, 7:20 am

Launch of Net Zero Carbon ("NZC") Framework

https://www.investegate.co.uk/primary-h ... 01047957B/


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