Source - Alliance News

Primary Health Properties PLC said on Wednesday it saw a good start to 2022 as it makes progress in converting its year-end pipeline and stronger like-for-like rental growth.

The London-based healthcare facility investor said its pipeline currently totals £360 million in the UK and €145 million in Ireland. These figures include standing investments, direct and forward funded developments, and asset management projects, it explained.

Primary Health said that it generated an additional £900,000 of extra rental income in the first quarter of 2022 as a result of its rent review and asset management activities. The previous year, it generated £800,000.

Net debt at March 31 stood at £1.22 billion and its loan to value ratio was 43.3%. This compares to debt of £1.20 billion at December 31 with a loan to value ratio of 42.9%.

Chief Executive Harry Hyman said: ‘We expect to benefit from the current inflationary environment with an improving rental growth outlook and with the majority of our debt fixed or hedged we expect to remain in a very strong and robust position in the current volatile economic environment.’

Shares in Primary Health Properties were up 0.1% at 147.70 pence each on Wednesday morning in London.

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