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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.
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Many existing primary care premises are outdated, creating opportunities for modern, fit-for-purpose facilities.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.
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