Primary Health Properties rental income, adjusted earnings grow in FY24

(Sharecast News) - Real estate investment trust Primary Health Properties said on Friday that net rental income and adjusted earnings had both grown in FY24.

Primary Health Properties said net rental income was up 2.9% year-on-year at �153.6m, while adjusted earnings had grown 2.4% to �92.9m. Adjusted earnings per share were 2.9% higher at 7.0p and PHP's FY dividend per share was hiked 3.0% to 6.9p.

However, adjusted net tangible assets per share slipped 2.8% to 105.0p and the value of Primary Health's investment portfolio slipped 1.4% to �2.75bn. Contracted rent rolls grew 2.1% to �153.9m.

Chief executive Mark Davies said: "I am very pleased to report such a positive financial performance, particularly in the second half of the year, with good momentum in rental and earnings growth. Encouragingly, we have also seen positive valuation growth in the second half of the year, the first time since 2021, which has led to stability in our adjusted NTA per share. The dividend per share has continued to grow by 3% and remains fully covered."

Separately, Primary Health announced it had expanded its Irish portfolio through the acquisition of a health and wellbeing clinic in Cork for �22.0m, at an "attractive and accretive earnings yield" of 7.1%.

As of 0920 GMT, PHP shares were down 0.76% at 120.32p.

Reporting by Iain Gilbert at Sharecast.com