PHP rental income is effectively entirely HM Government underwritten and PHP’s unbroken dividend growth is in its 21st year. In May 2017, PHP acquired its 300th primary care centre and now has 305. In 2018E, debt-financed investment continues in UK and Republic of Ireland (the latter on yields well above 6%). Interim results announced 27th July showed an acceleration in the rate of rent rises agreed (with more to come) and reduced cost of debt . We see good scope for acceleration in dividend growth, albeit 2018E may focus also on raising its cover.