Analyst Research Report Snapshot

Title:

PRIMARY HEALTH PROPERTIES - FULLY FUNDED FOR NEXT PHASE OF ACQUISITIONS

Price:

$10.00

Provider:

Edison Investment Research

Date:

27 Sep 2013

Pages:

8

Type:

AcrobatPDF

Companies referenced:

PHP.L

Available for Immediate Download
Summary:

PHP has continued to grow its portfolio on a cash flow-positive basis this year. It spent £15.9m on four assets in H113 and £45.6m in the second half so far, including £26.8m on a smaller private investor, Primary Health Care Centres (PHCC), which added a portfolio of 11 complete, fully-let assets. These transactions added £4.2m to the group’s rent roll (at a c 6.2% yield on cost) and increased its aggregate portfolio value to £706m. Another £55m in solicitors’ hands and a pipeline of potential acquisitions puts PHP on track to reach its £100m acquisition target this year, and we have targeted similar growth in each of the next two years, split between purchases of standing fully-let assets and agreements to fund construction of new medical centres. We have adjusted FY13e and FY14e revenue and PBT forecasts for cash raised and 21.75m new shares.

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