Primary Health Properties Marks 30 Years of Dividend Growth After Transformational Assura Deal

Primary Health Properties plc R.E.I.T ( (GB:PHP) ) has shared an update.

Primary Health Properties reported a strong trading update for the year to 31 December 2025, underpinned by the transformational acquisition and integration of Assura, which has created a £6 billion healthcare REIT and delivered 60% of the £9 million in targeted annualised cost synergies within roughly two months of regulatory clearance. The group announced a first quarterly interim dividend for 2026 of 1.825 pence per share, extending its 30-year record of consecutive dividend growth, as annualised contracted rent rose to £342 million, driven by robust rent review outcomes that lifted income by £8.3 million and supported an improving rental growth outlook across primary care and private hospitals. Management highlighted the enlarged group’s strengthened balance sheet and financing position, with refinanced Assura debt, £552 million of undrawn liquidity, a 3.7% average cost of debt and just over four years’ average maturity, while reiterating leverage targets of 40–50% LTV and a focus on maintaining a strong investment-grade rating. PHP is undertaking a full portfolio review, progressing disposals of non-core assets and pursuing new and expanded joint ventures in both primary care and its private hospital portfolio, leveraging supportive policy tailwinds from the NHS’s 10-year Health Plan and the Government’s neighbourhood-focused infrastructure agenda to drive organic rental growth, extend lease terms and enhance ESG performance for long-term shareholder value.

The most recent analyst rating on (GB:PHP) stock is a Buy with a £108.00 price target. To see the full list of analyst forecasts on Primary Health Properties plc R.E.I.T stock, see the GB:PHP Stock Forecast page.

Spark’s Take on GB:PHP Stock

According to Spark, TipRanks’ AI Analyst, GB:PHP is a Outperform.

The score is driven primarily by solid fundamentals—revenue growth and strong free cash flow—balanced against leverage and earnings volatility. Valuation is attractive with a high dividend yield and moderate P/E, while technicals show constructive momentum with mildly stretched conditions. Corporate events add support via the completed Assura deal and positive governance-related updates.

To see Spark’s full report on GB:PHP stock, click here.

More about Primary Health Properties plc R.E.I.T

Primary Health Properties plc (PHP) is a UK real estate investment trust focused on modern primary healthcare infrastructure, owning a £6 billion portfolio of long-leased medical centres, GP surgeries, and private hospitals across the UK and Ireland. Its assets are predominantly let to government-backed NHS bodies and leading healthcare providers, with a strategy centred on secure, inflation-linked income, progressive dividends, and capital-light asset management and development projects in primary care and private hospital real estate.

Average Trading Volume: 11,051,727

Technical Sentiment Signal: Buy

Current Market Cap: £2.68B

For a thorough assessment of PHP stock, go to TipRanks’ Stock Analysis page.