Edison Investment Research Limited: Primary Health Properties (PHP): Continuing strong DPS growth well supported

London, UK, 2 March 2022

Primary Health Properties (PHP): Continuing strong DPS growth well supported

Income visibility and security continue to be the hallmark of Primary Health Properties (PHP), now in its 26th year of unbroken dividend growth. FY21 showed strong progress despite a competitive market for acquisitions, driven by rent reviews and asset management, and operational and financial savings from management internalisation and debt refinancing.

PHP's valuation is driven by its income visibility and security, with strong prospects for further growth in income and dividends. Leases are long and substantially upward-only leases, 90% backed directly or indirectly by government bodies, with little exposure to the economic cycle or fluctuations in occupancy. The FY22e DPS of 6.5p fully covered by Adjusted EPRA earnings, represents a yield of 4.8%, while the P/NAV has compressed to c 1.1x.

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