Edison Investment Research Limited
London, UK, 6 March 2020
Edison issues outlook on Primary Health Properties (PHP)
The merger with MedicX has been transformational for Primary Health Properties (PHP). It brought together two high-quality, complementary portfolios, delivered immediate operational and financial synergies with the potential for more, and provided investors with an increased market capitalisation and enhanced share liquidity. PHP is well placed to profitably address the substantial investment needs of the primary healthcare sectors in the UK and Ireland and benefit from increasing evidence of accelerating rental growth.
Income visibility is strong, with long leases and substantially upwards-only rents, 90% backed directly or indirectly by government bodies, with little exposure to the economic cycle, or fluctuations in occupancy. With dividends growing and fully covered by earnings, the FY20e yield is 3.8%, supporting a premium to NAV.
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