Primary Health Properties PLC

Earnings Release • Nov 23, 2017

National Storage Mechanism | Additional information

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RNS Number : 3919X

Primary Health Properties PLC

23 November 2017

Hardman Research: Gilt edged rent collector - accelerating dividends

PHP rental income is effectively entirely HM Government underwritten and PHP's unbroken dividend growth is in its 21st year. In May 2017, PHP acquired its 300th primary care centre and now has 305. In 2018E, debt-financed investment continues in UK and Republic of Ireland (the latter on yields well above 6%). Interim results announced 27th July showed an acceleration in the rate of rent rises agreed (with more to come) and reduced cost of debt. We see good scope for acceleration in dividend growth, albeit 2018E may focus also on raising its cover.

Please click here for the full report:

http://hardmanandco.com/docs/default-source/company-docs/primary-health-properties-documents/23.11.17-gilt-edged-rent-collector-accelerating-dividends.pdf

To contact us:    Hardman & Co 35 New Broad Street London EC2M 1NH	Contacts: Mike Foster mf@hardmanandco.com Telephone: +44 20 7194 7622 Follow us on Twitter @HardmanandCo

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About Hardman & Co: For the past 20 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge.  Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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