Primary Health Properties (LON:PHP) - Building growth momentum
Mar 12th 2013 - Edison Investment Research today published a report on Primary Health Properties (PHP.L, LSE:PHP, LON:PHP) entitled "Building Growth Momentum". In summary, the report says:
The first half focus on underpinning the balance sheet funded H2 portfolio growth, the momentum of which should be maintained this year. The group secured £250m of debt facilities; refinancing a £175m club facility from RBS/Santander and issuing a £75m unsecured seven-year retail bond, which has funded £110m of portfolio growth in 2012 and £6.3m so far this year. Unutilised debt and £18.4m (net of costs) of equity issued in 2012 leaves £83m of headroom to fund a potential £82m acquisition pipeline over the next two to three months. Another c £80m under discussion for the next 12 months would require new facilities and possibly new equity. The prime objective is to fully restore dividend cover. That will take a...
Edison Investment Research is a leading international investment research company. It has won industry recognition, with awards both in the UK and internationally. The team of 95 includes over 60 analysts supported by a department of supervisory analysts, editors and assistants. Edison writes on more than 400 companies across every sector and works directly with corporates, fund managers, investment banks, brokers and other advisers. Edison’s research is read by institutional investors, alternative funds and wealth managers in more than 100 countries. Edison, founded in 2003, has offices in London, New York and Sydney and is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584). more »
