Interim results showed PHP to be well on track to meet its fully covered 6.7p DPS target, the 27th consecutive year of growth. Adjusted earnings increased by £1.2m or 2.7% versus H122, with a similar rise in adjusted EPS, covering DPS 102%. Organic rent growth is the driver, and continues to accelerate, with an average 4.4% uplift on completed reviews, while the EPRA cost ratio of 10.1% remains among the lowest in the sector. The balance sheet is strong with a loan to value (LTV) of 45.6% in the middle of PHP’s target LTV range of 40–50% and c £300m of borrowing headroom. 97% of drawn debt was either fixed or hedged, providing protection from interest rate volatility. While a highly selective approach to investment continues, PHP continues to identify value-creating opportunities in asset management schemes and acquisitions in Ireland, where yields remain higher. It recently agreed the acquisition of Ireland’s first Enhanced Community Care facility for a total consideration of €30m.