Investment case



PHP is a strong business creating progressive returns for shareholders by investing in healthcare real estate let on long term leases, backed by a secure underlying covenant where the majority of rental income is funded directly or indirectly by a government body.

Low risk, long term, non-cyclical market
  • Development opportunities emerging in the UK
  • Opportunities in Ireland, priced very attractively
  • Majority of rents in both jurisdictions funded by government for long lease terms
Strong, high quality and growing cash flow
  • Positive yield gap between acquisition yield and funding costs
  • Effectively upward-only or indexed rent reviews
  • Simple cost structure enhances earnings
Efficient management and reduction in cost of funds
  • EPRA cost ratio amongst the lowest in the sector
  • Underlying investment characteristics make PHP attractive to investors
Sector demand factors dictate continued development of healthcare premises
  • Healthcare demand increasing due to ageing population
  • Unwavering political support in the UK and Ireland and promotion of integrated care
Stable, increasing returns
  • Growing shareholder return through dividend increase and capital appreciation
  • Dividend fully covered by earnings
  • Strong yield characteristics, low volatility

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