Uploaded April 2026 | Updated September 2026, 2 weeks ago
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.com
Listen to more podcasts from Investors’ Chronicle by clicking here or heading to Apple, Spotify and YouTube.
Timestamps:
00:00 Intro
02:42 What is PHP?
05:29 Becoming a growth stock
08:20 Being a REIT
14:49 Maintaining dividend growth
18:60 How new opportunities arise
22:37 How lease negotiation works
26:33 Assura acquisition
34:54 Move to unsecured loans
37:15 The challenge of the political landscape
40:41 Potential for a buyout
45:23 Goodwins update
49:55 Small cap stock update
#Investing #finance #personalfinance #investments #business #php #healthcarestocks #healthcarestocks
Listen to our podcasts: investorschronicle.co.uk/podcasts/?utm_medium=social&utm_source=youtube&utm_campaign=editorial
Subscribe to Investors' Chronicle: investorschronicle.co.uk/product-matrix?utm_medium=social&utm_source=youtube&utm_campaign=editorial
Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Our award-winning expert writers research hundreds of companies and funds suitable for all risk appetites, to provide clear, independent recommendations for individual investors who want to make their money grow and outline how to make the most of different types of investment vehicles at all stages of your life.
Follow The Companies and Markets Show on @YouTube: youtube.com/playlist?list=PLnrcXTQl38frCLdb4HDxepjhvod-gN662
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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.com
Listen to more podcasts from Investors’ Chronicle by clicking here or heading to Apple, Spotify and YouTube.
Timestamps:
00:00 Intro
02:42 What is PHP?
05:29 Becoming a growth stock
08:20 Being a REIT
14:49 Maintaining dividend growth
18:60 How new opportunities arise
22:37 How lease negotiation works
26:33 Assura acquisition
34:54 Move to unsecured loans
37:15 The challenge of the political landscape
40:41 Potential for a buyout
45:23 Goodwins update
49:55 Small cap stock update
#Investing #finance #personalfinance #investments #business #php #healthcarestocks #healthcarestocks
Listen to our podcasts: investorschronicle.co.uk/podcasts/?utm_medium=social&utm_source=youtube&utm_campaign=editorial
Subscribe to Investors' Chronicle: investorschronicle.co.uk/product-matrix?utm_medium=social&utm_source=youtube&utm_campaign=editorial
Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Our award-winning expert writers research hundreds of companies and funds suitable for all risk appetites, to provide clear, independent recommendations for individual investors who want to make their money grow and outline how to make the most of different types of investment vehicles at all stages of your life.
Follow The Companies and Markets Show on @YouTube: youtube.com/playlist?list=PLnrcXTQl38frCLdb4HDxepjhvod-gN662
Follow Lee and the IC: youtube.com/playlist?list=PLnrcXTQl38fqB-A5bJJ-GtFjm3Q9S9Xnx
Listen to our interviews here: youtube.com/playlist?list=PLnrcXTQl38fo1Oio19rTsLt9fD2s4hKst
Follow us on LinkedIn: linkedin.com/showcase/financial-times---investors-chronicle
Follow us on Instagram: instagram.com/investorschronicle/?hl=en
Get the latest investing updates on WhatsApp: whatsapp.com/channel/0029VaD6zjW9WtBxc0gFG13F
