Primary Health Properties PLC (LSE:PHP, OTC:PHPRF)’s shares jumped this morning as it announced a 26th consecutive year of dividend growth.
The primary healthcare-focused real estate investment trust (REIT), which mainly leases GP surgeries, rose dividends per share to 6.2p, growing 5.1% on 2020.
Adjusted earnings for the trust jumped 13.8% to £83.2mln and earnings per share rose 6.9% to 6.2p as investment continued throughout the year.
The group increased its portfolio 4.1% to £2.8bn, with net rental income rising 4.2% to £136.7mln.
“Despite the uncertainty and volatility in the economic environment over the last two years we have continued to deliver a strong and robust operational and financial performance and the Group’s portfolio has continued to demonstrate strong resilience throughout this period,” said PHP chairman Steven Owen.
“Having successfully delivered 25 years of secure and reliable growth for our shareholders, we have firmly established ourselves as a sector leader and the Board looks forward to delivering further earnings and dividend growth in 2022 and remains confident in PHP’s future outlook.”
PHP said that a growing and ageing UK population with an increased prevalence for chronic illness meant demand for its properties was expected to remain strong in the long run.
The group also said an ageing stock of healthcare facilities would soon require a wholesale upgrade by Government, which accounts for 90% of PHP’s income.
PHP’s share price rose 0.87% this morning to 138.5p.