Proactive Research analyst Ed Stacey gives his view on Primary Health Properties PLC (LSE:PHP, FRA:PP51)'s (LON:PHP) which is currently trading at new all-time highs following strong interim results that were reported on 28 July.
The company reported 4.5% growth in net rental income year-on-year, and 5.1% growth in the dividend. PHP remains on track for 6.2p of dividends for the full year 2021, which will represent 25 years of consecutive dividend increases.
Stacey says their progress reflects continued positive rent reviews (1.5% increase for the first half), more than 99% successful collection of rents due to a tenant base that is 90% government-backed, and the impact of ongoing investments in the property portfolio.