Primary Health Properties PLC: Preliminary results for the year ended 31 December 2022: Difference between revisions
No edit summary |
|||
Line 150: | Line 150: | ||
== Acquisition == | == Acquisition == | ||
Primary Health Properties has acquired Axis Technical Services Limited, an Irish property management business, and signed a long-term development pipeline agreement to provide access to a strong pipeline of future primary care projects in Ireland. | |||
Axis Technical Services Limited, currently manages a portfolio of over 30 properties, including the majority of PHP's Irish portfolio, and the acquisition gives the group a permanent presence on the ground, further strengthening its position in the country and relationship with the Health Service Executive ( | Axis Technical Services Limited, currently manages a portfolio of over 30 properties, including the majority of PHP's Irish portfolio, and the acquisition gives the group a permanent presence on the ground, further strengthening its position in the country and relationship with the Health Service Executive (HSE), Ireland's national health service provider. The acquired company also provides fit-out, property and facilities management services to the HSE and other businesses located across Ireland. | ||
As part of the acquisition, PHP has signed an agreement with Axis Heath Care Assets Limited ( | As part of the acquisition, PHP has signed an agreement with Axis Heath Care Assets Limited (Axis), a related company owned by Axis Technical Services Limited, which gives PHP the option to acquire Axis's development pipeline over the next five years. Axis is one of Ireland's leading developers of primary care properties, having developed five properties over the last five years that have been acquired by PHP. It also has a strong pipeline of projects, with an estimated gross development value of €50m. | ||
PHP currently owns a portfolio of 20 assets in Ireland valued at €261m. | PHP currently owns a portfolio of 20 assets in Ireland valued at €261m. |
Revision as of 22:30, 22 February 2023
Primary Health Properties PLC, the FTSE 250 healthcare real estate investment company, has made two noteworthy announcements since we last reported on the company (on 14th December 2022). For us, the key highlight of the announcements is that the company posted a 4.8% jump in its dividend for the 12-months ended 31st December 2022, meaning that the company has grown its dividend every year since its incorporation (i.e. 27 years). Accordingly, we remain confident in our valuation model (i.e. the dividend discount, Gordon growth model) and the underlying assumptions of the model (4.0% dividend constant growth rate and 8.2% discount rate), and continue to view the valuation of the company as attractive, which is supported by a yield of 6.0%.
Announcements
ccc
Risks
As with any investment, investing in Primary Health Properties carries a level of risk. Overall, based on the company's adjusted beta (i.e. 0.531), the degree of risk associated with an investment in Primary Health Properties is medium.
Valuation
The key things that influenced the assumptions of our model include: 1) dividend growth every year since inception (i.e. for 27 years); 2) 89% of rents are covered by government national health bodies of the UK and Ireland, supporting 99.7% occupancy rates and minimal tenant defaults or similar unplanned costs; 3) the lowest cost ratio (costs/rental income) in the whole of the UK REIT (real estate investment trust) space, with an EPRA (European Real Estate Association) cost ratio at 10.5%; 4) 95% of group debt is hedged for almost eight years; 5) a quarter of rent roll is explicitly linked to inflation, and management argues that the balance is effectively linked to inflation through replacement cost; 6) headroom to continue growing the portfolio of health centres; and 7) an improving rental growth outlook, with rent reviews and asset management projects completed in the first half of this year adding £1.8m or 1.3% on a like-for-like basis.
Full-year results
- Profit and loss
- For the 12-months ended 31st December 2022, rental income improved by 5.8% to £154.1 million (FY21: £145.6 million). Direct property expenses margins increased by 2.1 percentage points to 8.2% (FY21: 6.1%), leading to net rental income improving by 3.5% to £141.5 million (FY21: £136.7 million). Mainly due to a decrease in the valuation of the properties (by £64.4 million), operating profit decreased by 70% to £70.4 million (FY21: £236.7 million). However, driven by an increase in the valuation of the company's convertible bond (by £28.7 million), profit after tax decreased by less, by 59.8%, to £56.3 million (FY21: £140.1 million).
- Adjusting for revaluation gains and losses, profit on the sale of land and property and other things, diluted adjusted earrings per share jumped by 4.9% to 6.4p (FY21: 6.1p).
- The net initial yield increased by 18 basis points to 4.82% (FY21: 4.64%), equating to a net initial rental income of £135 million.
- Balance sheet
- Total assets remained more-or-less unchanged at £2,864.5 million (FY21: £2,853.1 million), with the investment properties value almost the same at £2,796.3 million (FY21: £2,795.9 million), cash down by 13% at £29.1 million (FY21: £33.4 million) and derivative interest rate swaps up by 4x to £19.6 million (FY21: £5.2 million).
- Total liabilities increased by 2.15% to £1,382.3 million (FY21: £1,353.2 million), as total debt increased by 1.9% to £1299.4 million (FY21: £1275.2 million). The loan to value (LTV) ratio increased by 2.2 percentage points to 45.1% (FY21: 42.9%).
- Overall, net assets decreased by 1.18% to £1,482.20 million (FY21: £1,499.9 million). Based on the International Financial Reporting Standards (IFRS), which essentially excluded own shares held, IFRS net assets (both basic and diluted) decreased by 1.42% to 110.9p per share (FY21: 112.5p per share). Net debt increased by 2.3% to £1270.3 million (FY21: £1241.8 million).
- Cash flow
- Adding back non cash items to net income, net cash flow from operating activities decreased by 16.2% to £117.6 million (FY21: £140.4 million). The largest non-cash item is the revaluation on the property portfolio, at a loss of £64.4 million (FY21: gain of £110.2 million).
- Net cash flow used in investing activities decreased by 68.7% to £45.8 million (FY21: £146.4 million), mainly due to the company spending less (than the previous year) to acquire and improve investment properties (£74.8 million vs. £129.6 million) and receiving more from the disposal of properties (£27.5 million vs. £0.3 million).
- Net cash flow used in financing activities increased by 20.9% to £76.9 million (FY21: £63.6 million), driven by lower debt financing (£48.8 million vs. £82.8 million) and higher dividend payment (£81.6 million vs. £74.4 million). The dividend per share improved by 4.8% to 6.5p (FY21: 6.2p), equating to a dividend cover[1] of 102%, dividend yield of 6.0% and 27 years of continued dividend growth.
- Other
- The results demonstrate the company's predictable cash flows and progressive dividend policy.
- With the majority of the company's debt is fixed or hedged for a weighted average period of just over seven years, a strong control on costs and just one development on site, the company has a limited exposure to further cost increases and development risk.
- The demographic of the UK and Irish populations is ageing and growing, and PHP continues to be well placed to help deliver and modernise the real estate infrastructure required to meet the expected increase in healthcare in primary care and community settings.
- The portfolio's metrics continue to reflect the group's secure, long-term and predictable income stream with occupancy at 99.7% (31 December 2021: 99.7%), weighted average unexpired lease term (WAULT) of 11.0 years (31 December 2021: 11.6 years) and 89% (31 December 2021: 90%) of income funded by government bodies.
Income statement metrics | Year to 31st December 2022 | Year to 31st December 2021 | Change | ||||
---|---|---|---|---|---|---|---|
Net rental income | £141.5m | £136.7m | +3.5% | ||||
Adjusted earnings | £88.7m | £83.2m | +6.6% | ||||
Adjusted earnings per share | 6.6p | 6.2p | +6.5% | ||||
IFRS profit for the year | £56.3m | £140.1m | -59.8% | ||||
IFRS earnings per share | 4.2p | 10.5p | -60.0% | ||||
Dividends | |||||||
Dividend per share | 6.5p | 6.2p | +4.8% | ||||
Dividends paid | £86.7m | £82.4m | +5.2% | ||||
Dividend cover | 102% | 101% | |||||
Balance sheet and operational metrics | 31st December 2022 | 31st December 2021 |
Change | ||||
Adjusted NTA (NAV) per share | 112.6p | 116.7p | -3.5% | ||||
IFRS NTA per share | 110.4p | 112.5p | -1.9% | ||||
Property portfolio | |||||||
Investment portfolio valuation | £2.796bn | £2.796bn | -2.2% | ||||
Net initial yield ("NIY") | 4.82% | 4.64% | +18 bps | ||||
Contracted rent roll (annualised) | £145.3m | £140.7m | +3.3% | ||||
Weighted average unexpired lease term ("WAULT") | 11.0 years | 11.6 years | |||||
Occupancy | 99.7% | 99.7% | |||||
Rent-roll funded by government bodies | 89% | 90% | |||||
Debt | |||||||
Average cost of debt | 3.2% | 2.9% | +30 bps | ||||
Loan to value ratio | 45.1% | 42.9% | |||||
Weighted average debt maturity - drawn facilities | 7.3 years | 8.2 years | -0.9 years | ||||
Total undrawn loan facilities and cash | £325.9m | £321.2m |
Acquisition
Primary Health Properties has acquired Axis Technical Services Limited, an Irish property management business, and signed a long-term development pipeline agreement to provide access to a strong pipeline of future primary care projects in Ireland.
Axis Technical Services Limited, currently manages a portfolio of over 30 properties, including the majority of PHP's Irish portfolio, and the acquisition gives the group a permanent presence on the ground, further strengthening its position in the country and relationship with the Health Service Executive (HSE), Ireland's national health service provider. The acquired company also provides fit-out, property and facilities management services to the HSE and other businesses located across Ireland.
As part of the acquisition, PHP has signed an agreement with Axis Heath Care Assets Limited (Axis), a related company owned by Axis Technical Services Limited, which gives PHP the option to acquire Axis's development pipeline over the next five years. Axis is one of Ireland's leading developers of primary care properties, having developed five properties over the last five years that have been acquired by PHP. It also has a strong pipeline of projects, with an estimated gross development value of €50m.
PHP currently owns a portfolio of 20 assets in Ireland valued at €261m.
Risks
As with any investment, investing in Primary Health Properties carries a level of risk. Overall, based on the company's adjusted beta (i.e. 0.531), the degree of risk associated with an investment in Primary Health Properties is relatively 'medium'.
Here, to estimate the adjusted beta, we used the iShares MSCI World ETF to represent the market portfolio; and in terms of the time period and frequency of observations, we used five years of monthly data (i.e. 60 observations in total), which is supported by a study and is the most common choice. The beta value in a future period has been found to be on average closer to the mean value of 1.0, and because valuation is forward-looking, it is logical to adjust the raw beta so it more/most accurately predicts a future beta. In addition, here, we have assumed that for an investment to be considered 'medium' risk, it must have a beta value of between 0.5 and 1.5. Further information about the beta ratings can be found in the appendix section of this report.
For us, currently, the biggest risk to the valuation of the company relates to macro-economic factors, in particular unexpected and sudden changes in inflation and interest rates movements.
Valuation
Research suggests that in terms of estimating the expected return of an investment over a period of 12-months or more, the approach that is more/most accurate is the absolute valuation approach, so that's the approach that we suggest using to determine the estimated value of the company. With the growth rate of the company's dividend relatively constant, we suggest valuing the business using the dividend discount model approach (rather than the free cash flow valuation approach).
Accordingly, we estimate that the expected return of an investment in Primary Health Properties Plc over the next five years is 82%, which equates to an annual return of 12.67%. In other words, an £100,000 investment in the company is expected to return £182,000 within five years from now. The assumptions used to estimate the return figure can be found in the table below.
Assuming that a suitable return level in the 12 months is 10% and Primary Health Properties Plc achieves its expected return level (of 12.67%), then an investment in the company is considered to be a 'suitable' one.
What are the assumptions used to estimate the return figure?
Description | Value | Commentary |
---|---|---|
Which valuation model do you want to use? | Discounted cash flow | Research suggests that in terms of estimating the expected return of an investment over a period of 12-months or more, the approach that is more accurate is the absolute valuation approach, so that's the approach that we suggest using to determine the estimated value of the company. |
Which type of discounted cash flow model do you want to use? | Dividend discount model | The dividend discount model (DDM) is one of the most common discounted cash flow models. |
How many distinct stage of growth do you want to use? | One stage | For simplicity, we have used the one stage pattern here. |
What is the expected constant growth rate in dividends? | 4% | We note that the gross domestic product (GDP) growth rate in the last 20 years (2001 to 2022) is around 3% per year for the global economy, and around 2.25% for the United Kingdom. Given that the company mainly operates in the UK and the size of the company's leverage (LTV is 45%), we expect the company's dividends to grow by more than UK GDP growth. |
Which forecasts to use for the one-year ahead expected dividend amount? | Proactive Investors | Here, we have used the forecasts of Proactive Investors. |
What is the required return on equity? | 8.16% | For estimating the required return on equity, we used the Capital Asset Pricing Model (CAPM), which provides an economically grounded and relatively objective procedure for required return estimation, and, therefore, it has been widely used in valuation. The calculation of the required return on equity (and the reasons behind the calculation) can be found in the table below. |
What's the current value of the company? | 108.9 pence per share | As at 22nd February 2023, the current value of Primary Health Properties Plc is 108.9p per share. |
Input | Input value | Additional information |
---|---|---|
Risk-free rate (%) | 3.92% | Here, the risk free rate is the US 30 year treasury bond, and is calculated as at 22nd February 2022. |
Beta | 0.531 | Here, to estimate the adjusted beta, we used the iShares MSCI World ETF to represent the market portfolio; and in terms of the time period and frequency of observations, we used five years of monthly data (i.e. 60 observations in total), which is supported by a study and is the most common choice. The beta value in a future period has been found to be on average closer to the mean value of 1.0, the beta of an average-systematic-risk security, than to the value of the raw beta; because valuation is forward looking, it is logical to adjust the raw beta so it more accurately predicts a future beta. |
Equity risk premium (%) | 7.98% | Research suggests that for the region of equity risk premium, it's best to use one that is the same or similar to the region of the beta market portfolio. Here, the region of the beta market portfolio is the world/global, so we have used the world/global region for the equity risk premium, and is calculated as at 5th January 2023. |
Cost of equity (%) | 8.16% | Cost of equity = Risk-free rate + Beta x Equity risk premium. |
Sensitive analysis
The three main inputs that result in the greatest change in the expected return of the Primary Health Properties Plc investment are, in order of importance (from highest to lowest):
- The discount rate (the default multiple is 8.16%);
- The dividend growth rate (the default multiple is 4.00%); and
- The most recent full-year dividend per share figure (the default forecast is 6.50 pence per share).
The impact of a 10% change in those main inputs to the expected return of the Primary Health Properties Plc investment is shown in the table below.
Main input | 10% worse | Unchanged | 10% better |
---|---|---|---|
Discount rate | 52% | 82% | 126% |
Dividend per share | 63% | 82% | 100% |
Growth rate | 66% | 82% | 101% |
Appendix
Cap rate valuation
A key, and common, way to value real estate is by dividing the estate's net operating income by the estate's capitalization rate (or cap rate, for short), and we note that the cap rate is similar to the net initial yield (NIY).
The net initial yield (NIY) and investment portfolio valuation of PHP is 4.82% and £2.796 billion, respectively, equating to a net rental income of £135 million.
We note that a £5 million improvement in net rental income (from £135 million to £140 million) equates to a £109 million improvement in the valuation of the portfolio, all other things being equal. Similarly, a half a percentage point reduction in the net initial yield (from 4.82% to 4.32%) equates to a £329 million improvement in the valuation of the portfolio, again, ceteris paribus. We anticipate that any improvements (in the valuation of the portfolio) will translate to an almost identical increase in the valuation of the company. So, for example, if the improvement in the property valuation is £329 million, then the company valuation will also increase by £329 million.
3.50% | 4.00% | 4.50% | 5.00% | 5.50% | 6.00% | |
---|---|---|---|---|---|---|
125.0 | 3,571 | 3,125 | 2,778 | 2,500 | 2,273 | 2,083 |
130.0 | 3,714 | 3,250 | 2,889 | 2,600 | 2,364 | 2,167 |
135.0 | 3,857 | 3,375 | 3,000 | 2,700 | 2,455 | 2,250 |
140.0 | 4,000 | 3,500 | 3,111 | 2,800 | 2,545 | 2,333 |
145.0 | 4,143 | 3,625 | 3,222 | 2,900 | 2,636 | 2,417 |
150.0 | 4,286 | 3,750 | 3,333 | 3,000 | 2,727 | 2,500 |
Peers
Company name | Bloomberg ticker | Primary exchange | Market capitalisation (GBP) | BF P/FFO | Yield (%) | Interest cover (x) | Total debt/total capital |
---|---|---|---|---|---|---|---|
Primary Health Properties PLC | PHP LN | United Kingdom | 1,459m | 0.168 | 5.95% | N/A | 46% |
Assura PLC | AGR LN | United Kingdom | 1,578m | -- | 5.77% | 3.77 | 41% |
Aedifica SA | AED BB | Belgium | 2,660m | 14.8279 | 4.75% | 5.91 | 43% |
Target Healthcare REIT PLC | THRL LN | United Kingdom | 477m | -- | 8.78% | 8.35 | 25% |
Cofinimmo SA | COFB BB | Belgium | 2,340m | 11.3873 | 7.12% | 7.80 | 44% |
Impact Healthcare Reit PLC | IHR LN | United Kingdom | 404m | 0.1111 | 6.51% | N/A | 22% |
Other information
Dividends
Over the last 10 years, the median dividend of the company is 2.78% and the mean is 3.47%.
Year | Q1 | Q2 | Q3 | Q4 | Total | Growth (%) |
---|---|---|---|---|---|---|
2022 | 1.625 | 1.625 | 1.625 | 1.625 | 6.5 | 4.84% |
2021 | 1.55 | 1.55 | 1.55 | 1.55 | 6.2 | 5.08% |
2020 | 1.475 | 1.475 | 1.475 | 1.475 | 5.9 | 5.36% |
2019 | 1.4 | 1.4 | 1.4 | 1.4 | 5.6 | 3.70% |
2018 | 1.35 | 1.35 | 1.35 | 1.35 | 5.4 | 2.86% |
2017 | 1.31 | 1.31 | 1.31 | 1.32 | 5.25 | 2.44% |
2016 | 1.28125 | 1.28125 | 1.28125 | 1.28125 | 5.125 | 2.50% |
2015 | 0 | 2.5 | 0 | 2.5 | 5 | 2.56% |
2014 | 0 | 2.4375 | 0 | 2.4375 | 4.875 | 2.63% |
2013 | 0 | 2.375 | 0 | 2.375 | 4.75 | 2.70% |
2012 | 0 | 2.3125 | 0 | 2.3125 | 4.625 |
Risk rating
Rating | Beta |
---|---|
Low | Equal to or below 0.5 |
Medium | Between 0.5 and 1.5 |
High | Equal to or above 1.5 |
2022 (£m) | 2021 (£m) | |
---|---|---|
Rental income | 154.1 | 145.6 |
Direct property expenses | -12.6 | -8.9 |
Net rental income | 141.5 | 136.7 |
Administrative expenses | -9.6 | -10.5 |
Revaluation (deficit)/gain on property portfolio | -64.4 | 110.2 |
Profit on sale of land and property | 2.9 | 0.3 |
Total revaluation (deficit)/gain | -61.5 | 110.5 |
Operating profit | 70.4 | 236.7 |
Finance income | 0.9 | 0.8 |
Finance costs | -41.2 | -35.9 |
Early loan redemption finance cost | - | -24.6 |
Termination payment and goodwill impairment on acquisition of Nexus | - | -35.3 |
Nexus acquisition costs | - | -1.7 |
Fair value loss on derivative interest rate swaps and amortisation of hedging reserve | -1.9 | -1.8 |
Fair value gain on convertible bond | 28.7 | 3.4 |
Profit before taxation | 56.9 | 141.6 |
Taxation charge | -0.6 | -1.5 |
Profit after taxation | 56.3 | 140.1 |
Other comprehensive income: | ||
Items that may be reclassified subsequently to profit and loss | ||
Fair value gain on interest rate swaps treated as cash flow hedges and amortisation of hedging reserve | 4.5 | 4.5 |
Exchange gain/(loss) on translation of foreign balances | 3.2 | -3.4 |
Other comprehensive income net of tax | 7.7 | 1.1 |
Total comprehensive income net of tax | 64 | 141.2 |
IFRS earnings per share | ||
Basic | 4.2 | 10.5 |
Diluted | 2.2 | 9.8 |
Adjusted earnings per share | ||
Basic | 6.6 | 6.2 |
Diluted | 6.4 | 6.1 |
2022 (£m) | 2021 (£m) | |
---|---|---|
Non-current assets | ||
Investment properties | 2,796.30 | 2,795.90 |
Derivative interest rate swaps | 19.6 | 5.2 |
Fixed assets | 0.4 | 0.3 |
2,816.30 | 2,801.40 | |
Current assets | ||
Trade and other receivables | 17.8 | 17.6 |
Cash and cash equivalents | 29.1 | 33.4 |
Developments work in progress | 1.3 | 0.7 |
48.2 | 51.7 | |
Total assets | 2,864.50 | 2,853.10 |
Current liabilities | ||
Deferred rental income | -29.2 | -28.3 |
Trade and other payables | -32.6 | -40 |
Borrowings: term loans and overdraft | -2.3 | -2.2 |
-64.1 | -70.5 | |
Non-current liabilities | ||
Borrowings: term loans and overdraft | -682.5 | -700.2 |
Borrowings: bonds | -614.6 | -572.8 |
Derivative interest rate swaps | -12.5 | -0.8 |
Head lease liabilities | -3.2 | -4.5 |
Deferred tax liability | -5.4 | -4.4 |
-1,318.20 | -1,282.70 | |
Total liabilities | -1,382.30 | -1,353.20 |
Net assets | 1,482.20 | 1,499.90 |
Equity | ||
Share capital | 167.1 | 166.6 |
Share premium account | 479.4 | 474.9 |
Merger and other reserves | 416.7 | 413.5 |
Hedging reserve | -11.1 | -15.6 |
Retained earnings | 430.1 | 460.5 |
Total equity 1 | 1,482.20 | 1,499.90 |
Net asset value per share | ||
IFRS net assets - basic and diluted | 110.9 | 112.5 |
Adjusted net tangible assets2 - basic | 112.6 | 116.7 |
Adjusted net tangible assets2 - diluted | 114.5 | 118.6 |
2022 (£m) | 2021 (£m) | |
---|---|---|
Operating activities | ||
Profit on ordinary activities after tax | 56.3 | 140.1 |
Taxation charge | 0.6 | 1.5 |
Finance income | -0.9 | -0.8 |
Finance costs | 41.2 | 35.9 |
Early loan redemption finance cost | - | 24.6 |
Termination payment and goodwill impairment on acquisition of Nexus | - | 35.3 |
Nexus acquisition costs | - | 1.7 |
Fair value loss on derivatives | 1.9 | 1.8 |
Fair value loss on convertible bond | -28.7 | -3.4 |
Operating profit before financing costs | 70.4 | 236.7 |
Adjustments to reconcile Group operating profit before financing to net cash flows from operating activities: | ||
Revaluation loss/(gain) on property portfolio | 64.4 | -110.2 |
Profit on sale of land and property | -2.9 | -0.3 |
Long Term Incentive Plan ("LTIP") | - | 0.2 |
Effect of exchange rate fluctuations on operations | - | - |
Fixed rent uplift | -0.9 | -1.2 |
Tax paid | 0.2 | -0.4 |
(Increase) in trade and other receivables | -0.7 | -0.3 |
(Decrease)/increase in trade and other payables | -12.9 | 15.9 |
Cash generated from operations | 117.6 | 140.4 |
Net cash flow from operating activities | 117.6 | 140.4 |
Investing activities | ||
Payments to acquire and improve investment properties | -74.8 | -129.6 |
Receipts from disposal of properties | 27.5 | 0.3 |
Cash paid for acquisition of Nexus, including fees | - | -18.2 |
Cash acquired as part of merger | - | 0.4 |
Interest received on development loans | 1.5 | 0.7 |
Net cash flow used in investing activities | -45.8 | -146.4 |
Financing activities | ||
Proceeds from issue of shares | - | - |
Cost of share issues | -0.1 | -0.1 |
Term bank loan drawdowns | 161.6 | 335.6 |
Term bank loan repayments | -175.7 | -252.8 |
Proceeds from bond issues | 62.9 | - |
Loan arrangement fees | -3.5 | -2.7 |
Purchase of derivative financial instruments | - | -1.9 |
Early loan redemption finance cost | - | -24.6 |
Swap interest received | 1.4 | - |
Non-utilisation fees | -2 | -1.8 |
Interest paid | -39.8 | -40.9 |
Bank interest received | - | - |
Equity dividends paid net of scrip dividend | -81.6 | -74.4 |
Net cash flow from financing activities | -76.9 | -63.6 |
Decrease in cash and cash equivalents for the year | -5 | -69.6 |
Effect of exchange rate fluctuations on Euro-denominated loans and cash equivalents | 0.7 | -0.6 |
Cash and cash equivalents at start of year | 33.4 | 103.6 |
Cash and cash equivalents at end of year | 29.1 | 33.4 |
References and notes
ccc
- ↑ Dividend cover is the number of times the dividend payable (on an annual basis) is covered by Adjusted earnings. Adjusted earnings is EPRA earnings excluding the contract termination fee and amortisation of mark to market adjustments for fixed rate debt acquired on the merger with MedicX.