Update: Operational gearing delivers dividend cover
Cost and funding efficiencies combined with continued asset growth have delivered strong earnings growth in 2015 for PHP. By the year end the progressive dividend was again fully covered (107% in H215 and 98% for the year). There is political and financial support for NHS planning that should soon see an acceleration of new development spending, with good prospects for long-term growth. Property yields have contracted but funding conditions remain strong, maintaining a healthy spread and opportunity for ongoing accretive growth. Meanwhile, PHP is making a limited entry into the Irish market where it can acquire at higher debt-adjusted yields.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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