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Primary Health Properties PLC Annual Report 2020 Leading Investor in Flexible, Modern Primary Healthcare Accommodation Across the UK and Ireland

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Primary Health Properties PLC Annual Report 2020 Leading Investor in Flexible, Modern Primary Healthcare Accommodation Across the UK and Ireland RESILIENCE THROUGH UNCERTAINTY Primary Health Properties PLC Annual Report 2020 Leading investor in flexible, modern primary healthcare accommodation across the UK and Ireland. Strategic report Corporate governance Financial statements Further information 1 Highlights 50 Board of Directors 97 Independent auditor’s report 145 Shareholder information 2 At a glance 54 Senior Leadership Team 106 Group statement of 146 Advisers and bankers 4 Our portfolio 56 Corporate governance report comprehensive income 147 Glossary of terms 6 Investment case 66 Audit committee report 107 Group balance sheet 8 Chairman’s statement 71 Nomination Committee 108 Group cash flow statement 12 Responding to COVID-19 report 109 Group statement of changes 14 Business model 73 Adviser Engagement in equity 16 Strategy Committee report 110 Notes to the financial statements 18 Key performance indicators 76 Remuneration Committee report 136 Company balance sheet 19 Business review 78 Directors’ remuneration 137 Company statement of 25 Financial review report changes in equity 30 EPRA performance measures 92 Directors’ report 138 Notes to the Company 32 Risk management and 96 Directors’ responsibility financial statements principal risks statement 38 Viability statement 40 Responsible Business 48 Section 172 Report HIGHLIGHTS STRATEGIC REPORTSTRATEGIC Net rental income ∆ Dividend per share Total property portfolio Adjusted earnings ∆ £131.2m 5.9p £2.6bn £73.1m +13.4% +5.4% +2.0% +22.4% 2020 £131.2m 2020 5.9p 2020 £2.6bn 2020 £73.1m GOVERNANCE 2019 £115.7m 2019 5.6p 2019 £2.4bn 2019 £59.7m 2018 £76.4m 2018 5.4p 2018 £1.5bn 2018 £36.8m 2017 £71.3m 2017 5.25p 2017 £1.4bn 2017 £31.0m 2016 £66.6m 2016 5.125p 2016 £1.2bn 2016 £26.8m F INANCIAL STATEMENTS INANCIAL Adjusted earnings Adjusted NTA Adjusted profit excluding Adjusted profit excluding MedicX per share ∆ per share ∆ MedicX merger adjustments* ∆ merger adjustments per share ∆ 5.8p 112.9p £109.3m 8.8p +5.5% +4.6% +44.0% +26.6% 2020 5.8p 2020 112.9p 2020 £109.3m 2020 8.8p 2019 5.5p 2019 107.9p 2019 £75.9m 2019 7.0p 2018 5.2p 2018 105.1p 2018 £74.3m 2018 10.5p F URTHER INFORMATION URTHER 2017 5.2p 2017 100.7p 2017 £91.9m 2017 15.3p 2016 4.8p 2016 91.1p 2016 £43.7m 2016 7.8p IFRS net assets per share Average cost of debt Total NAV return ∆ Total property return ∆ 107.5p 3.5% 10.1% 7.4% +6.4% Unchanged +210bp -30bp 2020 107.5p 2020 3.5% 2020 10.1% 2020 7.4% 2019 101.0p 2019 3.5% 2019 8.0% 2019 7.7% 2018 102.5p 2018 3.9% 2018 9.7% 2018 8.0% 2017 94.7p 2017 4.1% 2017 16.4% 2017 10.8% 2016 83.5p 2016 4.7% 2016 9.7% 2016 7.9% * The Adjusted profit excluding MedicX merger adjustments and IFRS earnings per share as set out in the summarised results table on pages 25 and 26. ∆ Alternative performance measures (APMs): Measures with this symbol ∆ are APMs defined in the Glossary section on pages 147 and 149, and presented throughout this Annual Report. All measures reported on a continuing operations and 52-week comparable basis. Primary Health Properties PLC Annual Report 2020 1 AT A GLANCE A GROWING PORTFOLIO The majority of our healthcare facilities are GP surgeries, with other properties let to NHS organisations, HSE in Ireland, pharmacies and dentists. PHP endeavours to provide high quality buildings for its tenants and high quality assets for its shareholders. ANALYSIS OF LEASES UNEXPIRED – WAULT BUSINESS ACTIVITY IN 2020 12.1 YEARS Investment activity £93.0m Across 27 properties. Rent review and asset management activity £2.0m or 1.6% growth Additional annualised rental income from rent reviews and asset management projects completed in the year. Asset management projects £8.1m Invested in 24 projects either completed or on site. <3 years 4% 3-5 years 7% 5-10 years 32% 4 10-15 years 30% +732301413V 15-20 years 14% 20+ years 13% 2 Primary Health Properties PLC Annual Report 2020 STRATEGIC REPORTSTRATEGIC “ We have continued to support the NHS in the UK, HSE in Ireland and our GP occupiers throughout the COVID-19 pandemic which has highlighted the demands on health systems around the world. Many of our primary care facilities and occupiers are now in the GOVERNANCE front-line of delivering COVID-19 vaccines. We continue to see strong demand for extra space to help enable the redirection of activities out of hospitals. The need for modern, integrated, local primary healthcare facilities is becoming ever more pressing in order to relieve the F pressures being placed on hospitals and A&E departments.” STATEMENTS INANCIAL Harry Hyman Chief Executive Officer Contracted rent roll of PORTFOLIO DISTRIBUTION BY CAPITAL VALUE ANALYSIS* £135.2m F £10m+ 48 £709m Rent roll funded by government INFORMATION URTHER 47 £659m £5–10m 124 £856m 90% 108 £756m £3–5m 154 £602m Occupancy 164 £630m £1–3m 182 £398m 99.6% 162 £356m Tenancies £0–1m 5 £5m 7 £6m 2020 2019 1,215 * Excluding land valued at £1.5 million (2019: £1.6 million). COVENANT ANALYSIS GPs 65% NHS/HSE/Govt bodies 25% Pharmacy 8% Other 2% 65+2582T Primary Health Properties PLC Annual Report 2020 3 OUR PORTFOLIO A GROWING PORTFOLIO The property portfolio in the UK and Ireland now stands at 513 assets valued at £2.6 billion. 38 51 85 18 41 120 41 32 87 DEVELOPING OUR PORTFOLIO Completed developments Developments on site The Group completed four forward funded developments The Group currently has six forward in the year, all located in Ireland, with a net development funded developments on site with a cost of £46.3 million. net development cost of £47.4 million. Net development cost Net development cost £46.3m £47.4m 4 Primary Health Properties PLC Annual Report 2020 STRATEGIC REPORTSTRATEGIC GEOGRAPHICAL SPREAD BY VALUATION GOVERNANCE GOVERNANCE Locations Value % value Midlands and East Anglia £571m 22% North East, Yorkshire and Humberside £396m 15% South East £345m 13% F North West £333m 13% STATEMENTS INANCIAL Scotland £206m 8% Wales £202m 8% Ireland £198m 8% London £198m 8% South West £123m 5% £2,572m 100% F 22+151385V INFORMATION URTHER New acquisitions The Group acquired 23 standing investments in the year for £58.8 million. £58.8m Primary Health Properties PLC Annual Report 2020 5 INVESTMENT CASE FIVE REASONS TO INVEST IN PHP 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 STRONG, HIGH AND NON-CYCLICAL QUALITY AND MARKET GROWING CASH FLOW • Development opportunities emerging in the UK • Positive yield gap between acquisition yield and funding costs • Opportunities in Ireland, priced attractively • Effectively upward-only or indexed rent reviews • Majority of rents in both jurisdictions funded by government for long lease terms • Simple cost structure enhances earnings • WAULT of 12.1 years • Continued improvements to the rental growth outlooks Rent roll funded by government bodies Rental growth 90% (2019: 90%) +£2.0m or 1.6% (2019: +£1.9m or 1.5%) 6 Primary Health Properties PLC Annual Report 2020 STRATEGIC REPORTSTRATEGIC EFFICIENT STABLE, INCREASING MANAGEMENT AND RETURNS • Growing shareholder return through dividend GOVERNANCE REDUCTION IN COSTS and capital appreciation • EPRA cost ratio amongst the lowest in the sector • Dividend fully covered by earnings • Underlying investment characteristics make PHP • Strong yield characteristics and low volatility attractive to investors • 24 consecutive years of dividend growth • Internalisation of Group’s management structure in 2021, saving approximately £4.0 million p.a. Dividend per share • Low, average marginal cost of debt of 1.7% following F refinancing of revolving credit facilities 5.9p STATEMENTS INANCIAL EPRA cost ratio (2019: 5.6p) 11.9% (2019: 12.0%) F URTHER INFORMATION URTHER SECTOR DEMAND FACTORS DICTATE CONTINUED DEVELOPMENT OF HEALTHCARE PREMISES • Healthcare demand increasing due to populations growing, ageing and suffering from more instances of chronic illness • Unwavering political support in the UK and Ireland and promotion of integrated primary care PHP’s portfolio serves 5.8m patients or 8.7% of UK population Primary Health Properties PLC Annual Report 2020 7 CHAIRMAN’S STATEMENT LEADING THE WAY IN A MODERN PRIMARY HEALTHCARE ACCOMMODATION I am delighted to present my third annual report, as Chairman of PHP, for what has been an unprecedented year in the UK and around the world as a result of the COVID-19 pandemic. Despite the uncertainty and volatility in the economic environment we have continued to deliver a strong and robust operational and financial performance over the course of 2020. The Group’s portfolio continues to demonstrate good resilience despite the uncertainty caused by COVID-19. During the pandemic, PHP has been actively working with the NHS in the UK, HSE in Ireland, and its GP partners in both markets to help them better utilise the Group’s properties for deployment in the current global health crisis with many of our primary care facilities and occupiers now in the front-line of delivering COVID-19 vaccines. We continue to maintain close relationships with our key stakeholders and GP partners to ensure we are best placed to help the NHS and HSE, and in particular primary care, evolve and deal with the pressures “ I’m delighted to present my placed on them by the COVID-19 pandemic. The PHP team of over 50 staff have worked successfully from third annual report, as Chairman home throughout the pandemic and the Group’s Disaster of PHP, for what has been an Recovery plan has and continues to operate as expected with systems and communications maintained and none of our staff unprecedented year in the UK having been furloughed.
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