Primary Health Properties (PHP): Strong 2017 results and prospects
Positive 2017 results (dated 15th February) illustrate continuing good momentum. Currently, UK acquisitions achieve average 4.9% net initial yields and thus generate a 1.4% average yield pick-up after operating and interest costs. Investment in Republic of Ireland (RoI) yields a 3.0% pick-up in the net income yield versus cost of debt. Once again, PHP lowered its cost of debt. Also, one example of several, Aviva renewed a £75m loan facility to November 2028 at a fixed interest rate of 3.1%; this renewal results in interest savings of £675,000 p.a. to PHP (beginning November 2017). PHP has excellent assets and a ‘following wind’.Primary Health Properties is a holding company and a real estate investment trust. The principal activity of Co. is investment in primary healthcare property in the U.K. and Ireland. Co.'s properties are leased principally to general practitioners, government healthcare organizations and other associated healthcare users.
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