ADR Update: Asset growth on track
A trading update to coincide with its AGM, covering the period from 1 January to 22 April 2015, confirms the group to be on track for the asset and profit growth we forecast following the FY14 results in March. We have made no changes to our underlying estimates. Primary Health Properties (PHP) provides growing dividends and an attractive 5.0% prospective yield. Cash flows are generated from a broad portfolio of government-backed healthcare facilities on long leases. Portfolio growth, lower funding costs and a lower expense ratio drove FY14 growth and we expect a full contribution from funding and expense benefits in 2015, while portfolio growth is ongoing. With profit growth, we expect full dividend cover by H216, despite a progressive dividend.Primary Health Properties is a holding company and a real estate investment trust. The principal activity of Co. is investment in primary healthcare property in the U.K. and Ireland. Co.'s properties are leased principally to general practitioners, government healthcare organizations and other associated healthcare users.
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