Primary Health Properties says its EPRA NAV per share increased from 87.7p to 91.1p over the course of 2016. The dividend was raised from 5p to 5.125p. The first quarterly dividend of the new year has been set at 1.31pEPRA earnings per share were lower at 4.8p, down from 4.9p on the back of increased cash balances following their fund raising activity.
The portfolio expanded during the year in the back of a fund raise; in April 2016 they raised GBP145.3 million, net of issue costs. They bought GBP74.2 million of fully let assets, adding a total of GBP4.2 million to the Group’s annual rent roll. At the year end, Primary Health Properties had a portfolio of 296 primary care assets valued at over GBP1.2 billion. The portfolio valuation average net initial yield tightened to 5.17% (31 December 2015: 5.32%).
PHP : Cash drag holds back earnings at Primary Health Properties