100% dividend cover target achieved in H2 2015
​PHP reported final results 4th February and 2015’s dividend cover rose to 107% in second half. FY 2016 we estimate 105% cover. There have been 19 years’ unbroken dividend increases paid since founding. 2015 profits were significantly enhanced by operational and financing efficiencies. Cost of debt stands at 4.67%, and falling. So what comes next? Predicability in a difficult / late-cycle world. Likelihood of further progressive tightening of yields. The assets were valued on an average net initial yield basis 5.32% 2015, (tightening 10-20bps pa in recent years) a continuing trend. With upward only rents, this is a secure and growing real estate investment.
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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