Primary Health Properties PLC ("PHP") is the UK's only dedicated healthcare REIT. The company's objective is to generate rental income and capital growth through investment in primary health property (medical centres) in the United Kingdom. These properties are leased principally to GP's and NHS organisations. As such, approximately 90% of the company's cashflow is paid directly or indirectly by the UK government. Due to the high quality of the tenants and the long term of the leases (typically 21 - 25 year at the outset), PHP has very secure income and strong cashflow visibility, which will underpin the bond issue.