Primary Health Properties (PHP): Results demonstrate growth as well as security
17 February’s strong results for 2020 have prompted us to raise 2021E dividend to 6.25p, from 6.125p. Expansion of the market for modern primary medical assets accelerates and PHP’s confidence in its repeated ability to deploy the fresh equity raised in 2020 (and previous years) has had a direct positive effect on shareholder returns. We think this REIT has significant per-share value growth potential, through capital deployment prudently raising LTV, through measured but accelerating rent rises, prospective reductions in cost of debt and overhead cost efficiencies from the recent internalising of the management structure.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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