Real Estate Investment Trusts
Primary Health Properties is a UK real-estate investment trust specialising in primary healthcare properties. Following its combination with Assura, it owns a much larger portfolio of GP surgeries and other critical healthcare infrastructure in the UK and Ireland.
Owning, developing and managing primary-care and community-health properties leased mainly to government-backed healthcare bodies, with long leases, rent reviews and selective development and asset management.
Healthcare real estate in the United Kingdom and Ireland, with a high proportion of rental income ultimately backed by the NHS, HSE or other public-sector healthcare counterparties.
Rent reviews, high occupancy, Assura integration synergies, acquisitions and developments, interest rates and refinancing, property valuations, government healthcare demand and leverage reduction.
Higher interest and refinancing costs, property-valuation falls, integration risk, leverage, NHS and government policy, development execution, tenant concentration and changes to REIT or property taxation.
30 July 2026: first-half adjusted earnings rose 109% to £98m after the Assura combination, with adjusted EPS up 9% to 3.8p and dividend cover at 103%. PHP said 92% of planned cost synergies had already been delivered and is progressing joint-venture and refinancing work to reduce leverage into 2027.
Long record of progressive quarterly dividends. Each 2026 quarterly payment is 1.825p, equivalent to 7.3p annualised and 2.8% above 2025. The third quarterly dividend went ex-dividend 2 July and was paid 14 August 2026; PHP is marking its 30th year of dividend growth.
The complete 350 Trade Book — 350 leading UK-listed companies, presented in one consistent working reference.