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 10.2 years (2022: 11.0 years)


Rent roll funded by government bodies
(2022: 89%)


Strong, high quality and growing cash flow

  • Effectively upward-only or indexed rent reviews
  • Positive rental growth outlook following a record year in 2023.
  • 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

+£3.9m or 2.7%

Rental growth (2022: +£3.3m or 2.4%)


Efficient financial management

  • EPRA cost ratio continues to be the lowest in the sector
  • The slightly higher EPRA cost ratio reflects an increase in the provision of performance-related pay and the cost of a voluntary redundancy programme completed in the year, together with a one-off benefit in 2022 arising from the historical performance incentive fee. Notwithstanding the increase in costs they continue to be closely controlled and monitored, representing 10.1% if vacancy and Axis costs are excluded


EPRA cost ratio (2022: 9.9%)


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

6.0m patients

PHP's portfolio serves 6.0m patients
or 8.8% 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
  • 27 consecutive years of dividend growth


Dividend per share
(2022: 6.5p)


Investing in ESG

  • Progress continues on construction of PHP’s first Net Zero Carbon (“NZC”) development in West Sussex which is expected to achieve practical completion in Q3 2024
  • 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 in 2023 and 2022
  • Community Impact Fund continues to support social prescribing activities donating £137,000 in the year


Portfolio EPC ratings A-C
(2022: 81%)