GP surgery property owner Primary Health Properties PLC (LON:PHP) raised its dividend for a 22nd year as it played down Brexit uncertainties.
“Whatever the final outcome and consequences of Brexit for the UK it is unlikely to have a direct impact on the primary health centres we invest in,” said Harry Hyman chief executive.
READ: Primary Health boosts GP portfolio with £400mln MedicX merger
PHP, which recently agreed to merge with peer MedicX, added strong demand for healthcare properties is continuing to push asset prices higher.
The value of the portfolio rose by 2.5% to £1.5bn and will rise to £2.3bn once the MedicX deal completes with underlying NAV up 4.4% to 105.1p
Rental income rose 7% to £76.4mln with 91% underwritten by either the UK or Irish governments.
The annual dividend rose by 2.9% to 5.4p for a yield of 4.6% at 117p.
"We have selectively and successfully invested the proceeds from the over-subscribed equity raise in April 2018 and further strengthened the balance sheet,” said Hyman
The MedicX merger brings together two highly complementary portfolios in the UK and Ireland and will represent a stronger platform for the future, he added.