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Primary Health Properties (PHP) investor relations material
Primary Health Properties Status Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Status Update summary31 Jul, 2025
Market backdrop and growth opportunities
Recent government ten year health plan positions the sector for significant growth, emphasizing a shift from hospitals to primary care settings.
Demographic trends, such as an aging population, are driving increased demand for healthcare infrastructure.
Many existing primary care premises are outdated, creating opportunities for modern, fit-for-purpose facilities.
Rental income is largely government-backed, providing secure, long-term revenue streams.
The sector is experiencing high demand for space, with patient lists and service requirements expanding rapidly.
Financial performance and outlook
Net rental income for the first half of 2025 rose 3% to just under £79m, with adjusted earnings up 2.2% to £47.3m.
Portfolio value increased to £2.8bn, with a positive revaluation surplus of nearly £20m after years of declines.
Dividend cover maintained at 100%, marking 29 consecutive years of dividend growth.
Like-for-like rental growth reached 1.4% in H1, with open market value rental growth accelerating to 12.3% for recent reviews.
Cost control remains strong, with sector-leading cost ratios and a competitive average debt cost of 3.4%.
Strategic combination with Assura
The recommended merger with Assura is expected to be earnings accretive, delivering £9m in annualized synergies.
Combined entity will be the ninth largest UK REIT, with a £6bn portfolio and enhanced index weighting.
Merger will temporarily increase LTV to ~55%, with plans to reduce it to 40–50% via asset disposals and joint ventures.
Strong support from capital markets, including a new £1.2bn bridging facility and confirmed investment grade ratings.
Dividend growth policy will continue, with 80–90% of income targeted as government-backed.
What's the plan for deleveraging post-Assura?
How does the 10-year NHS plan impact PHP?
Update on private hospital JV progress.
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Next Primary Health Properties earnings date
H2 202527 Feb, 2026
Next Primary Health Properties earnings date
H2 202527 Feb, 2026
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Frequently asked questions
Primary Health Properties PLC is a UK-based Real Estate Investment Trust (REIT) that specializes in investing in modern healthcare properties. Its portfolio includes over 480 facilities across the UK and Ireland, primarily comprising GP surgeries, NHS facilities, pharmacies, and dentists. PHP generates income by leasing these properties on long-term contracts, with the majority of its tenants being government-backed healthcare organizations, ensuring stable, long-term returns. The company is headquartered in London, UK, and is listed on the London Stock Exchange.
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