Primary Health Property distributed a total of 3.45 pence per share in the six months to 30 June 2024, equivalent to 6.9 pence on an annualised basis, which represents an increase of 3.0% over the dividend per share distributed in 2023 of 6.7 pence. This will mark the 28th year of consecutive dividend growth for PHP.
A third quarterly interim dividend of 1.725 pence per share was declared on 27 June 2024. The dividend will be paid on 16 August 2024 to shareholders who were on the register at the close of business on 5 July 2024. The dividend will comprise a Property Income Distribution of 1.45 pence per share and a normal dividend of 0.275 pence. The Company intends to maintain its strategy of paying a progressive dividend, which is paid in equal quarterly instalments, and covered by underlying earnings in each financial year. A further interim dividend payment is planned to be made in November 2024, which is expected to comprise a mixture of both Property Income Distribution and normal dividend.
The total value of dividends distributed in the period increased by 2.9% to £46.1 million (30 June 2023: £44.8 million), which were fully covered by Adjusted earnings. As previously reported, they suspended the scrip dividend scheme in light of the ongoing weakness in the share price and a dividend re-investment plan is being offered in its place.
