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 on-site and in immediate pipeline, with further emerging in the UK
  • Opportunities in Ireland, priced attractively
  • Majority of rents in both jurisdictions funded by government for long lease terms
  • WAULT of 11.0 years (2021: 11.6 years)


Rent roll funded by government bodies
(2021: 90%)


Strong, high quality and growing cash flow

  • Effectively upward-only or indexed rent reviews
  • Positive rental growth outlook following a record year in 2022.
  • Rental growth expected to be beneficiary of current inflationary environment
  • Continued focus on Ireland where a positive yield gap between acquisition yield and funding costs remains
  • Efficient cost structure enhances earnings

+£3.3m or 2.4%

Rental growth (2021: +£2.4m or 1.8%)


Efficient financial management

  • EPRA cost ratio continues to be the lowest in the sector
  • The slightly higher EPRA cost ratio reflects an increase in rent review fees payable to agents as a result of improving rental growth, ESG costs, inflationary pressures and higher property costs. Notwithstanding this increase in costs they continue to be closely controlled and monitored


EPRA cost ratio (2021: 9.3%)


Sector demand factors dictate continued development of healthcare premises

  • Demand from population growth, ageing and suffering from more instances of chronic illness
  • Unwavering political support in the UK and Ireland and promotion of integrated primary care and NHS Long Term Plans to effectively manage patient needs

6.0m patients

PHP's portfolio serves 6.0m patients
or 8.9% of UK population


Stable, increasing income returns

  • Growing shareholder return through dividend and capital appreciation
  • Dividend fully covered by adjusted earnings
  • Strong yield characteristics and low volatility
  • 26 consecutive years of dividend growth


Dividend per share
(2021: 6.2p)


Investing in ESG

  • Commenced PHP’s first Net Zero Carbon (“NZC”) development
  • NZC Framework published with the five key steps the Group is taking to achieve the ambitious target of being NZC by 2030 for all of PHP’s operational, development and asset management activities
  • All operational activities NZC one year ahead of our 2023 target
  • Community Impact Fund implemented to support social prescribing activities at the Group’s properties, donating £0.3 million in the year


Portfolio EPC ratings A-C
(2021: 81%)