About us Services Portfolio Investors Responsible business News and media Contact us INVESTMENT CASE Occupancy 0.0% Home / Investors / Investment case Share: 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. 01 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 0% Rent roll funded by government bodies (2019: 90%) 02 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 +£0.0m or 0.0% Rental growth (2019: +£1.9m or 1.5%) 03 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 0.0% EPRA cost ratio (2019: 12.0%) 04 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 0.0m patients PHP's portfolio serves 5.8m patients or 8.7% of UK population 05 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 0.0p Dividend per share (2019: 5.6p) Contact us If you would like to speak to a member of the team please get in touch. Contact details Quick links Our business model Board of Directors Services Portfolio Regulatory news TWITTER LINKEDIN CONTACT CONTACT US Can’t find what you are looking for? then please contact us. Follow us © 2017-2021 Primary Health Properties Registered office Fifth floor Greener House 66–68 Haymarket London SW1Y 4RF Tel: +44 (0) 207 104 5599 Fax: +44 (0) 207 451 7051 Registered company no. 3033634 Place of incorporation: England Useful links SITEMAP ACCESSIBILITY COOKIE DECLARATION PRIVACY TERMS MODERN SLAVERY ACT