Primary Health Properties Plc (PHP.L), a real estate investment trust, on Wednesday reported a rise in extra rental income for the nine-month period.
For the nine-month period to September 30, PHP registered an additional 2.7 million pounds of extra rental income from its rent review and asset management activities, both in the UK and in Ireland.
An extra 2.4 million pounds from 241 reviews that have been settled, representing a 7.9 percent increase over the previous passing rent, equivalent to 3 percent on an annualised like for like basis.
A further 0.3 million pounds has been generated from asset management activities, where the Company has exchanged on four new projects, completed seven lease regears and six new lettings in the UK together with a further six asset management initiatives in Ireland.
"There is a growing momentum driven by demand for space and a strong pipeline of a further 39 asset management projects which, in addition to extending lease lengths and increasing rents, will improve the environmental performance of the buildings we own," PHP said.
The company noted that it is on course to generate in excess of 3 million pounds of extra income from rent reviews in 2024 driven by the improving OMV review outlook, partially offset by the impact of declining inflation on indexed-linked reviews.
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