20 September 2010 – interim results
With a key attraction of shares in PSPI being the yield, it was pleasing to see that the interim dividend was raised from 2.0p to 2.5p per share. The company aims to pay 7p per share in total this year and at the current price this translates into a payout of 9.5%. The balance sheet is strong, with net assets equating to 117.1p per share or 143.3p per share on an adjusted basis at 30 June 2010. With a weighted average unexpired lease term of 22 years across the portfolio, there is good visibility of earnings over the long term. BUY.