First-half net rental income jumped by 123% to £176mn, largely reflects last year’s acquisition of Assura.
Underlying net profit rose at a slower pace of 109% to £98mn, with top-line growth partly offset by faster growing admin and financing costs.
Occupancy remained flat at 99%. The loan-to-value (LTV) ratio remained at 57% over the first half, above the group’s 40-50% target level due to the Assura acquisition. Asset sales are expected to see this figure fall to around 53% by year-end.
Dividend payments totalled 3.65p per share, up 2.8%.
The shares were broadly flat in early trading.
Our view
HL view to follow.
Primary Health Properties key facts
All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment.