QuotedData’s morning briefing 26 July 2023
- Primary Health Properties (PHP) reported a 1.3% fall in NAV to 111.1p per share for the six months to 30 June 2023. The group’s portfolio of GP surgeries and health centres was valued at £2.783bn at 30 June 2023, down 0.4% over the period (31 December 2022: £2.796bn) reflecting a net initial yield of 4.90% (31 December 2022: 4.82%). The revaluation deficit was due to a £45m decline driven by the net initial yield widening of 8bps, partially offset by gains of £33m arising from rental growth and asset management projects. Adjusted earnings per share was unchanged at 3.4p (30 June 2022: 3.4p). Contracted annualised rent roll increased by 1.4% to £147.4m. The company has paid or declared three quarterly dividends of 5.025p in the year-to-date, equivalent to 6.7 pence per share on an annualised basis, a 3.1% increase over 2022 (6.5 pence per share) and marking the company’s 27th consecutive year of dividend growth. The company has an LTV ratio of 45.6% (31 December 2022: 45.1%), with 97% of net debt fixed or hedged for a weighted average period of just under seven years.
- Picton Property (PCTN) has posted a 1.1% fall in EPRA NTA per share to 99.4 pence in the quarter to 30 June 2023 (31 March 2023: 100.4 pence). Like-for-like portfolio value fell 0.7% over the quarter to £744.1m, with modest positive valuation movements in the industrial, retail and leisure sectors. The group maintains a conservative LTV of 27.1% (31 March 2023: 26.7%).
We also have news of a proposed merger between abrdn Smaller Companies and Shires Income and an acquisition by Grit Real Estate