Primary Health Properties posts transformational year after Assura merger and extends 30-year dividend growth record

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

Primary Health Properties reported a transformational year in 2025, completing its merger with Assura to create a £6 billion healthcare REIT and sharply expanding its portfolio and rent roll while remaining almost fully occupied on long leases. The enlarged group delivered most of the £9 million annualised cost synergies ahead of schedule, lifted adjusted earnings per share and dividends, and is pursuing joint ventures on primary care and private hospital assets as it targets lower leverage and capitalises on stronger rental growth supported by the UK government’s 10-year NHS plan.

Net rental income jumped 49% to £230 million and IFRS profit after tax nearly tripled, aided by portfolio revaluations and higher rent reviews, even as EPRA net tangible assets per share dipped on share issuance and transaction costs. The portfolio now stands at £6.0 billion with a 10.8-year WAULT, 99% occupancy and 76% government-backed income, while management sees further upside from rebasing primary care rents, growth in private hospitals and Ireland, and a progressive, fully covered dividend policy marking the start of its 30th consecutive year of dividend increases.

The most recent analyst rating on (GB:PHP) stock is a Buy with a £118.00 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 PHP Stock

According to Spark, TipRanks’ AI Analyst, 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 PHP stock, click here.

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

Primary Health Properties is a UK-listed real estate investment trust focused on critical healthcare infrastructure, primarily modern primary care centres and, following its merger with Assura, an expanded portfolio that includes private hospitals across the UK and Ireland. The group’s income is largely government-backed via long leases to NHS and related healthcare bodies, positioning it as a key provider of social infrastructure with a 30-year record of consecutive dividend growth.

Average Trading Volume: 10,634,726

Technical Sentiment Signal: Strong Buy

Current Market Cap: £2.63B

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