London, UK, 7 August 2017

Edison issues update on Primary Health Properties (PHP)

H117 results for Primary Health Properties (PHP) show strong growth in underlying (EPRA) earnings, driven by higher rental income and lower financing costs. Amid strong competition for assets, PHP is continuing to source acquisitions that meet its criteria and reports a strong pipeline of opportunities. Long-term demographic trends and broad political will for healthcare reform continue to support the outlook for primary care property in both the UK and Ireland, and PHP's long and largely government-backed leases underpin an attractive and fully covered dividend, which we expect to continue its 20-year growth trend.

The prospective 4.5% dividend yield is supported by secure, long-term income in a market that is much less sensitive to economic cycles than other commercial real estate subsectors, and therefore shows less volatility in occupancy, rents and valuation.

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