Statement re REIT conversion

RNS Number:8318O
Primary Health Properties PLC
02 January 2007


2 January 2007

                         Primary Health Properties PLC

                            ("PHP" or the "Company")

           UK-REIT Conversion and change of accounting reference date


-   PHP, the provider of modern primary healthcare facilities, today
    announces that its conversion to UK-REIT status took effect from 1 January 
    2007.


-   In June 2006, PHP announced its intention to convert to a UK -REIT.
    Shareholders approved conversion on 18 December 2006.  Conversion effective 
    from 1 January 2007- the earliest possible conversion date.


-   The Company will achieve significant annual tax savings on income and 
    capital gains tax paid on disposal of assets


-   The Company will now pay minimum of 90% of the profits of the tax exempt 
    business in dividends - in line with current dividend policy and in
    accordance with REIT legislation.


-   The Company also announces, with effect from 1 January 2007, the change of 
    its accounting reference date to 31 December. The current accounting 
    reference period, which commenced on 1 July 2006, will therefore comprise 18
    months ending 31 December 2007.  The Company will publish interim financial
    statements for the 6 months ended 31 December 2006 and 6 months ending 30 
    June 2007, prior to publishing final financial statements for the 18 months 
    ending 31 December 2007.


Harry Hyman, Executive Managing Director of PHP, said:


"I am extremely pleased that we have been able to complete the UK -REIT
conversion.  Our new status will enhance overall shareholder returns, augment
the company's growth prospects, and significantly reduce the Company's corporate
income taxes.  At PHP, we have always believed in maximum possible distribution
of after tax profits to shareholders and UK- REIT status will allow us to
further implement this policy.  We look to the future with enthusiasm."


                                     -ends-


Enquiries:


Bell Pottinger Corporate & Financial

David Rydell/ Victoria Geoghegan               Tel: 020 7861 3232


Primary Health Properties PLC

Harry Hyman, Managing Director                 Tel: 01483 306 912


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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