Meeting Primary Health Properties CEO: Lee and The IC

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 Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times . Hosted on Acast. See acast.com/privacy for more information.

You can listen to Meeting Primary Health Properties CEO: Lee and The IC online on Radio and Podcast. Open the player on this page to stream the available audio.

Meeting Primary Health Properties CEO: Lee and The IC is an episode from Investors Chronicle by Investors' Chronicle.

This episode is 51:38 long.

This episode was published on Apr 21, 2026.

Yes. Use the heart button on the episode page to add it to your favorite episodes list.

Yes. This page shows related episodes from Investors Chronicle when more episodes are available from the podcast feed.