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Q3 Update on rental growth and joint ventures
Primary Health Properties PLC
(Incorporated in the United Kingdom)
Company Number: 3033634
LSE Share Code: PHP
JSE Share Code: PHP
ISIN Code: GB00BYRJ5J14
LEI: 213800Y5CJHXOATK7X11
(“PHP” or the “Company”)
1 October 2026
Q3 Update on rental growth and joint ventures
Primary Health Properties PLC, a leading investor in critical healthcare infrastructure in the UK and Ireland,
today publishes an update for the period to 30 September 2026 demonstrating continued rental growth,
positive momentum in asset management and risk-controlled development and progress on our joint venture
transactions.
Mark Davies, CEO of PHP, commented:
“PHP’s portfolio of critical healthcare infrastructure assets is defined by the security and longevity of rental
income from GPs, the NHS, the HSE in Ireland and proven private healthcare operators, giving our sector
attractive investment characteristics. We continue to deliver rental growth slightly ahead of our guidance and
are encouraged by recent investment transactions in our sector at supportive valuations.
“We remain focused on completing the previously announced deleveraging plan and we are pleased to report
that key transactions with our joint venture partners remain on track.”
Rental growth remains ahead of guidance
The Company continues to see an improving rental growth outlook, especially from rent reviews, with an extra
£5.8 million of income generated in the first 9 months of the year from 480 completed reviews. This represents
a total increase of 6.1% over the previous rent of £96 million, equivalent to 3.1% (target: >3%) on an
annualised basis. All parts of the enlarged portfolio are performing very well with Primary Care UK +2.8%,
Private Hospitals +3.7% and Ireland +3.7%.
Active asset management and development
The Government remains committed to the NHS 10-year plan and the creation of new Neighbourhood Health
Centres, aiming to increase both the capacity for, and range of, healthcare services in a primary care setting
and to relieve the pressure on NHS hospitals. PHP offers both the asset management and development
capability to deliver this essential improvement in critical healthcare infrastructure over the coming years for
the benefit of patients, health occupiers and investors.
We have recently completed significant asset management projects at our assets in Wakefield and Yeovil,
both of which increase clinical space to enhance healthcare services and set a positive rental tone in the
locality, and we continue to target further value generating asset management projects. This includes
opportunities in private hospitals, such as the £6.5 million extension to Tees Valley Hospital in Middlesborough
that has moved on site in the quarter.
PHP is currently on site with five new build development projects across the UK and Ireland, which all remain
on track for completion on time and on budget. Our enhanced development capability means we have a
growing pipeline of risk-controlled development opportunities across the UK, including a number of schemes
meeting the criteria of Neighbourhood Health Centres and a strategic partnership with East of England
Ambulance Service Trust for the delivery of new ambulance hubs, that are expected to be funded through the
existing primary care joint venture.
Joint venture transactions remain on track
PHP has made further progress on its joint ventures since the Interim Results in late July. The transactions
remain on track with financial terms agreed and due diligence complete. A further update will follow shortly.
Proceeds from the sale of assets into joint ventures will be used to pay down debt. The Company remains
focused on bringing the key debt metrics of Net Debt to EBITDA below 9.5 times and LTV below 50%.
The Company is pleased to have completed the integration of Assura during the period and expects to deliver
its financial synergies ahead of plan.
PHP’s portfolio of modern healthcare buildings, which act as essential infrastructure for the delivery of
healthcare services in the UK and Ireland, offer secure and growing rental income in a market benefitting from
long-term structural demand. With a strong track record of cost control, with one of the lowest EPRA cost
ratios in the sector and a disciplined approach to liability management, PHP is proud to be in its 30 th
consecutive year of delivering dividend growth for investors and remains committed to a progressive covered
dividend policy.
– ENDS –
For further information contact:
Mark Davies Richard Howell
CEO CFO
Primary Health Properties PLC Primary Health Properties PLC
David Purcell Sodali & Co
Investor Relations Financial PR
Primary Health Properties PLC Elly Williamson/Madeleine Gordon-Foxwell
T: +44 (0) 7921 190 136 T: +44 (0) 207 250 1446
E: david.purcell@phpgroup.co.uk E: PHP@client.sodali.com
Notes to editors
PHP is a leading investor in modern healthcare infrastructure with a £6 billion portfolio invested in critical
social assets across the UK and Ireland. The portfolio benefits from highly resilient operating metrics in a
sector with strong fundamental demographic characteristics, supported by a positive political backdrop and
the need for greater investment in healthcare infrastructure to support the delivery of services in local
communities.
In 2025, PHP combined with Assura to create the UK’s largest listed healthcare REIT placing the enlarged
Group in the top quartile of the London Stock Exchange FTSE 250 index with the additional benefits of
significantly increased share liquidity, investor reach and a lower cost of capital. PHP’s attractive portfolio,
strong platform with a robust balance sheet and a disciplined focus on rental growth and cost control supports
our 30-year track record of paying an increased progressive dividend.
The Company has a primary listing on the London Stock Exchange and a secondary listing on the JSE Limited.
United Kingdom
Sponsor: PSG Capital
Date: 01/10/2026 08:00:00
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