17 February’s strong results for 2020 have prompted us to raise 2021E dividend to 6.25p, from 6.125p. Expansion of the market for modern primary medical assets accelerates and PHP’s confidence in its repeated ability to deploy the fresh equity raised in 2020 (and previous years) has had a direct positive effect on shareholder returns. We think this REIT has significant per-share value growth potential, through capital deployment prudently raising LTV, through measured but accelerating rent rises, prospective reductions in cost of debt and overhead cost efficiencies from the recent internalising of the management structure.
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