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Primary Health Properties (PHP)

Property Investment Trusts

95.70p

	£ (Millions)	£ (Millions)	£ (Millions)	£ (Millions)	£ (Millions)
	31-Dec-23	31-Dec-22	31-Dec-21	31-Dec-20	31-Dec-19
Continuing Operations
Revenue	169.80	154.10	145.60	139.00	121.30

EBITDA	81.30	129.00	121.50	116.10	94.30
Depreciation & Amortisation	(0.90)	n/a	n/a	n/a	n/a

Operating Profit/(Loss)	80.40	129.00	121.50	116.10	94.30
Interest Payable	(45.20)	(41.20)	(35.90)	(43.00)	(42.60)
Interest Receivable/Investment Income	0.20	0.90	0.80	1.20	1.40

Group Profit after Interest	35.40	88.70	86.40	74.30	53.10
Share of Assoc Cos/JV Profits	n/a	n/a	n/a	n/a	n/a

Profit Before Tax	35.40	88.70	86.40	74.30	53.10
Tax	n/a	n/a	(3.00)	(0.40)	(1.10)

Profit After Tax	35.40	88.70	83.40	73.90	52.00

Discontinued Operations
Profit After Tax	n/a	n/a	n/a	n/a	n/a

PROFIT FOR PERIOD	35.40	88.70	83.40	73.90	52.00

Attributable to:
Equity Holders of Parent Company	35.40	88.70	87.70	73.90	52.00
Minority Interests	n/a	n/a	4.30	n/a	n/a

Equity Dividends	_cn/a	_cn/a	_cn/a	_cn/a	_cn/a
Retained Profit/(Loss) for the Financial Year	_c35.40	_c88.70	_c87.70	_c73.90	_c52.00

Per Share Record - Normalised	31-Dec-23	31-Dec-22	31-Dec-21	31-Dec-20	31-Dec-19
Continuing EPS
Earnings per Share - Basic	2.65p	6.64p	6.59p	5.83p	4.76p
Earnings per Share - Diluted	2.44p	6.14p	6.11p	5.40p	4.57p
Earnings per Share - Adjusted	6.80p	6.60p	6.20p	5.80p	5.50p
Continuing and Discontinued EPS
Earnings per Share - Basic	2.65p	6.64p	0.067p	5.83p	4.76p
Earnings per Share - Diluted	2.44p	6.14p	0.062p	5.40p	4.57p
Earnings per Share - Adjusted	6.80p	6.60p	6.20p	5.80p	5.50p

Dividend per Share	6.70p	6.50p	6.20p	5.90p	5.60p

Key Financals	31-Dec-23	31-Dec-22	31-Dec-21	31-Dec-20	31-Dec-19
Shares in Issue (millions)
Shares in Issue - Year End	n/a	n/a	1,332.90	1,315.60	1,216.30
Weighted Average	1,336.50	1,334.80	1,330.40	1,266.40	1,092.00
Diluted	1,450.40	1,443.70	1,435.80	1,368.40	1,138.50

Performance Ratios
Continuing Operations
Operating Margin	47.35%	83.71%	83.45%	83.53%	77.74%
Return on Capital Employed	n/a	n/a	n/a	n/a	n/a
Continuing Operations & Discontinued Operations
Return on Equity	2.48%	5.96%	0.06%	5.21%	4.22%

Financial Status
Continuing Operations
Interest Cover - Continuing	1.78	3.15	3.41	2.73	2.25
Revenue per Share	12.71p	11.54p	0.11p	10.98p	11.11p
Pre-Tax Profit Per Share - Continuing	2.65p	6.64p	0.066p	5.87p	4.86p

Market Data
Continuing Operations
Earnings Per Share Growth - Basic	-60%	1%	13%	22%	-12%
Earnings Per Share Growth - Diluted	-60%	1%	13%	18%	-12%
PE Ratio - Company Adjusted	39.2	16.7	23.0	26.2	33.6
PEG - Company Adjusted	n/a	16.7	1.8	1.2	n/a
Dividend Cover	0.40	1.02	1.06	0.99	0.85
Continuing Operations & Discontinued Operations
Earnings per Share - Company Adjusted	-60%	9,887%	-99%	22%	-12%
Earnings per Share - Diluted	-60%	9,865%	-99%	18%	-12%
PE Ratio - Company Adjusted	39.2	16.7	2,275.3	26.2	33.6
PEG - Company Adjusted	n/a	0.0	n/a	1.2	n/a
Dividend Cover	0.40	1.02	0.01	0.99	0.85

Market Capitalisation £ (Millions)	n/a	n/a	2,018.01	2,010.24	1,946.08
Dividend per Share	6.70p	6.50p	6.20p	5.90p	5.60p
Dividend Yield	6.5%	5.9%	4.1%	3.9%	3.5%
Dividend per Share Growth	3.08%	4.84%	5.08%	5.36%	3.70%

* GAAP

a. Includes discontinued activities

b. Includes preference dividends

c. Not disclosed under IFRS

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Forecast figures based on normalised accounts.