Primary Health Properties’ (PLP) net rental income and profits have risen 123% and 68% respectively following its acquisition of rival healthcare REIT Assura last August.
Its interim results for the six months to the end of June revealed net rental income of £176m, up from £79m in H1 2025. Meanwhile, the group’s profits after tax for the period rose from £59m in H1 2025, to £99m in H1 2026. It’s pre-tax profits rose from £62m to £100m.
Rental growth stood at 3.2%, up from 3% during the same period last year, while its adjusted earnings per share rose 9% from 3.5p per share to 3.8p. Occupancy remained steady at 99%, equal to H1 2025.
In March, the group revealed that the £1.79bn cash-and-shares acquisition of Assura last August had helped its portfolio value soar from £2.8bn to £6bn, where it still stands.
PHP secured the greenlight from the Competition and Markets Authority for the merger in October 2025, after securing 63% of acceptances from Assura shareholders for the bid in August.
A rival £1.7bn all-cash offer from private equity firms KKR and Stonepeak lapsed after PHP won the backing of Assura shareholders, ending a months-long bidding war.
Chief executive Mark Davies said the group delivered “strong earnings growth” across the period, which reflected the integration of Assura and the “robust underlying operational performance of the portfolio”.
Davies added: “We continue to make clear progress against the strategic objectives identified following the combination. PHP is well placed to continue delivering shareholder returns as the Assura combination has brought deeper capabilities, a larger pipeline and broader opportunities for growth.
“PHP’s portfolio of critical healthcare infrastructure delivers secure, long-term and growing income that underpins our long track record of maintaining progressive dividend policy in a structural growth sector.”
The group also said 92% of £9m cost synergies previously identified from the deal have now been delivered, adding that it has agreed terms for the establishment of a 50-50 joint venture with a global long term institutional investor that will be seeded with £700m of private hospital assets.
PHP’s annualised contracted rent roll stood at £345m, up marginally from H1 2025’s £342m. Its total undrawn loan facilities and cash stood at £301m, down from the previous year’s £571m.
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