London, UK, 2 March 2018
Edison issues outlook on Primary Health Properties (PHP)
2017 saw continuing growth in assets, earnings, NAV, dividends and dividend cover. EPRA NAV total return for the year was 16.4%. The prospects for further growth are good, with a strong pipeline of investment opportunities, a reduced LTV and average cost of debt, and substantial undrawn borrowing facilities. While yield tightening has benefited capital growth in recent years, it also increases the cost of acquisitions, and indications of accelerating rent growth are a positive development.
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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