OREANDA-NEWS. October 02, 2015. Dividend cover improves to over 100% then more:  PHP interim results last month evidence good growth, strong efficiency gains in financing and operating costs and a pleasing revaluation gain. The dividend is progressive and with a cover of 89% H1, we see cover of just over 100% H2 and 104% next year.

There have been 19 years' unbroken dividend increases paid since founding. We are encouraged to see operational efficiency improvements slightly ahead of expectations. Cost of debt stands at 4.9% and falling. This is a secure and growing real estate investment.

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http://www.hardmanandco.com/sites/default/files/research_papers/PHP%20Sept%202015.pdf