The IMS (covering 1 January 2014 to 10 April) contains no surprises and is consistent with our recently published forecasts (see our March update note) for higher earnings and dividends. Dividend cover is also significantly improved and is on track for 100% by H215e. Primary Health Properties (PHP) offers a prospective yield of 5.7%, generated from a broad portfolio of government-backed healthcare facilities on long leases. Our forecasts include a full-period contribution from 2013 portfolio additions, expected further portfolio growth, lower funding costs following debt restructuring, and a reduction in advisory fees following contract renegotiation.

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