Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Primary Health Properties PLC said on Wednesday it saw a good start to 2022 as it makes progress in converting its year-end pipeline and stronger like-for-like rental growth.
The London-based healthcare facility investor said its pipeline currently totals £360 million in the UK and €145 million in Ireland. These figures include standing investments, direct and forward funded developments, and asset management projects, it explained.
Primary Health said that it generated an additional £900,000 of extra rental income in the first quarter of 2022 as a result of its rent review and asset management activities. The previous year, it generated £800,000.
Net debt at March 31 stood at £1.22 billion and its loan to value ratio was 43.3%. This compares to debt of £1.20 billion at December 31 with a loan to value ratio of 42.9%.
Chief Executive Harry Hyman said: ‘We expect to benefit from the current inflationary environment with an improving rental growth outlook and with the majority of our debt fixed or hedged we expect to remain in a very strong and robust position in the current volatile economic environment.’
Shares in Primary Health Properties were up 0.1% at 147.70 pence each on Wednesday morning in London.
Copyright 2022 Alliance News Limited. All Rights Reserved.