Report
Mike Foster

Primary Health Properties (PHP): High security and accelerating dividend growth

90% of PHP’s income is backed by the UK or Republic of Ireland (RoI) governments. Occupancy consistently exceeds 99%. We are confident investors will continue to seek out REITs with strong asset-class focus, particularly categories that provide security of rising income. PHP achieves all this and its dividend per share growth rate is accelerating as a result. In a total contrast to the wider real estate market, rent reviews on PHP assets are accelerating upwards. PHP’s growth avenues are expanding. The March 2019 merger with MedicX Fund – as well as a £4m p.a. synergy efficiency and additional investment assets of more than £800m – has added complementary routes to purchase new assets.
Underlying
Primary Health Properties PLC

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.

Provider
Hardman & Co
Hardman & Co

We are a rapidly growing, innovative corporate research & consultancy business, based in London, serving the needs of both public and private companies.

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Analysts
Mike Foster

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