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LONDON (Alliance News) - Primary Health Properties PLC on Thursday reported an increase in its net asset value following a purchase of eight properties.
The company, which invests in modern primary health facilities, said its NAV per share in the year to the end of December 2018 grew by 4.4% to 105.1 pence from 100.7p reported at the end of 2017.
Primary Health Properties shares were trading 0.2% lower on Thursday at 116.99 pence each.
Investment portfolio value stood at GBP1.50 billion at the year-end, up 2.5% from GBP1.36 billion reported the year prior. In 2018, the company acquired eight income accretive properties for GBP106.2 million.
Annualised contracted rent roll increased 9.8% during the year to GBP79.4 million, taking net rental income to GBP76.4 million, up 7.2% year-on-year. Occupancy level was higher by one basis point, at 99.8%.
Primary Health Properties increased its dividend for the year by 2.9% to 5.40p from 5.25p paid the year prior.
"We consider the wider, macro-economic consequence of Brexit in the risk management section but whatever the final outcome and consequences of Brexit for the UK it is unlikely to have a direct impact on the primary health centres we invest in," said Chair Steven Owen.
"The company is in a strong position to continue to deliver long term value to shareholders and the board looks forward with confidence to the forthcoming year," added Owen.
