PHP reported a 49% rise in net rental income to £230mn. This reflects last year’s £1.6bn acquisition of Assura, and an £8mn contribution from rent reviews.
Underlying profit rose at a slightly slower pace of 41% to £131mn, partly offset by higher admin and finance costs.
Occupancy remained flat at 99%. The loan-to-value (LTV) ratio rose from 48% to 57% (target: 40-50%) due to the Assura acquisition.
In 2026, the LTV ratio is expected to fall back to target levels, helped by asset sales and cost-savings from the acquisition.
Dividends over the year totalled 7.1p per share, up 3%. The first interim dividend of the new year was paid on 13 March, totalling 1.825p per share, up 2.8% on 2025’s level.
The shares fell 2.5% in early trading.
Our view
HL view to follow.
Primary Health Properties key facts
All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment.