PHP, a REIT, has served well as a defensive investment proposition, growing its dividend in each of the 21 years of its public quoted existence. 2017 saw two significant achievements, which have been portents for accelerated growth to be delivered in 2018 onwards. It is deploying the proceeds of previous equity raising at a strong pace and securing good acquisition momentum in the newer market of the Republic of Ireland (RoI), where rental yields are higher. It is exposed to a market where the visibility of (modest) acceleration in rates of rental growth is quite strong. Both sets of factors underpin good support for dividend growth.