Primary Health Properties announced its audited preliminary results for the year ended 31 December 2019. The company’s net rental income rose 51.4% to £115.7m. Adjusted EPRA NAV per share increased 2.7% to 107.9p, while IFRS loss for the year stood at £71.3m. Dividend per share increased 3.7% to 5.6p.
The completion of the all-share merger with MedicX Fund Limited allowed the company to bring together two high quality and complementary portfolios in the UK and Ireland. The positive reaction to the merger enabled the company to further strengthen its balance sheet. The company’s average cost of debt reduced 50bp to 3.5% as of completion of the merger with MedicX.
The company’s portfolio in Ireland consists of 16 assets, valued at €189m. It includes four forward funded developments under construction, which, if valued as complete, increases the value to approximately €207m.
Harry Hyman, Primary Health Properties’s MD, commented: “Continuing improvements to the rental growth outlook and further reductions in the cost of finance will help to maintain our strategy of paying a progressive dividend to shareholders which is fully covered by earnings, as we look forward to the future with confidence.”