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Primary Health Properties
Primary Health Properties (PHP) investor relations material
Primary Health Properties Trading update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Trading update summary13 Jan, 2026
Integration and Strategic Developments
Completed transformational combination with Assura, creating a £6 billion healthcare REIT focused on primary care and private hospitals.
Achieved 60% of targeted £9 million annualized synergies within two months post-CMA clearance, mainly from reduced people costs and professional fees, with integration ahead of plan.
Economic control of Assura since August, with strong rent review performance and increased exposure to inflation and long leases.
Ongoing integration and portfolio review to establish new joint ventures and further disposals to reduce leverage to 40-50%.
Board changes include the appointment of Jonathan Davies as independent Non-executive Director for continuity during integration.
Financial Position and Capital Management
Net debt at £3.4 billion with significant liquidity headroom of £552 million after capital commitments.
Refinanced Assura debt facilities and secured a new £1.225 billion bridging loan, with £1 billion remaining after partial cancellation.
Focused on reducing leverage below 50% LTV, targeting net debt/EBITDA of 9–9.5x and interest cover of 2.5x.
Weighted average cost of debt at 3.7% and average maturity just over four years.
Fitch confirmed BBB+ credit rating (negative outlook) post-merger, expecting lower credit margins due to increased scale.
Portfolio, Development Pipeline, and Asset Management
Portfolio comprises 1,142 assets valued at £6 billion, with a WAULT of 11 years and 80-90% government-backed income.
Development activity has increased, with new projects in Ireland and the UK, including ambulance hubs, private hospitals, and net zero carbon projects, totaling £64.6 million with an average yield on cost of 5.4%.
USS joint venture progressing, with £170 million of assets and a target of £400 million, providing a low cost of capital.
Advanced pipeline of 51 asset management projects expected to increase average rent by 15% post-completion.
Four non-core assets sold for £8.3 million post-combination, with assets injected into JVs sold at or near book value, supporting NAV.
Quantify the impact of new developments on portfolio rent
What is the urgency for deleveraging activities
What factors underpin the 3% organic rent growth target
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Next Primary Health Properties earnings date
H2 202527 Feb, 2026
Primary Health Properties
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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