PHP’s portfolio – modern healthcare properties
The UK’s largest healthcare REIT, with over 1,100 properties across the UK and Ireland, at a combined valuation of £6 billion, 11 year WAULT and 99% occupancy.
Low risk, long term, non-cyclical, secure government backed income.
Progressive income generation with 30-year track record of consistent dividend growth.
Confidence in rental growth outlook, targeting 3% annual growth.
Annualised growth from rent reviews
3.2%
(2024: 2.9%)
Operating in a growth sector
Demographic tailwind created by growing and ageing population, generating demand for health services.
Continued shift of services into primary care setting, supported by the NHS 10-year plan and Neighbourhood Health Centre model.
Significant investment required with 50% of the existing UK primary care estate deemed “not fit for purpose”
Relationships with key health stakeholders place PHP at the centre of the solution to deliver on the Government’s plans.
Neighbourhood health centres announced in the 2025 Autumn Budget
250
Sector leading financial performance and cost control
Active management of portfolio central to the strategic priorities of stable income, growth through investment and a disciplined approach to leverage.
Strong control on overhead with EPRA Cost Ratio <10%.
100% of termed out debt fixed or hedged, with a low average cost of 3.7%.
Enhanced total property returns and delivering shareholder value, with 8% CAGR on 30-year dividend track record.
Growth in quarterly dividend announced2
2.8%
(2024: 2.9%)
1 Progressive is where it is expected to continue to rise each year, as defined in the Glossary section of our Annul Report.
2 Increase in dividend of 2.8% announced on 13 January 2026 with effect from March 2026 quarterly payment.