Latest news with #MarkDavies
Irish Independent
08-07-2025
- Business
- Irish Independent
PHP eyesinvestment of €75m in three new medical facilities
The UK stock market-listed business has 22 properties including in Dublin, Kildare, Wicklow and Cork. Leases to the HSE and other government bodies account for around 75pc of income in Ireland but tenants also include Laya, after the business made a €22m acquisition of the property housing the Laya Health & Wellbeing Clinic, in Cork, earlier this year. In a trading update yesterday, PHP said it continues to see significant growth opportunities in Ireland driven by sustained Government investment, including the three potential 'forward funded' developments, a model where developers build with an end customer locked in as funder. 'We continue to monitor a number of potential opportunities in Ireland and in particular three forward funded developments with an expected cost of approximately €75m being progressed by our development partner in Ireland,' the trading update said. PHP CEO Mark Davies has previously said he would like to double the size of the Irish portfolio in the next three to five years. As of June 30, the portfolio in Ireland comprised 22 standing and fully let properties, valued at €340.9m. Meanwhile, the same trading update showed rent reviews covering 14 of the Irish properties resulted in significant increases of 16pc and an annualised increase of 3.4pc – adding a combined £400,000 (€465,000) to a rent role that had been £2.7m. PHP had previously argued that the HSE needed to increase the rents it was willing to pay by 'about 20pc' in order for new build projects to be investible. Mr Davies said PHP's strong operational and financial performance was driven by rental growth across the portfolio, a value-accretive acquisition in Ireland, valuation gains and another period of dividend growth. 'The improving rental growth outlook and a stabilisation of our property yields at 5.25pc signal that we've moved through a key inflexion point in the property cycle with a very encouraging outlook ahead,' he said. Meanwhile, PHP is pushing ahead with a proposed merger with sector rival Assura. The combination will create a UK REIT with a £6bn portfolio of long-leased, government-backed healthcare assets.
Times
07-07-2025
- Business
- Times
PHP on target for 29th straight year of dividend growth
One of Britain's largest NHS landlords is heading for its 29th consecutive year of dividend growth, underpinned by rising rents and the recovering valuations of its buildings. Primary Health Properties also expects to benefit from the government's recently announced ten-year health plan, which it said is 'clearly positive'. Part of the plan is to shift more services into the community and the healthcare centres of which PHP owns more than 500 around the UK. 'It's costing [the government] £500 now for every patient going into hospital, but if that patient is in primary care, it's £40 to £50. It's no wonder they want to push outpatient services into the community,' Mark Davies, chief executive of PHP, said. 'They want to do that in the next ten years but they can't do that from the existing estate. We're well placed to work alongside government and deliver these neighbourhood health centres in communities that we're already invested in.' The consensus in the industry is that the shortage of healthcare facilities in the UK will only worsen as the population grows ever larger and people live longer. Landlords, including PHP, have slowed their development programmes or stopped them completely as rents have failed to keep up with inflation, making new sites economically unviable. Rents, though, are rising. Following a number of reviews so far this year, PHP generated net rental income of £78.6 million between January and the end of June: 3.1 per cent above the £76.2 million it generated in the same period of 2024. 'London is definitely leading the charge in terms of [getting to] that rental level we need to enable new developments,' Davies, 50, said. 'But we are now looking at some opportunities across the country that weren't on the table in February [when PHP published its annual results]. It's a reflection of the change of government and an absolute commitment to reduce waiting lists.' Commercial property valuations, after a tough couple of years, are beginning to improve. The value of PHP's property portfolio rose 0.7 per cent to £2.81 billion in the first six months of this year, marking its first increase since 2020. • PHP adds £27m dividend to its bid to merge with Assura PHP has already paid out 3.55p per share in dividends in 2025 and the next quarterly dividend of 1.775p per share will be paid on August 15. Analysts expect it to pay 7p per share in total this year, slightly above the 6.9p it distributed in 2024. As such, 2025 is on course to be the 29th year in a row that PHP has lifted its dividend. 'It's our job to make sure we keep this progressive dividend policy that we've had in place for a long, long time now,' Davies said. PHP struck a £1.7 billion deal last month to merge with its bigger peer, Assura, which is also being circled by US private equity firms. Davies has used the prospect of higher dividends and improving rents and valuations as reasons that Assura shareholders should take his deal and retain exposure to the healthcare property sector. 'That has been our pitch: this is not the time to be selling out,' he said. • NHS landlord Primary Health steps up its battle for rival Assura Bjorn Zietsman, a property industry analyst at Panmure Liberum, said the latest trading update 'reinforces the strategic and financial rationale for PHP's offer for Assura'. PHP shares rose ¼p, or 0.3 per cent, to 96¾p.
IOL News
07-07-2025
- Business
- IOL News
Primary Health Properties' rental income rises, showcasing robust growth
Primary Health Properties (PHP) gave a positive trading update on Monday. Image: Independent Media Primary Health Properties (PHP), a leading investor in modern primary care facilities in the UK and Ireland, in a trading update released on Monday said improving rental growth and stabilisation in yields underpin valuation growth. For the six months to 30 June net rental income rose 3.1% to £78.6 million (R1.9 billion) with adjusted earnings per share up 2.3% to 3.54 pence. Dividends declared were 3.55 pence up 2.9%. PHP said it had continued to focus on delivering organic rental growth derived from its existing assets. This growth arises mainly from rent reviews and asset management projects with income increasing by £2.2m, or 1.4%, in the six-month period. The company generated an additional £2.1m of extra rental income from its rent review activities, both in the UK and in Ireland. The group said it continues to progress an advanced pipeline of 43 projects, which highlight the improving rental growth outlook with the current weighted average rent of £195psm (pounds per square meter) due to increase by around 15% to £223psm post completion. As at June 30, 2025, the group's portfolio comprised 517 assets independently valued at £2.81 billion. After allowing for acquisition costs and capital expenditure on developments and asset management projects, the portfolio generated a valuation surplus of £19.8m. PHP, which is secondary listed on the JSE, said it is excited about the compelling market backdrop for the group and opportunities ahead. Mark Davies, the CEO of PHP, said, "At a pivotal time for our sector, PHP has delivered a strong operational and financial performance driven by rental growth across our portfolio, a value-accretive acquisition in Ireland, valuation gains and another period of dividend growth. The improving rental growth outlook and a stabilisation of our property yields at 5.25% signal that we've moved through a key inflexion point in the property cycle with a very encouraging outlook ahead." Davies said the British Government's 10 year Health Plan, which was published last week is clearly positive for PHP. PHP welcomes the government's commitment to strengthening the National Health Service, particularly its emphasis on shifting more services to modern primary care facilities embedded in local communities. "This plays directly to our strengths and our long standing partnerships across the NHS give us a strong foundation to support this transition and deliver value to our shareholders," Davies said. On the takeover bid, he said PHP continues to believe in the compelling strategic and financial rationale for the recommended combination with Assura plc. "The transaction is expected to be earnings accretive for both sets of shareholders and we were pleased to have secured strong support for the transaction from PHP shareholders at our general meeting last week with over 99% of voting shareholders approving the proposed combination," Davies said. "This is a clear endorsement of the company's ability to deliver a financially beneficial transaction that is strategically valuable, supported by an expected strong investment grade credit rating that will deliver future value to shareholders and underpin the Group's progressive dividend policy." Since the announcement of the Assura plc recommendation, PHP has been discussing forming a joint venture, which is expected to include the private hospital portfolio.
Scoop
30-05-2025
- Sport
- Scoop
A Sporting Chance: NZCT Backs Special Olympics With $250,000 Grant
Press Release – NZCT The National Summer Games are more than just a sporting event theyre a celebration of ability, determination, and community. Grants like this wouldnt be possible without the responsible gaming partnerships we share with our local venues, says … New Zealand Community Trust (NZCT) has awarded a grant of $250,000 to Special Olympics New Zealand to fund event costs for the National Summer Games (NSG)— making it possible for more athletes with an intellectual disability to take part in what is to be the largest-ever iteration of the NSG this December in Christchurch. Mark Davies, Special Olympics New Zealand's Finance and Funding Manager, says the funding comes at a crucial time. 'Special Olympics operates within a four-year cycle, the pinnacle event of which is our National Summer Games. This year, from 10-14 December, 1,400 athletes plus 450 coaches and support workers will arrive in Christchurch to participate in the Games. 'Our athletes spend years qualifying for these Games by attending local and regional events that test their capacity to travel, compete, and stay away from home independently. Over the past few years, our qualifying events have seen a significant increase in participation and we're on track for the largest National Summer Games in history. 'From the moment team members arrive in Christchurch, we take care of all their needs, including (but not limited to) transport, accommodation, health screenings, meals, and scheduling. A significant part of this generous grant from NZCT will be used for transporting our athletes from their accommodations to (and between) different events.' This year's Games will feature ten sports across seven venues, including athletics, swimming, football, basketball, golf, equestrian, indoor bowling, ten pin bowling, bocce, and power lifting. Over 700 volunteers will help make it all happen — from running events to ensuring medical support is on hand. Special Olympics requires a 1:4 coach-to-athlete ratio to ensure all athletes receive the right level of care and support. Athlete Leader Ryan says, 'I enjoy the National Summer Games because there isn't the same level of pressure that you get in mainstream sport. It's all about smiles and everyone having fun.' Fellow Athlete Leader Chrissa says, 'For the first time in my life, I realised that those with disabilities can still hold strong opinions and compete enthusiastically, just like everyone else.' Athlete Leader Shanae, adds'Because of the Special Olympics programme, I was able to participate in sports for the first time ever when I was fifteen years old.' NZCT's GM of Grants, Marketing and Communications, Ben Hodges, says, ''We're proud to support Special Olympics New Zealand in delivering such a meaningful and inclusive event. The National Summer Games are more than just a sporting event — they're a celebration of ability, determination, and community. Grants like this wouldn't be possible without the responsible gaming partnerships we share with our local venues.'
Scoop
29-05-2025
- Sport
- Scoop
A Sporting Chance: NZCT Backs Special Olympics With $250,000 Grant
New Zealand Community Trust (NZCT) has awarded a grant of $250,000 to Special Olympics New Zealand to fund event costs for the National Summer Games (NSG)— making it possible for more athletes with an intellectual disability to take part in what is to be the largest-ever iteration of the NSG this December in Christchurch. Mark Davies, Special Olympics New Zealand's Finance and Funding Manager, says the funding comes at a crucial time. 'Special Olympics operates within a four-year cycle, the pinnacle event of which is our National Summer Games. This year, from 10-14 December, 1,400 athletes plus 450 coaches and support workers will arrive in Christchurch to participate in the Games. 'Our athletes spend years qualifying for these Games by attending local and regional events that test their capacity to travel, compete, and stay away from home independently. Over the past few years, our qualifying events have seen a significant increase in participation and we're on track for the largest National Summer Games in history. 'From the moment team members arrive in Christchurch, we take care of all their needs, including (but not limited to) transport, accommodation, health screenings, meals, and scheduling. A significant part of this generous grant from NZCT will be used for transporting our athletes from their accommodations to (and between) different events." This year's Games will feature ten sports across seven venues, including athletics, swimming, football, basketball, golf, equestrian, indoor bowling, ten pin bowling, bocce, and power lifting. Over 700 volunteers will help make it all happen — from running events to ensuring medical support is on hand. Special Olympics requires a 1:4 coach-to-athlete ratio to ensure all athletes receive the right level of care and support. Athlete Leader Ryan says, 'I enjoy the National Summer Games because there isn't the same level of pressure that you get in mainstream sport. It's all about smiles and everyone having fun.' Fellow Athlete Leader Chrissa says, 'For the first time in my life, I realised that those with disabilities can still hold strong opinions and compete enthusiastically, just like everyone else.' Athlete Leader Shanae, adds 'Because of the Special Olympics programme, I was able to participate in sports for the first time ever when I was fifteen years old.' NZCT's GM of Grants, Marketing and Communications, Ben Hodges, says, ''We're proud to support Special Olympics New Zealand in delivering such a meaningful and inclusive event. The National Summer Games are more than just a sporting event — they're a celebration of ability, determination, and community. Grants like this wouldn't be possible without the responsible gaming partnerships we share with our local venues.'
