Update: Good progress on dividend cover target
The first half of FY14 has seen strong progress on Primary Health Property's (PHP's) short-term priority of returning to full dividend cover while maintaining progressive dividend growth. Properties acquired in late FY13 (including £233m of assets from the Prime Public Partnerships [PPP] acquisition), the refinancing of expensive acquired debt and the restructuring of the management contract have all contributed to increased earnings (adjusted earnings up 92% in H114 versus H113). Despite an increased dividend and an increased share count, dividend cover increased to 76% from the 52% originally reported in H113 and 57% in H213. PHP offers a prospective yield of 5.6%, generated from a broad portfolio of government-backed healthcare facilities on long leases.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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