Investors Chronicle

Primary Health Properties (PHP) is one of the UK market’s best-known income stocks.With a record of 30 consecutive annual dividend increases and the strongest tenant base in the real estate sector, it has long been a favourite of investors looking for a secure, growing yield.Since chief executive Mark Davies took over from founder and chair Harry Hyman in 2024, the story has been more dramatic. Last year, in a high-profile contest, Davies saw off KKR in its bid for Assura and combined with its major listed peer to form a Reit with £6bn of assets.We discuss the logic of the deal, the landlord’s relationship with the NHS, debt, politics, why John believes PHP is a “no brainer” investment and the appropriate yield he, Davies and Hyman believe the stock warrants.Let us know your thoughts, or if you have any questions or any suggestions for future guests, by emailing alex.newman@ft.comListen to more podcasts from Investors’ Chronicle by clicking here or heading to Apple, Spotify and YouTube.Timestam