Strong progress in H1

H117 results for Primary Health Properties (PHP) show strong growth in underlying (EPRA) earnings, driven by higher rental income and lower financing costs. Amid strong competition for assets, PHP is continuing to source acquisitions that meet its criteria and reports a strong pipeline of opportunities. Long-term demographic trends and broad political will for healthcare reform continue to support the outlook for primary care property in both the UK and Ireland, and PHP’s long and largely government-backed leases underpin an attractive and fully covered dividend, which we expect to continue its 20-year growth trend.