Long-term income
FY16 was Primary Health Properties’ (PHP) 20th year of uninterrupted dividend growth and saw a return to full dividend cover. The capital increase in April 2016 (£145.3m net of costs) enabled management to reduce LTV, lower the cost of debt and continue to expand the portfolio of modern, purpose-built primary care assets on long leases mainly to government-backed tenants. The efficient operating model should deliver further reduction in the EPRA cost ratio in FY17 as the portfolio grows, increasing profitability and underpinning the secure dividend stream. The first quarterly dividend for FY17 of 1.31p has been declared, and we forecast continued, fully covered dividend growth to 5.25p per share in FY17 and 5.36p in FY18.
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