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 11.6 years (2020: 12.1 years)


Rent roll funded by government bodies
(2020: 90%)


Strong, high quality and growing cash flow

  • Effectively upward-only or indexed rent reviews
  • Positive rental growth outlook
  • Positive yield gap between acquisition yield and funding costs
  • Efficient cost structure enhances earnings

+£2.4m or 1.8%

Rental growth (2020: +£2.0m or 1.6%)


Efficient management and reduction in cost of funds

  • EPRA cost ratio now the lowest in the sector
  • Internalisation of Group’s management structure in 2021, saving approximately £4.0 million p.a.
  • Refinancing in 2021, saving approximately £5.0 million of interest p.a.
  • Low, average marginal cost of debt of 1.8%


EPRA cost ratio (2020: 11.9%)


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
  • COVID-19 increasing the burden being placed on healthcare systems

6.0m patients

PHP's portfolio serves 6.0m patients
or 9.0% of UK population


Stable, increasing returns

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


Dividend per share
(2021: 6.2p)