| Edison Investment Research Limited Edison Investment Research Limited: Edison issues update on Primary Health Properties (PHP) 18-Dec-2017 / 13:15 GMT/BST London, UK, 18 December 2017 Edison issues update on Primary Health Properties (PHP) Primary Health Properties (PHP) has agreed the acquisition of a large and modern primary care facility in the Republic of Ireland (RoI), its third to date, at a cost of EUR20m. Yields in the RoI remain noticeably ahead of those currently available in the UK despite some signs of competition. Acquisitions of c £70m since end-H1, and a current contracted rent roll of just over £73m, are in line with our forecasts for the year and sufficient to trigger investment adviser performance fees, now included in reported, but not underlying, earnings forecasts. Acquisitions, rent increases, and long and largely government-backed leases underpin PHP's attractive, growing and fully covered dividend, which we expect to continue its 20-year growth trend. We are forecasting a fully covered FY18 prospective 4.7% dividend yield. Revenues are 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. Click here to view the full report. All reports published by Edison are available to download free of charge from its website www.edisoninvestmentresearch.com About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. For more information please contact Edison: Martyn King, +44 (0)20 3077 5745 Andrew Mitchell, +44 (0)20 3681 2500 Learn more at www.edisongroup.com and connect with Edison on: LinkedIn https://www.linkedin.com/company/edison-investment-research Twitter www.twitter.com/Edison_Inv_Res YouTube www.youtube.com/edisonitv Dissemination of a FINANCIAL NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
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