Primary Health Properties - secure with some sizzle
Primary Health Properties (LON:PHP) is a UK & Ireland focused real estate investment trust (REIT), with a strong rental cash-flow base, and a low-risk profile, holding a portfolio of 484 primary healthcare properties.
The company has an impressive track record of dividend growth, increasing the payment every year since listing in 1997. In addition, the company has delivered steady capital gains on its portfolio that have translated into share price appreciation. On p2 we provide a reminder of how PHP’s returns model has delivered for shareholders.
In March 2019 PHP completed its transformational merger with MedicX (another primary healthcare REIT), with objectives of lowering the cost ratio (now lowest in the UK REIT space), lowering financing costs, and other merger synergies. In our detailed initiation report (11 June 2019) we provided some details of how we expected the merger benefits to play out, as well as general positive drivers for the company. Some events in the last few months have proved supportive of our expectations.
Quick facts: Primary Health Properties PLC
Price: 146 GBX
Market Cap: £1.78 billion
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