Primary Health Properties has released its results for the year ended 31 December 2013. PHP’s EPRA NAV fell for the second successive year to 300p from 305p (and 319p at the end of 2011). The fall is accounted for by the payment of an uncovered dividend – they paid 19p for the year but earnings were just under 11p. The year saw PHP expand its portfolio considerably, adding £300m of assets or almost 50% to the value of its properties to take it to 259 care centres (7 of which are in construction) – most of the new additions came with the acquisition of Prime Public Partnerships.
The like for like value increase in their properties was 3.5% (based on an equivalent yield of 5.92% vs. 6.05% a year earlier). The LTV increased slightly to 61.6% from 60.9%. They have been refinancing the debt that they took on from the acquisition.