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


Rent roll funded by government bodies
(2018: 91%)


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

+£1.9m or 1.5%

Rental growth (2018: +£1.3m or 1.8%)


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


EPRA cost ratio (2018: 14.3%)


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

5.3m patients

PHP's portfolio serves 5.3m patients
or 8.0% 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


Dividend per share
(+3.7% over 2018)