PHP’s results, reported on 25 July, showed £1.42bn investment assets and a contracted rent roll of £74.4m (+7.4%). The 2018 £115m equity raise is being deployed, thus rebuilding EPS, albeit on greater shares in issue. PHP’s continuing stand-out dividend track record is excellent, as is its refusal to fall into the trap of overpaying for assets. The new supply of primary medical properties has been constrained but is starting to rise, so PHP’s development partners (PHP undertakes zero development risk) underpin the growing acquisition pipeline. This is stated at £175m, and our model assumes an acquisition rate of £100m p.a.