Financial Results 2010

• Strong portfolio of 55 modern purpose-built medical centres; average age 3.5 years; lease length remaining 18.8 years; 92% of rents from government funded tenants and no voids
• Properties valued at £201.5m with annualised rent roll now £12.8m
• £24.7m gross proceeds raised from the equity fund raising in March 2010; 34.3m shares issued at 72p per share
• £25.5m new 5 year debt facility agreed December 2009 and undrawn as at 31 March 2010
• Existing £100m debt at 5.0% fixed rate for further 27 years until 2036
• Strong pipeline and significant headroom for further investments

Financial results

• Adjusted earnings up 105% to £1.5m excluding revaluation impact and deferred tax equivalent to 1.4p per share (31 March 2009: £0.7m; 0.9p per share)
• Improved valuation net initial yield of 5.83% compared with 6.06% at 30 September 2009 generating a valuation gain in the six month period of £7.0m (31 March 2009: £3.0m loss)
• Adjusted net asset value of £94.9m equivalent to 68.2p per share (30 September 2009: £64.8m; 62.0p per share)
• Including the estimated benefit of fixed rate debt, the adjusted net asset value is £111.2m equivalent to 79.8p per share (30 September 2009: £75.8m; 72.5p per share)
• Discounted cash flow net asset value of £121.3m equivalent to 87.1p per share (30 September 2009: £93.5m; 89.5p per share)
• Quarterly dividend of 1.35p per share announced in May 2010; total dividends of 5.4p per share expected to be paid in respect of the current financial year, subject to unforeseen circumstances, an increase of 1.3%
• Dividend cover up from 35% to 52%, shortfall more than covered by the increase in property values

NAV analysis 2010