Edison Investment Research Limited: Primary Health Properties (PHP): Resilient growth set to continue

London, UK, 8 March 2021

Primary Health Properties (PHP): Resilient growth set to continue

With its properties performing an essential role in the fight against the pandemic, and with 90% of rents paid directly or indirectly by governments, Primary Health Properties' (PHP's) portfolio was extremely resilient in FY20. DPS growth was uninterrupted due to consistently strong operational cash flows, and after a Q1 DPS increase of 5.1% in the current year, PHP is in its 25th year of unbroken dividend growth. With capital values also benefiting from a flight to quality, the FY20 total accounting return was 10.1%.

Income visibility is strong, with long leases and substantially upwards-only rents, 90% backed directly or indirectly by government bodies, with little exposure to the economic cycle or fluctuations in occupancy. We expect an FY21e DPS of 6.2p, fully covered by earnings, representing a yield of 4.1.

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