Primary Health Properties (PHP) offers a prospective yield of 5.8%, generated from a broad portfolio of government-backed healthcare facilities on long leases. In 2013 the dividend progressed again, with cover improved marginally despite share issuance to fund acquisitions. We forecast continued dividend growth and significantly improved cover (100% by H215). A full period earnings contribution from 2013 portfolio additions, expected further portfolio growth, a reduction in funding costs following debt restructuring, a reduction in advisory fees following contract renegotiation and a modest improvement in rents all contribute to this trend.

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