We have increased our full year NAV/share forecasts on the back of strong interim results. PHP is achieving better than anticipated rent increases, averaging 3% on review, and H2 will benefit from the full impact of acquisitions completed during H1. The growth outlook is to some extent tempered by a probable hiatus in healthcare industry investment in new primary care facilities, as it absorbs the implications of July's DoH White Paper and awaits the detailed bill due in October or November. PHP sees the proposals, which put GPs in the driving seat, as positive and retains an ambitious programme of growth via acquisition for the next few years and beyond.

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