Primary Health Properties (LON:PHP) - Portfolio growth to pick up in H2
Sep 18th 2012 - Edison Investment Research today published a report on Primary Health Properties (PHP.L, LSE:PHP, LON:PHP) entitled "Portfolio Growth To Pick Up In H2". In summary, the report says:
The interim results included 6% growth in rental income y-o-y, on the back of rent reviews that averaged 2.7% pa and acquisitions, but lower profit and EPS due to higher finance charges on new debt. The first seven months of 2012 have seen £175m of debt refinance, an £18m equity issue and a £75m retail bond issue in July. That puts c £130m of headroom in place to be used to fund acquisitions, with income surpluses increasing dividend cover. Our assumptions – c £60m pa of acquisitions this year, £50m pa in FY13 and 2.5% pa at rent reviews – push cover up to 74% in FY13 vs 67% this year. The group sees potential to scale up faster and...
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