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Primary Health Properties portfolio valued at £2.3bn after MedicX merger

By BFN News | 07:56 AM | Thursday 06 June, 2019


Following completion of its all-share with merger with MedicX Fund in March, healthcare investor Primary Health Properties said its portfolio now comprised 484 properties with a gross book value of £2.316bn, up from December 2018's £1.5bn. Its contracted annualised rent roll stood in excess of £125m, an increase over December 2018's £79.6m. Its portfolio included 15 properties in Ireland, which represented 6% of its total portfolio - unchanged from December 2018. Its average lot size also remained constant at £4.8m. The company said that 90% of its rent roll (down from 91% in December 2018) was funded directly or indirectly by the NHS in the UK and HSE- or government-funded bodies in Ireland. The portfolio also benefitted from an occupancy rate of 99.5%, down from December 2018's 99.8%. 68.1% of the rents were reviewed on an open market basis, typically every three years and were impacted by land and construction inflation. The balance of the portfolio had either RPI (25.2%) or fixed uplifts (6.7%) which the firm said provided an "element of certainty" to future rental growth within the portfolio. As at 31 March 2019, the portfolio's weighted average lease length was 13.4 years, slightly above the 13.1 average at 31 December 2018. It said that 1.6% of its income would expire over the next three years and 68.8% over 10 years. The enlarged group's net debt stood at £1,115 million as at 31 March 2019 (31 December 2018: £673 million) with a loan-to-value ratio of 48.1% (31 December 2018: 44.8%) and an average cost of debt of 4.0% (31 December 2018: 3.9%). The weighted average debt maturity was 7.2 years (31 December 2018: 5.4 years). Story provided by StockMarketWire.com

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