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Primary Health Properties adapting estate for coronavirus crisis

The group said its latest quarterly dividend of 1.475p will be paid on May 22

Primary Health Properties PLC -
GPs are in the front line against coronavirus

Primary Health Properties PLC (LON:PHP), the GP practice owner, said it is working with health authorities to utilise its properties better during the current coronavirus crisis,

The outbreak had demonstrated the need for modern, integrated, local primary healthcare facilities to relieve the pressures being placed on hospitals and A&E departments, it said in a statement.

The FTSE 250-listed firm noted that it has all of its rents effectively guaranteed by the governments in the UK and Ireland and there has been little impact on rental collection.

Around 79% of its rents were collected in the first quarter and PHP expects the remainder to be collected shortly.

It said the latest quarterly dividend of 1.475p will be paid on May 22 with further payments expected to be made in August and November.

After capital commitments, PHP has undrawn loan facilities of £341mln including cash on deposit of £137mln.

“We anticipate that the crisis will highlight the important role primary healthcare will play in the future provision of health services and the continuing movement of services away from over-burdened hospital settings,” the group added.

 

Quick facts: Primary Health Properties PLC

Price: 156 GBX

LSE:PHP
Market: LSE
Market Cap: £1.9 billion
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Capital Network analyst Ed Stacey reckons the conditions remain in place for Primary Health Properties PLC (LON:PHP) to continue generating strong returns in the next few years and to continue its unbroken run of dividend increases. PHP is a real estate investment trust (REIT) that...

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