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Primary Health Properties highlights robust rent collection

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Primary Health Properties PLC (LON:PHP) has said its rental collection has remained “robust” so far in 2021 as the healthcare facilities firm updated investors of its performance for the first quarter.

For the three months to March 31, the company also said it has continued to grow rental income from its existing portfolio, with 91 rent reviews settled in the period resulting in an additional £0.5mln in rent per year.

READ: Primary Health Properties buys primary care centre in Shankill, Dublin

The company also said rent collection had been strong into the second quarter, with over 99% of the period’s revenue received as of April 30.

Meanwhile, PHP said over the first quarter it had made “good progress” and increased the number of live projects to four with an estimated capital value of around £21mln, up from two projects valued at £10mln in early January. The firm said it expects to be on-site with two of these projects by early 2022, adding that it is also continuing to bring forward a “wider medium-term pipeline” at various stages of progress across 18 projects with an estimated capital value of around £127mln.

Looking ahead, the group said three of its developments at Llanbradach, South Wales, Epsom, Surrey and Eastbourne, East Sussex are all due to reach practical completion in the second quarter, while an additional two developments are due to reach completion in the first quarter of next year.

“The need for modern, integrated, local primary healthcare facilities is becoming ever more pressing in order to relieve the pressures being placed on hospitals and A&E departments, to deliver the COVID-19 vaccine and catch-up on the back-log of missed procedures over the last year”, chief executive Harry Hyman said in a statement.

“We remain in a very strong and robust position and have made good progress operationally across our rent review and asset management activities. The COVID-19 pandemic has highlighted the strength and attractiveness of the Primary Care sector and, with our active pipeline of both short and medium term development and acquisition opportunities, the Board remains confident that PHP is strongly placed to execute its strategy”, he added.

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