London, UK, 16 May 2017

Edison issues update on Primary Health Properties (PHP)

Primary Health Properties' (PHP) 26 April trading update demonstrated several positive developments in the year to date: continued portfolio and rental growth, new long-term financing, a revision of the advisory agreement with Nexus and a higher quarterly dividend (5.25p annualised vs 5.125p in FY16). 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 primary care market in the UK and Ireland is inherently stable compared with other real estate subsectors; long leases, effectively full occupancy at all times and the presence of the NHS and HSE as major tenants mean that rents and valuations are less volatile than in other markets. The stable, long-term cash flows PHP's portfolio generates support an FY17e dividend yield of 4.7%, fully covered by EPRA earnings and which we expect to continue to grow, as it has for 20 years.

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