TIDMPHP

Primary Health Properties PLC

06 August 2018

London, UK, 2 August 2018

Edison issues update on Primary Health Properties (PHP)

Primary Health Properties (PHP) had a strong first half year with EPRA earnings growth benefiting from acquisitions made in 2017 and H118, supported by continued and increasing organic rental growth. Our forecasts for further growth are underpinned by a full period contribution from recent acquisitions, continued deployment of the proceeds of April's equity issue into a strong pipeline of opportunities, an increasingly positive outlook for rental growth, and further opportunities to lower average borrowing costs.

Our revised estimates show DPS, in the 22nd year of unbroken growth, to be fully covered for a yield of 4.7%, while asset management and rental growth provide capital appreciation potential even if yield tightening slows. Revenues are supported by secure, long-term income, substantially subject to upward-only review, with little exposure to the economic cycle, or fluctuations in occupancy.

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Andrew Mitchell, +44 (0)20 3681 2500

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