12th Feb 2020 08:37
(Alliance News) - Primary Heath Properties PLC said Wednesday its net asset value rose in 2019, but the company swung to a loss for the year on a one-off revaluation loss from its merger with MedicX Fund.
For the year, the healthcare-focused property investor reported a pretax loss of GBP70.2 million, compared to a profit of GBP74.3 million the year before.
This was due to to an exceptional revaluation loss of GBP138.4 million, arising from Primary Health's merger with MedicX in March 2019.
Despite a revaluation gain of GBP48.4 million from its property portfolio, Primary Health's overall valuation loss was GBP88.6 million, compared to a gain of GBP36.1 million a year ago.
As at December 31, the group reported a 2.7% rise in its net asset value per share to 107.9 pence from 105.1p the same date the year before.
At the end of December, Primary Health's property portfolio comprised 488 assets and was valued at GBP2.41 billion, up 61% from GBP1.50 billion the prior year.
Annualised contracted rent roll for the year increased by 61% to GBP127.7 million from GBP79.4 million the year before, lifting net rental income by 51% to GBP115.7 million from GBP76.4 million.
Occupancy in the portfolio, however, dipped to 99.5% from 99.8% year-on-year.
Primary Health Properties declared a total dividend of 5.6 pence per share, up 3.7% from 5.4p the prior year.
"2019 has been a transformational year in PHP's history following the completion of the all share merger with MedicX in March 2019, bringing together two high quality and complementary portfolios in the UK and Ireland. The business provides a much stronger platform for the future and has already created significant value delivering a total shareholder return of 49.2% in the year," said Managing Director Harry Hyman.
Shares in Primary Health Properties - which is based in London - were flat at 161.66 pence on Wednesday.
By Dayo Laniyan; [email protected]
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