Edison research note on Primary Health Properties

London, UK, 2 March 2015

Edison issues research update on Primary Health Properties

Primary Health Properties (PHP) provides growing dividends and an attractive 5.2% prospective yield. Cash flows are generated from a broad portfolio of government-backed healthcare facilities on long leases. Strong earnings growth in 2014, resulting from portfolio growth, lower funding costs and a lower expense ratio restored dividend cover to 84%. We expect a full contribution from funding and expense benefits in 2015. While portfolio growth is ongoing, it is currently subdued by the slow pace of new development approvals and competition for assets in this class. We have tempered our forecast asset growth, but still see full dividend cover by the end of FY16.

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