TIDMPHP

Primary Health Properties PLC

28 August 2015

London, UK, 28 August 2015

Edison issues research update on Primary Health Properties

The interim results showed strong profit growth with good operational gearing as a result of ongoing cost and funding efficiencies. Cover of the progressive dividend lifted to 89%. Our revised forecasts now show full cover in H2 of the current year, with a prospective yield of 4.9%. Following a conclusive election result, there is continuity of policy towards the NHS, providing political and financial support for its five-year plan. In this context, the prospects for continuing asset growth look good. Property yields have contracted but funding conditions remain strong, maintaining a healthy spread and opportunity for ongoing accretive growth.

PHP's high payout, progressive dividend, and attractive yield are supported by secure cash flows from mainly government-backed revenues. Healthcare property values (and PHP NAV) are also benefiting from yield compression, but historical performance has shown much less volatility than the broad commercial sector.

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 London              New York          Sydney              Frankfurt 
  +44 (0)20           +1 646 653        +61 (0)2            +49 (0)69 
  3077 5700           7026              9258 1161           78 8076 960 
  280 High            245 Park          Level 25 Aurora     Schumannstrasse 
  Holborn             Avenue, 39th      Place               34b 
  London,             Floor             88 Philip           60325 Frankfurt 
  WC1V 7EE            New York,         Street              Germany 
  United Kingdom      NY 10167          Sydney NSW 
                      US                2000 
                                        Australia

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August 28, 2015 05:28 ET (09:28 GMT)

Primary Health Properties (LSE:PHP)
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