Hardman & Co Research
Hardman & Co Research: Final results show accelerating rental growth
2019 results were announced on 12 February. 90% of PHP's income is backed by the UK or RoI governments. Occupancy consistently exceeds 99%. We are confident investors will still seek out REITs with a strong focus on categories that provide security of rising income. PHP's DPS growth rate is accelerating, in contrast to the wider real estate market. 2019's complementary MedicX merger was transformational, driving improvements that continue strongly in the short term, as well as being strategically beneficial. PHP has reduced costs of borrowing and overhead ratios, benefiting 2019, but also impacting 2020 and 2021 onwards.
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About Hardman & Co: For the past 25 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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