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Monday 18 December, 2017

Edison Investment Research Lim

Edison issues update on Primary Health Properties (PHP)

Edison Investment Research Limited
Edison Investment Research Limited: Edison issues update on Primary Health Properties (PHP)

18-Dec-2017 / 13:15 GMT/BST


London, UK, 18 December 2017

Edison issues update on Primary Health Properties (PHP)

Primary Health Properties (PHP) has agreed the acquisition of a large and modern primary care facility in the Republic of Ireland (RoI), its third to date, at a cost of EUR20m. Yields in the RoI remain noticeably ahead of those currently available in the UK despite some signs of competition. Acquisitions of c £70m since end-H1, and a current contracted rent roll of just over £73m, are in line with our forecasts for the year and sufficient to trigger investment adviser performance fees, now included in reported, but not underlying, earnings forecasts. Acquisitions, rent increases, and long and largely government-backed leases underpin PHP's attractive, growing and fully covered dividend, which we expect to continue its 20-year growth trend.

We are forecasting a fully covered FY18 prospective 4.7% dividend yield. Revenues are supported by secure, long-term income in a market that is much less sensitive to economic cycles than other commercial real estate subsectors, and therefore shows less volatility in occupancy, rents and valuation.

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