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 attractively
  • Majority of rents in both jurisdictions funded by government for long lease terms
  • WAULT of 12.1 years


Rent roll funded by government bodies
(2019: 90%)


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
  • Continued improvements to the rental growth outlooks

+£2.0m or 1.6%

Rental growth (2019: +£1.9m or 1.5%)


Efficient management and reduction in cost of funds

  • EPRA cost ratio amongst the lowest in the sector
  • Underlying investment characteristics make PHP attractive to invetors
  • Internalisation of Group's management structure in 2021, saving approximately £4.0 million p.a.
  • Low, average marginal cost of debt of 1.7% following refinancing of revolving credit facilities


EPRA cost ratio (2019: 12.0%)


Sector demand factors dictate continued development of healthcare premises

  • Healthcare demand increasing due to ageing populations growing, ageing and suffering from more instances of chronic illness
  • Unwavering political support in the UK and Ireland and promotion of integrated care

5.8m patients

PHP's portfolio serves 5.8m patients
or 8.7% of UK population


Stable, increasing returns

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


Dividend per share
(2019: 5.6p)