Primary Health Properties PLC lifts dividend for 2021 as it brings

() has told investors that it intends to pay four interim dividends in equal instalments of 1.55p in 2021.

Anticipating that all dividends this year will be in the property income distribution (PID) format, the trust said, with the first quarterly interim payout to be paid in PID form on February 26, 2021, to shareholders on the register on January 15. A scrip alternative will be offered with this dividend.

The level of the dividends implies a full-year dividend 6.2p, up from the 5.9p paid in 2020.

Earlier this week the trust, which has a portfolio of GP and medical centre premises with rents guaranteed by the UK and Irish governments, brought its management in-house via the acquisition of management company Nexus Tradeco for £33.1mln.

Some 99.95% of shareholders voted in favour of this move.

House broker Peel Hunt said on Thursday that the level of 2021 dividends was slightly ahead of its 6.1p forecast for 2021.

“PHP’s shares yield 4.0% for 2021, which looks attractive given 90% of the rent is underwritten by the government and the average lease length is over 12 years.”