2019 results were announced on 12 February. 90% of PHP’s income is backed by the UK or RoI governments. Occupancy consistently exceeds 99%. We are confident investors will still seek out REITs with a strong focus on categories that provide security of rising income. PHP’s DPS growth rate is accelerating, in contrast to the wider real estate market. 2019’s complementary MedicX merger was transformational, driving improvements that continue strongly in the short term, as well as being strategically beneficial. PHP has reduced costs of borrowing and overhead ratios, benefiting 2019, but also impacting 2020 and 2021 onwards.
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