20th May 2016 06:47
LONDON (Alliance News) - Primary Health Properties PLC on Friday said since the beginning of 2016 it has continued to increase rental income, grow its portfolio and has restructured elements of its debt portfolio.
The investor in modern primary healthcare facilities said it has purchased 19 properties since January 1, for a total of GBP53.8 million, and noted an "ongoing, attractive pipeline of opportunities both in the UK and Republic of Ireland".
Primary Health Properties said its property portfolio, at May 19, consisted of 292 properties with a total value of GBP1.20 billion, and its total contracted annualised rent toll increased to GBP66.6 million.
The company said its interest rate was reduced by 3.9% on GBP88.0 million of debt during the period, which it said it achieved through restructuring associated swap contracts. Its aggregate net debt has been reduced to GBP625.7 million, meaning its loan to value ratio has fallen to 53% at May 19 from 63% at December 31.
Primary Health Properties noted the fundraising it completed in April, raising GBP150.0 million of new capital in an over-subscribed offer, which it said were initially used to pay down revolving credit facilities. It said it has significant resources with which to continue to grow its property portfolio.
Primary Health Properties declared a second quarterly dividend of 1.28125 pence, in line with its first quarterly dividend paid in February.
"During the period we have continued to grow the portfolio, increase rental income and successfully re-structured elements of our debt portfolio. We were delighted at the strong support for our fund raising in April, which is testament to Primary Health's attractive, long term, growing, secure cash flows which underpin our progressive and fully covered dividend," said Managing Director Harry Hyman.
By Hannah Boland; [email protected]; @Hannaheboland
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