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Leading the Way in Modern Primary Health Properties

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Primary Health Properties PLC Leading the way in modern Annual Report 2018 primary health properties. Primary Health Properties PLC Annual Report 2018 At the heart of our business is the aim to modernise and improve the ability to provide efficient and effective healthcare in the UK and Ireland. Strategic report Corporate governance Financial statements 1 Highlights 38 Board of Directors 71 Independent auditor’s report 2 At a glance 42 Corporate governance report 78 Group statement 3 Investment case 52 Audit Committee report of comprehensive income 4 Our portfolio 55 Nomination Committee report 79 Group balance sheet 5 Opportunities in Ireland 57 Adviser Engagement 80 Group cash flow statement 6 Chairman’s statement Committee report 81 Group statement 10 Business model 59 Remuneration Committee report of changes in equity 12 Strategy 61 Directors’ remuneration report 82 Notes to the financial statements 14 Business review 65 Directors’ report 111 Company balance sheet 22 EPRA performance measures 70 Directors’ responsibility statement 112 Company statement of changes in equity 24 Risk management and principal risks 113 Notes to the Company 32 Responsible business financial statements Further information 120 Shareholder information 121 Advisers and bankers 122 Glossary of terms Strategic report Highlights Governance Net rental income Dividend per share Total property portfolio £76.4m 5.4p £1.5bn +7.2% +2.9% + 10.4% Financial statements Financial 2018 £76.4m 2018 5.4p 2018 £1.5bn 2017 £71.3m 2017 5.25p 2017 £1.4bn 2016 £66.6m 2016 5.125p 2016 £1.2bn 2015 £62.3m 2015 5.0p 2015 £1.1bn EPRA earnings EPRA earnings per share EPRA NAV per share £36.8m 5.2p 105.1p information Further +18.7% unchanged +4.4% 2018 £36.8m 2018 5.2p 2018 105.1p 2017 £31.0m 2017 5.2p 2017 100.7p 2016 £26.8m 2016 4.8p 2016 91.1p 2015 £21.7m 2015 4.9p 2015 87.7p IFRS profit IFRS earnings per share IFRS NAV per share £74.3m 10.5p 102.5p -19.2% -31.4% +8.2% 2018 £74.3m 2018 10.5p 2018 102.5p 2017 £91.9m 2017 15.3p 2017 94.7p 2016 £43.7m 2016 7.8p 2016 83.5p 2015 £56.0m 2015 12.6p 2015 77.4p Cost of debt Loan to value Total property return 3.90% 44.8% 8.0% -19bps -8.1% -2.8% 2018 3.90% 2018 44.8% 2018 8.0% 2017 4.09% 2017 52.9% 2017 10.8% 2016 4.65% 2016 53.7% 2016 7.9% 2015 4.67% 2015 62.7% 2015 9.7% Primary Health Properties PLC Annual Report 2018 1 At a glance The Group’s portfolio comprises 313 primary healthcare facilities The majority of our healthcare facilities are Business activity in 2018 GP surgeries, with other properties let to NHS organisations, pharmacies and dentists. PHP Investment activity endeavours to provide high quality buildings for its tenants and to provide high quality assets for its shareholders. £106.2m Across eight investments. Portfolio distribution by capital value of building* (Including £16 million of committed expenditure on Bray.) Asset management activity £419.9m £419.1m £398.5m £380.6m £376.3m 61 27 103 98 55 £316.9m £285.2m £1.3m £262.8m 20 131 Additional annualised rental income from rent reviews 121 and asset management projects completed in the year. £1.6m £1.0m Asset management projects 2 1 £0–1m £1–3m £3–5m £5–10m £10m+ 2018 2017 * Excluding land valued at £1.6m (2017: £1.3m). £4.4m Invested in 16 projects completed in year. Contracted rent roll of £79.4m (Including developments as complete) Rent roll funded by government Occupancy Tenancies 91% 99.8% 660 2 Primary Health Properties PLC Annual Report 2018 Strategic report Investment case Governance Financial statements Financial 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 information Further by a government body. 01 02 03 Low risk, long term Strong, high quality Efficient management and and non-cyclical market and growing cash flow reduction in cost of funds • Development opportunities emerging • Positive yield gap between acquisition • EPRA cost ratio amongst the lowest in the UK yield and funding costs in the sector • Opportunities in Ireland, priced • Effectively upward-only or indexed • Underlying investment characteristics very attractively rent reviews make PHP attractive to investors • Majority of rents in both jurisdictions • Simple cost structure enhances earnings funded by government for long lease terms 04 05 Covenant analysis Sector demand Stable, increasing returns factors dictate • Growing shareholder return continued development through dividend increase of healthcare premises and capital appreciation • Healthcare demand increasing • Dividend fully covered by earnings due to ageing population • Strong yield characteristics and low volatility • Unwavering political support in 63GPs +2881I 63% the UK and Ireland and promotion NHS/HSE/Govt bodies 28% of integrated care Pharmacy 8% Other 1% Primary Health Properties PLC Annual Report 2018 3 Our portfolio 32 27 34 19 8 23 31 10 25 19 22 63 Discover more about our portfolio at phpgroup.co.uk/portfolio Portfolio by region Scotland Ireland West Midlands Wales South West East Anglia Capital value: £175.8m Capital value: £83.0m Capital value: £158.9m Capital value: £124.7m Capital value: £90.3m Capital value: £37.5m Properties: 32 Properties: 8 Properties: 31 Properties: 25 Properties: 22 Properties: 10 Rent roll: £9.0m Rent roll: £5.7m Rent roll: £8.6m Rent roll: £6.5m Rent roll: £4.4m Rent roll: £2.0m Tenancies: 57 Tenancies: 36 Tenancies: 73 Tenancies: 78 Tenancies: 37 Tenancies: 19 South East North Yorkshire North West East Midlands London Capital value: £227.9m Capital value: £131.1m Capital value: £90.3m Capital value: £207.7m Capital value: £97.4m Capital value: £78.3m Properties: 63 Properties: 27 Properties: 19 Properties: 34 Properties: 23 Properties: 19 Rent roll: £12.2m Rent roll: £6.6m Rent roll: £4.9m Rent roll: £10.5m Rent roll: £5.1m Rent roll: £3.9m Tenancies: 120 Tenancies: 57 Tenancies: 40 Tenancies: 73 Tenancies: 51 Tenancies: 27 4 Primary Health Properties PLC Annual Report 2018 Strategic report Opportunities in Ireland Governance Financial statements Financial PHP’s Irish portfolio now comprises eight assets, valued at €92.3 million (€110.1 million on completion of Bray which is under development). The average lot size is €13.8 million. Total rent roll of the portfolio is €6.3 million with 67% of the information Further income secured to the Health Service Executive or government agencies. Celbridge Primary Care Centre Acquired in September 2018. Demographic drivers of demand Irish locations • Growing and ageing population • Demands on health services increasing and budgets under Asset under development severe pressure 1. Bray Primary Care Centre (Wicklow) Completed assets Government support 2. Navan Road Primary Care Centre (Dublin) • The Irish government has developed a clear programme 3. Celbridge Primary Care Centre (Kildare) to support the healthcare system with a focus to 4. Newbridge Primary Care Centre (Kildare) establish 200 modern Primary Care Centres (“PCCs”) 5. Mountmellick Primary Healthcare Centre (Laois) throughout Ireland 6. Tipperary Primary Care Centre (Tipperary) • Over the last decade, the government in Ireland has 7. Mallow Primary Healthcare Centre (Cork) developed various initiatives to modernise and co-locate 8. Carrigaline Primary Care Centre (Cork) services into modern PCCs • For 2018, the HSE had a budget of c. €14.5 billion. An extra €1.1 billion of health funding has been announced for 2019 including €154 million for capital expenditure projects ​​​​ Opportunity for PHP • State of the art regional healthcare hubs with a typical size 3 2 1 of 3,000–5,000 sqm 4 5 • Stable cash flows from long term leases (WAULT: 22.5 years) • Rent reviews linked to Irish CPI forecast to grow to around 6 2% per annum in 2022 7 8 Primary Health Properties PLC Annual Report 2018 5 Chairman’s statement At the heart of our business is the aim to modernise and improve the ability to provide efficient and effective healthcare in the UK “ I am delighted to present PHP’s Annual Report for 2018, which has been another successful and transformative period in the Company’s history." Steven Owen Independent Non-executive Chairman 6 Primary Health Properties PLC Annual Report 2018 Strategic report Mallow Primary Healthcare Centre, Ireland. Governance Following my appointment as Chairman of PHP in April, I am Results highlights delighted to present my first Annual Report for 2018, which The property acquisitions in both 2017 and 2018, together has been another successful and transformative period in the with continued and increasing organic rental growth, helped Company’s history. Our strategy of selective and disciplined to deliver another set of strong results in the year with EPRA investment and asset management activity underpinned by a earnings up 18.7% to £36.8m (2017: £31.0m up 15.7%) and EPRA strong, well-financed balance sheet has enabled us to deliver earnings per share unchanged at 5.2p (2017: 5.2p) reflecting statements Financial the 22nd successive year of dividend per share growth of 2.9% the dilution from the equity raise in April 2018. The Group’s and a total NAV return of 9.8p, an increase of 9.7%. portfolio was valued at just over £1.5bn which generated a In the first half of the year the Group strengthened its balance revaluation surplus, including the profit on sales, of £36.1m sheet with an oversubscribed capital raise, generating £115.0m (2017: £64.5m) after allowing for costs associated with of equity capital (£111.2m net of expenses) from a combination acquisitions and capital expenditure.
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