Primary Health Properties

Primary Health Properties (LSE: PHP)

Currency in GBP

Last close As at 22/09/2023

GBP0.98

▲ −0.15 (−0.15%)

Market capitalisation

GBP1,287m

Overview
Price performance
Financials
Research
Thematics

Primary Health Properties is a long-term investor in primary healthcare property in the UK and the Republic of Ireland. Assets are mainly long-let to GPs and the NHS or the HSE, organisations backed by the UK and Irish governments respectively.

The primary health property market is driven by supportive demographic trends and the need to modernise health provision rather than the economy. PHP’s leases are long and substantially upward-only, 89% backed directly or indirectly by government bodies.

Latest Insights

Real Estate |
Flash note

13.09.23

Primary Health Properties — Strategic and accretive Irish expansion

Real Estate |
Update

10.08.23

Primary Health Properties — Sustaining dividend growth

Real Estate |
Update

11.08.22

Primary Health Properties — Rental growth further accelerates

Real Estate |
Update

29.04.22

Primary Health Properties — Progress with organic and acquisition-led growth

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Sector

Real Estate

Equity Analyst

Martyn King

Director, Financials

Key Management

Harry Hyman

CEO
Richard Howell

CFO
Steven Owen

Chairman

Balance Sheet

Forecast net cash (£m)

1268.9

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	10.4	1.3	(23.9)
Relative	4.7	(0.1)	(27.5)
52 week high/low	123.5p/88.8p

Financials

Primary Health Properties (PHP) has agreed to acquire Ireland’s first Enhanced Community Care (ECC) facility for a total consideration of €30m. With its interim results, PHP highlighted its continued plans for strategic expansion in Ireland, where higher yields support accretive investment in an expanding market. Alongside low-risk, value-creating asset management schemes and accelerating organic rental growth, this represents a key opportunity for continuing growth in income. Our forecasts are for now unchanged.