Primary Health Properties delivers robust interims amid rental growth, Irish acquisition

PRIMARY Health Properties (PHP), a leading investor in modern healthcare properties in the UK and Ireland, released its interim results for the six months to June 30, 2025, which showed its earnings grew amid an increase in rental income across its portfolio and after its Irish acquisition.

- PHILIPPA LARKIN

PHP is London listed and secondary listed on the JSE.

Net rental income increased by 3.1% to £78.6 million (R1.4 billion). Adjusted earnings per share increased by 2.3% to 3.54 pence, headline earnings per share decreased by 5.9% % to 3.2 pence, earnings per share increased to 4.4 pence, while dividends per share increased by 2.9% to 3.55 pence.

PHP's adjusted earnings increased by 2.2% to £47.3m in the reporting period, driven by organic rental growth from rent reviews and asset management projects, plus the acquisition of Laya Healthcare facility in February 2025.

PHP investment property portfolio valuation increased to £2.81bn from £2.75bn in December 2024. The portfolio's metrics continue to reflect the group's secure, long-term and predictable income stream with occupancy at 99.1%.