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Primary Health Properties plc R.E.I.T
(LSE:PHP)
Primary Health Properties plc R.E.I.T (PHP) vs. iShares MSCI United Kingdom ETF (EWC)
Primary Health Properties plc R.E.I.T Business Overview & Revenue Model
Primary Health Properties plc R.E.I.T Earnings Call Summary
Primary Health Properties plc R.E.I.T Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 179.50M | 181.70M | 169.80M | 154.10M | 145.60M | 139.00M |
| Gross Profit | 78.00M | 155.70M | 151.00M | 141.50M | 135.60M | 120.50M |
| EBITDA | 136.10M | 94.70M | 0.00 | 163.20M | 132.30M | 107.20M |
| Net Income | 97.20M | 41.40M | 27.30M | 56.30M | 140.10M | 112.00M |
Balance Sheet | ||||||
| Total Assets | 2.87B | 2.79B | 2.83B | 2.86B | 2.85B | 2.70B |
| Cash, Cash Equivalents and Short-Term Investments | 11.50M | 3.50M | 13.70M | 29.10M | 33.40M | 103.60M |
| Total Debt | 1.40B | 1.34B | 1.33B | 1.30B | 1.28B | 1.22B |
| Total Liabilities | 1.48B | 1.42B | 1.40B | 1.38B | 1.35B | 1.28B |
| Stockholders Equity | 1.39B | 1.38B | 1.42B | 1.48B | 1.50B | 1.41B |
Cash Flow | ||||||
| Free Cash Flow | 96.70M | 135.20M | 133.60M | 79.30M | 246.60M | 79.20M |
| Operating Cash Flow | 96.70M | 135.20M | 133.60M | 79.30M | 100.20M | 79.20M |
| Investing Cash Flow | -37.30M | -20.60M | -44.60M | -47.30M | -147.10M | -102.80M |
| Financing Cash Flow | -52.20M | -114.30M | -114.90M | -37.00M | -22.70M | -16.50M |
Primary Health Properties plc R.E.I.T Technical Analysis
Primary Health Properties plc R.E.I.T Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | £4.47B | 9.63 | 9.42% | 5.30% | 35.06% | 127.62% | |
75 Outperform | £4.24B | 9.24 | 6.14% | 5.85% | -20.83% | ― | |
73 Outperform | £5.01B | 19.46 | 3.85% | 6.34% | 10.69% | 135.58% | |
71 Outperform | £2.74B | 14.35 | 7.01% | 7.30% | 0.96% | ― | |
68 Neutral | £2.86B | 8.57 | 8.66% | 2.58% | -0.04% | 655.16% | |
68 Neutral | £1.79B | 15.98 | 13.69% | 4.25% | 1.66% | 11.42% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
Primary Health Properties plc R.E.I.T Corporate Events
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.
Primary Health Properties PLC disclosed that Nexus Group Holdings Limited, a company closely associated with non-executive chair Harry Hyman, has pledged 10 million PHP ordinary shares as security for a £1.5 million loan facility with Royal Bank of Canada. Nexus remains the beneficial owner of the pledged shares and retains full voting rights, leaving both Nexus’ total holding at 12.33 million shares (about 0.475% of issued capital) and the ultimate beneficial ownership of Hyman and his connected parties at 24.6 million shares (about 0.948% of issued capital) unchanged, signalling that the transaction is a financing arrangement rather than a change in economic interest in the company.
The most recent analyst rating on (GB:PHP) stock is a Buy with a £1.10 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.
Primary Health Properties PLC has appointed Jonathan Davies as an independent Non-executive Director, effective from December 1, 2025. Davies, who brings extensive experience in finance, mergers, acquisitions, and corporate governance, is expected to contribute significantly to the company’s integration of Assura and its future growth. This strategic appointment strengthens PHP’s board with a majority of independent Non-executive Directors, enhancing its governance and positioning in the healthcare investment sector.
The most recent analyst rating on (GB:PHP) stock is a Buy with a £1.10 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.
Primary Health Properties PLC has announced a transaction involving its Non-executive Chair, Harry Hyman, who purchased ordinary shares through an ISA under a dividend reinvestment plan. This transaction, conducted on the London Stock Exchange, reflects a continued commitment to the company’s growth and stability, potentially reinforcing investor confidence in PHP’s strategic direction.
The most recent analyst rating on (GB:PHP) stock is a Buy with a £1.10 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.
Primary Health Properties PLC has received clearance from the UK’s Competition and Markets Authority for its acquisition of Assura plc, with no competition concerns identified. This strategic transaction is set to create a £6 billion healthcare REIT, enhancing PHP’s platform for growth and enabling the company to achieve cost synergies of at least £9 million. The integration will support the NHS’s 10-year plan by facilitating a shift towards primary care, helping to save costs and deliver modern healthcare facilities across the UK and Ireland.
The most recent analyst rating on (GB:PHP) stock is a Buy with a £1.10 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.
Primary Health Properties PLC provided an update following its 2025 Annual General Meeting, where the re-election of Harry Hyman as Non-executive Chair received 79.28% support, slightly below the UK Corporate Governance Code threshold. The company highlighted successful shareholder engagement following its acquisition of Assura plc, reaffirming investor confidence in its leadership and commitment to high corporate governance standards. PHP intends to continue engaging with shareholders to ensure a balanced mix of skills and experience on its Board, aligning with evolving government health policies.
The most recent analyst rating on (GB:PHP) stock is a Buy with a £1.10 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.
Primary Health Properties PLC has announced the successful completion of its acquisition of Assura Plc, following a recommended shares and cash offer. The acquisition, which involved the issuance of new PHP shares, is expected to enhance PHP’s market position in the healthcare real estate sector, providing increased scale and diversification. The new shares have been admitted to trading on the London Stock Exchange and the JSE, marking a significant step in PHP’s growth strategy.
The most recent analyst rating on (GB:PHP) stock is a Buy with a £1.10 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.
Primary Health Properties PLC has announced a recommended takeover offer for Assura Plc, to be implemented under the Companies Act 2006. The admission of new PHP shares to the London Stock Exchange and the Main Board of the JSE is expected to occur by October 20, 2025, marking a significant expansion in PHP’s market presence and potentially enhancing its industry positioning.
The most recent analyst rating on (GB:PHP) stock is a Buy with a £1.10 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.
Primary Health Properties PLC has completed the compulsory acquisition of Assura Plc’s remaining shares, following a recommended takeover offer. This acquisition will result in the issuance of new PHP shares, which will be admitted to trading on the London Stock Exchange and the JSE. The move is expected to consolidate PHP’s position in the healthcare property market, enhancing its portfolio and potentially offering more value to shareholders.
The most recent analyst rating on (GB:PHP) stock is a Buy with a £1.10 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.