(Alliance News) - Primary Health Properties PLC listed on the Johannesburg Stock Exchange on Tuesday as it continued to register growth in income for the first nine months of 2023.
The London-based healthcare facility investor said that for the nine months that ended September 30 it generated an additional GBP3.3 million of extra rental income from its rent review and asset management activities, both in the UK and in Ireland. This was against GBP2.4 million in the same period in 2022.
The company said it continued to see an improving rental growth outlook, in particular from rent reviews.
An extra GBP3.1 million of income was generated in the nine months from 243 reviews that had been settled, representing a 9.6% increase over the previous passing rent, equivalent to 4.4% on an annualised basis, up from 3.4% previously.
Chief Executive Harry Hyman said the company continued to focus on income growth from its existing portfolio and was encouraged by the growth already seen in the year to date.
Primary Health said there was limited exposure to development risk, with just one scheme on-site.
It also said it is in the process of renegotiating rental values with several Integrated Care Boards across the UK to maximise the financial viability of schemes in its pipeline.
The company started trading for the first time on the JSE this morning in a secondary listing.
The healthcare facility investor first revealed its JSE secondary inward listing plan early last month.
The specialist in primary healthcare facilities said it believes that admission to trading on the JSE will be beneficial to the company and its stakeholders.
Shares in Primary Health were up 1.1% at 86.45 pence in London on Tuesday morning.
By Artwell Dlamini, Alliance News reporter
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Primary Health (PHP)