THIS ANNOUNCEMENT AND THE INFORMATION HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT AND NO INVESTMENT DECISION IN RELATION TO THE OFFER OR THE NEW PHP SHARES SHOULD BE MADE EXCEPT ON THE BASIS OF INFORMATION IN THE OFFER DOCUMENT, THE REVISED OFFER DOCUMENT, THE COMBINED CIRCULAR AND PROSPECTUS AND THE SUPPLEMENTARY PROSPECTUS.

 

Primary Health Properties PLC

Interim results for the six months ended 30 June 2025

PHP positioned for secure income and valuation growth supporting its progressive dividend policy

Primary Health Properties PLC ("PHP", the "Group" or the "Company"), a leading investor in modern primary health facilities, announces its interim results for the six months ended 30 June 2025 (the "period").

Mark Davies, Chief Executive Officer ("CEO") of PHP, commented:

"At a pivotal time for our sector, PHP has delivered a strong operational and financial performance driven by rental growth across our portfolio, a value-accretive acquisition in Ireland, valuation gains and another period of dividend growth. The improving rental growth outlook and a stabilisation of our property yields at 5.25% signal that we've moved through a key inflexion point in the property cycle with a very encouraging outlook ahead.

"The 10-year Health Plan which was published on 3 July 2025 is clearly positive for PHP. We welcome the Government's commitment to strengthening the NHS, particularly its emphasis on shifting more services to modern primary care facilities embedded in local communities. This plays directly to our strengths and our long-standing partnerships across the NHS give us a strong foundation to support this transition and deliver value to our shareholders.

"We continue to believe in the compelling strategic and financial rationale for the recommended combination with Assura plc. The transaction is expected to be earnings accretive for both sets of shareholders and we were pleased to have secured strong support for the transaction from PHP shareholders at our general meeting on 1 July 2025 with over 99% of voting shareholders approving the proposed combination. This is a clear endorsement of the Company's ability to deliver a financially beneficial transaction that is strategically valuable, supported by an expected strong investment grade credit rating that will deliver future value to shareholders and underpin the Group's progressive dividend policy.

"Since the announcement of the Assura plc recommendation, we've continued discussions with third party investors on forming a joint venture, which is expected to include the private hospital portfolio, as part of our deleveraging strategy. Conversations are ongoing with a range of highly- credible investors and we remain confident in our ability to conclude a transaction in a timely manner post completion.

"From day one the combined group will offer a powerful platform with greater scale, enhanced income and valuation growth potential and a lower cost of capital, all underpinned by a clear and important social purpose. The proposed combination also positions us strongly to invest in the future of healthcare infrastructure and we will have the financial capacity and Government support to help deliver it."

 

CAPITAL MARKETS UPDATE AND WEBCAST:

An in-person Capital Markets Update presentation will be held today, 24 July 2025 at 2.30pm BST (3.30pm SAST) at the offices of Deutsche Numis, 45 Gresham Street, London, EC2V 7BF and for those who cannot attend in person, the meeting will be accessible via live video webcast and conference call facility. Following the presentation there will be a managed questions and answers session. If you would like to register your interest in attending the meeting in person or virtually, please contact Burson Buchanan via [email protected].

The event will provide valuable insight into the future of healthcare real estate, highlighting the radical shift from hospital to community care and how PHP is strategically well placed to benefit from this positive outlook. PHP management will also present an operational and financial update including the recommended combination with Assura although no new information will be provided in respect of the transaction.

A fireside chat will be held with former Health Secretary and Chancellor, Sir Jeremy Hunt, a long-term advocate for increased investment in primary care, followed by an opportunity for a live Q&A.

FINANCIAL AND OPERATIONAL HIGHLIGHTS

Income statement and financial metrics	Six months to 30 June 2025	Six months to 30 June 2024	Change
Net rental income1	£78.6m	£76.2m	+3.1%
Adjusted earnings1,2	£47.3m	£46.3m	+2.2%
Adjusted earnings per share1,2	3.54p	3.46p	+2.3%
IFRS profit for the period	£59.4m	£3.6m
IFRS earnings per share2	4.4p	0.3p
Dividends
Dividend per share5	3.55p	3.45p	+2.9%
Dividends paid5	£47.4m	£46.1m	+2.8%
Dividend cover1	100%	100%
Balance sheet and operational metrics	30 June 2025	31 December 2024	Change
Adjusted NTA per share1,3	106.2p	105.0p	+1.1%
IFRS NTA per share1,3	104.0p	103.0p	+1.0%
EPRA NDV per share1,3	113.9p	114.1p	-0.2%
Property portfolio
Investment portfolio valuation4	£2.81bn	£2.75bn	+0.7%
Net initial yield ("NIY")1	5.25%	5.22%	+3bps
Contracted rent roll (annualised)1,6	£157.7m	£153.9m	+2.5%
Weighted average unexpired lease term ("WAULT")1	9.1 years	9.4 years
Occupancy	99.1%	99.1%
Rent-roll funded by government bodies1	88%	89%
Debt
Average cost of debt	3.4%	3.4%
Loan to value ratio ("LTV")1	48.6%	48.1%

 

1 Items marked with this footnote are alternative performance measures. Refer to the Glossary of Terms for a description of these measures and a reconciliation to the nearest statutory metric where appropriate.

2 See note 7, earnings per share, to the financial statements.

3 See note 7, net asset value per share, to the financial statements. Adjusted net tangible assets, EPRA net tangible assets ("NTA"), EPRA net disposal value ("NDV") and EPRA net reinstatement value ("NRV") are considered to be alternative performance measures. The Group has determined that adjusted net tangible assets is the most relevant measure.

4 Percentage valuation movement during the period based on the difference between opening and closing valuations of properties after allowing for acquisition costs and capital expenditure.

5 See note 8, dividends, to the financial statements.

⁶ Percentage contracted rent roll increase during the period is based on the annualised uplift achieved from all completed rent reviews and asset management projects.

EARNINGS AND DIVIDEND GROWTH

·   Adjusted earnings per share up 2.3% at 3.54 pence (H1 2024: 3.46 pence)

·   IFRS earnings per share increased to 4.4 pence (H1 2024: 0.3 pence) reflecting non-cashflow gains and losses arising on the valuation of the Group's property portfolio, convertible bond and interest rate derivatives

·   Contracted annualised rent roll increased by 2.5% to £157.7 million (31 December 2024: £153.9 million)

·   Additional annualised rental income on a like-for-like basis of £2.2 million or 1.4% from rent reviews and asset management projects (H1 2024: £1.8 million or 1.2%; FY 2024: £4.0 million or 2.7%) continuing the trend experienced in recent years.

·   EPRA cost ratio 9.8% (FY 2024: 10.1%) excluding Axis overheads and direct vacancy costs, representing one of the lowest in the UK REIT sector,

·   First three quarterly dividends totalling 5.325 pence per share distributed or declared in the year-to-date, equivalent to 7.1 pence per share on an annualised basis, a 2.9% increase over 2024 (6.9 pence per share) and marking the Company's 29^th consecutive year of dividend growth

·   The Company intends to maintain its strategy of paying a progressive, covered dividend

NET ASSET VALUE AND PORTFOLIO MANAGEMENT

·   Adjusted Net Tangible Assets ("NTA") per share increased by 1.1% to 106.2 pence (31 December 2024: 105.0 pence)

·   IFRS NTA increased by 1.0% to 104.0 pence (31 December 2024: 103.0 pence)

·   Property portfolio valued at £2.81 billion (31 December 2024: £2.75 billion) reflecting a net initial yield ("NIY") of 5.25% (31 December 2024: 5.22%)

·   Revaluation surplus in the period of £19.8 million (H1 2024: deficit £40.0 million), or an increase of +0.7% (H1 2024: -1.4%), comprising £28.8 million arising from rental growth and asset management projects offset by a £9.0 million decline arising from NIY widening of 3bps

·   The portfolio's metrics continue to reflect the Group's secure, long-term and predictable income stream with occupancy at 99.1% (31 December 2024: 99.1%), 88% (31 December 2024: 89%) of income funded by government bodies and a WAULT of 9.1 years (31 December 2024: 9.4 years)

·   Pipeline of 43 asset management projects and lease regears planned over next two to three years, highlighting the improving rental growth outlook with the current weighted average rent of £195psm due to increase by around 15% to £223psm post completion providing important evidence for future rent review settlements across the wider portfolio

·   Acquisition of Laya Healthcare facility, Cork, Ireland for €22.0 million / £18.2 million delivering an accretive earnings yield of 7.1%

·   Portfolio in Ireland now comprises 22 assets, valued at £293 million or €341 million (31 December 2024: £255 million / €309 million). The portfolio in Ireland represents 10% (31 December 2024: 9%) of the total portfolio and Ireland continues to represent a core part of the Group's strategy and preferred area of future growth

FINANCIAL MANAGEMENT

·      Significant liquidity headroom with cash and collateralised undrawn loan facilities totaling £107.3 million (31 December 2024: £270.9 million) after capital commitments and repayment of the £150m convertible bond post period end on 15 July 2025

·      100% (31 December 2024: 100%) of net debt fixed or hedged for a weighted average period of six years

·      LTV ratio 48.6% (31 December 2024: 48.1%) within the Group's targeted range of between 40% to 50%

·      Weighted average debt maturity 5.1 years (31 December 2024: 5.7 years)

RELATIVE TOTAL RETURNS

Six months ended 30 June 2025		Six months ended 30 June 2024	Year ended 31 December 2024
Adjusted NTA return	4.5%	0.4%	3.6%
Income return	2.9%	2.8%	5.5%
Capital return	0.7%	(1.4%)	(1.3%)
Total property return1	3.6%	1.4%	4.2%

1 The definition for total property return is set out in the Glossary of Terms.

 

 

 

For further information contact:

Mark Davies Chief Executive Officer Primary Health Properties PLC T: +44 (0) 7968 122448 E: [email protected]	Richard Howell Chief Financial Officer Primary Health Properties PLC T: +44 (0) 7766 072272 E: [email protected]
Burson Buchanan (Financial PR) Mark Court/Stephanie Whitmore/ Jesse McNab T: +44 (0) 20 7466 5066 E: [email protected]	Sodali & Co (media re proposed combination with Assura) Rory Godson Elly Williamson T: +44 (0) 7970 246725  E: [email protected]

 

 

 

EXECUTIVE REVIEW

PHP has continued to deliver on its 29-year track record of continuous dividend growth underpinned by another period of robust operational and financial performance in the first half of 2025. The performance in the period is a testament to the quality of PHP's business model, portfolio, management team and people against the backdrop of an uncertain interest rate and economic environment which continues to weigh heavily on the real estate sector.

The Group's operational resilience throughout the period reflects the security and longevity of our income which are important drivers of our predictable income stream and underpin our progressive dividend policy. We have maintained our strong operational property metrics, with high occupancy at 99.1% (31 December 2024: 99.1%), 88% (31 December 2024: 89%) of our rent being securely funded directly or indirectly by the UK and Irish Governments and a long weighted average unexpired lease term ("WAULT") of 9.1 years (31 December 2024: 9.4 years).

The improving rental growth outlook and stabilisation of yields in the period have underpinned valuation growth across the portfolio now valued at £2.81 billion (31 December 2024: £2.75 billion) across 517 assets (31 December 2024: 516 assets), including 22 assets in Ireland, with a rent roll of £157.7 million (31 December 2024: £153.9 million). The increase in values created a surplus of £19.8 million after acquisition and asset management capital expenditure and resulted in an increase in the portfolio's average lot size to £5.4 million (31 December 2024: £5.3 million).

We continue to drive rental growth from both rent reviews and asset management activities which is a critical factor in the Group's business model and underpins both the earnings and dividend outlook. Importantly, we have continued to see open market value ("OMV") growth improving with reviews completed in the six months ended 30 June 2025 generating an extra £0.8 million (H1 2024: £0.6 million) an uplift of 7.6% (2024: 6.5%) over the previous passing rent equivalent to 2.3% (2024: 2.1%) on an annualised basis. This continues the positive trend in growth seen over the last couple of years.

We welcome the Government's 10-year Health Plan and its commitment to strengthening the NHS which is clearly positive for PHP, with further information on this provided below. Many of our primary care facilities and occupiers will need to deal with future reforms along with addressing the large backlog of procedures that has built up over recent years. We continue to maintain close relationships with our key stakeholders and GP partners to ensure we are best placed to help the NHS and Health Service Executive ("HSE"), Ireland's national health service provider, evolve and deal with the ever-increasing pressures being placed on them.

Recommended combination with Assura

On 16 May 2025, PHP announced a firm intention to make a share and cash offer for the entire issued share capital of Assura pursuant to Rule 2.7 of the Takeover Code and on 13 June 2025 posted an offer document to Assura shareholders along with a combined circular and prospectus to PHP shareholders.

Subsequent to the above, on 23 June 2025, the Boards of both PHP and Assura announced the terms of a recommended combination which will be implemented by way of an increased shares and cash offer. Under the increased terms of PHP's offer, Assura shareholders will receive for each share held 0.3865 new PHP shares and 12.5 pence in cash. Assura shareholders will be entitled to receive a special dividend of 0.84 pence per Assura share in addition to the dividends of 0.84p already declared and paid in April 2025 and July 2025. The offer is not conditional on any antitrust, competition or merger control approvals.

On 1 July 2025, PHP's general meeting was held to approve the transaction with 99.3% of shareholders who voted approving the proposed combination which is a strong endorsement of the transaction.

The transaction will create a UK REIT of significant scale and liquidity with a combined portfolio of approximately £6 billion of long leased, sustainable infrastructure assets principally let to government tenants and leading UK healthcare providers benefiting from increased income security, longevity, diversity of assets, geography and mix of rent review types.

The transaction will be funded through both the issue of new share equity and by way of a new £1.125 billion unsecured loan provided by Citibank, N.A., London Branch, Lloyds Bank plc and The Royal Bank of Scotland Plc. The facility will be used to finance the cash consideration payable by PHP to Assura shareholders, provide headroom to refinance debt facilities maturing in the next 18 to 24 months and provide additional undrawn working capital headroom for the combined Group.

To support the combined Group's progressive dividend policy, paid on a quarterly basis, we have set out an attractive strategy and financial framework which will focus on:

·    80% to 90% government backed income target with new or regeared leases typically in excess of 20 years

·    Focus on organic rental growth greater than 3% to deliver sector leading, risk adjusted total property returns

·    Risk controlled and capital light asset management and development projects

·    Targeting a strong investment grade credit rating of BBB+ or better

·    LTV target of 40% to 50%

·    Interest cover target of greater than 2.5x net rental income with more than 90% of debt fixed or hedged

·    Strong control on costs and overheads with one of the lowest EPRA cost ratios in the sector

Notwithstanding the expected future growth from earnings and valuation accretion a return to PHP and Assura's long term trading valuations could potentially deliver significant upside for shareholders.

PHP encourages all Assura shareholders to accept the offer and to make a mix and match election. Assura shareholders who have not yet accepted the offer should note that the mix and match facility will remain open until the date on which the offer becomes or is declared unconditional after which time it may be closed by PHP without further notice. PHP intends to close the mix and match Facility after the offer becomes unconditional (in order to allow allocations to be calculated).  Assura shareholders who have not yet accepted the offer and wish to make elections under the mix and match facility are therefore recommended to accept the offer and make their elections under the mix and match facility as soon as possible.

Further information in respect of the offer are contained at the end of this announcement in the section headed "Important Information in relation to PHP's offer for Assura plc" and on the Group's website: https://www.phpgroup.co.uk/investors/offer-for-assura-plc.

Overview of results

PHP's Adjusted earnings increased by £1.0 million or 2.2% to £47.3 million (H1 2024: £46.3 million) in the six months to 30 June 2025, driven by organic rental growth from rent reviews and asset management projects, plus the acquisition of Laya Healthcare facility in February 2025, partially offset by higher interest costs on the Group's increased debt arising from acquisition and asset management activities. Using the weighted average number of shares in issue in the period the Adjusted earnings per share increased by 2.3% at 3.54 pence (H1 2024: 3.46 pence).

A revaluation surplus of £19.8 million (H1 2024: deficit £40.0 million) was generated in the period from the portfolio, equivalent to +1.5 pence per share. The valuation surplus was driven by rental growth and asset management projects equivalent to £28.8 million partially offset by net initial yield ("NIY") widening of 3 bps in the period, equivalent to a valuation reduction of around £9 million.

A combined loss of £5.2 million (H1 2024: loss of £1.8 million) from the fair value movements of interest rate derivatives and convertible bonds, the amortisation of the fair value adjustment on the MedicX fixed rate debt at acquisition and the amortisation of the intangible asset arising on the acquisition of Axis PHP in 2023 resulted in a profit before tax as reported under IFRS of £61.9 million (H1 2024: £4.5 million).

The Group's balance sheet remains robust with significant liquidity headroom with cash and collateralised undrawn loan facilities, after capital commitments and post period end repayment of the £150 million convertible bond, totalling £107.3 million (31 December 2024: £270.9 million). The loan to value ratio of 48.6% (31 December 2024: 48.1%) is in line with the targeted range of between 40% and 50% with significant valuation headroom across the various loan facilities with values needing to fall by around £1.0 billion or 35% before the loan to value covenants are impacted.

Dividends

The Company distributed a total of 3.55 pence per share in the six months ended 30 June 2025, equivalent to 7.1 pence on an annualised basis, which represents an increase of 2.9% over the dividend per share distributed in 2024 of 6.9 pence. 2025 will mark the 29^th year of consecutive dividend growth for PHP.

A third quarterly interim dividend of 1.775 pence per share was declared on 16 June 2025. The dividend will be paid on 15 August 2025 to shareholders who were on the register at the close of business on 3 July 2025. The Company intends to maintain its strategy of paying a progressive dividend, which is paid in equal quarterly instalments, and covered by underlying earnings in each financial year. A further interim dividend payment is planned to be made in November 2025, which is expected to comprise a mixture of both Property Income Distribution and normal dividend.

The total value of dividends distributed in the period increased by 2.8% to £47.4 million (30 June 2024: £46.1 million), which were covered by Adjusted earnings. As previously reported, we suspended the scrip dividend scheme in light of the ongoing weakness in the share price and a dividend re-investment plan is being offered in its place.

Johannesburg Stock Exchange ("JSE") secondary listing

In the period, the Company has continued build on the growing interest in the Company and its profile in the South African market where investors have shown strong interest in the unique healthcare property investment opportunity. Since listing in October 2023, the secondary listing has helped contribute to liquidity in the Group's shares and as at 30 June 2025 approximately 45 million shares or 3.4% (31 December 2024: 14 million or 1.0%) of the register is now listed on the JSE. We continue to help potential South African investors acquire PHP shares and provide further liquidity on the JSE with the objective of increasing the number of shares listed there to between 5% to 10% of the Group's total issued share capital.

 

Environmental, Social and Governance ("ESG")

PHP has a strong commitment to responsible business. ESG matters are at the forefront of the Board's and our various stakeholders' considerations and the Group has committed to transitioning to net zero carbon ("NZC"). PHP published, at the start of 2022, a NZC Framework setting out the five key steps we are taking to achieve an ambitious target of being NZC by 2030 for all of PHP's operational, development and asset management activities.

We continue to make good progress on the delivery of our NZC framework commitments and achieved our first milestone of net zero operations for the last three years, one year ahead of target. Additionally, the Group's completed the NZC fit-out development at South Kilburn, London in Q2 2025 and is due to complete imminently the NZC development at Croft, West Sussex.

We continue to modernise existing buildings and improve the environmental credentials of our portfolio through the asset management programme and have completed a further two projects in the period, all of which saw an improvement in the EPC ratings to a B. As at 30 June 2025, 52% of assets have an EPC rating of A or B (31 December 2024: 47%) and 90% at A to C (31 December 2024: 88%).

As part of establishing the wider carbon impact of the buildings and improving our access to energy performance data we have partnered with arbnco, the award-winning Protech company addressing climate change, to increase and move towards 100% energy data coverage across the portfolio, allowing us to proactively engage with and support tenants on improving their energy performance.

As a leading provider of modern primary care premises, we aim to create a lasting positive social impact, particularly on the health outcomes and wellbeing in the communities where we are invested. We believe that our activities benefit not only our shareholders but also our wider stakeholders, including occupiers, patients, the NHS and HSE, suppliers, lenders, and the wider communities in both the UK and Ireland.

Further details on our progress, objectives for the future and approach to responsible business can be found in the 2024 Annual Report and on our website.

The NHS 'fit for the future' 10-year health plan for England

The UK Government's 10-year plan for the NHS in England was launched on 3 July 2025, to create a new model of care fit for the future, setting out three radical shifts - from hospital to community, analogue to digital, and sickness to prevention.

·    The move from hospital to community will be delivered through a 'neighbourhood health service' that will join up multiple services through local teams to make them patient focused, accessible and, in time, to offer predictive and preventative care, anticipating need rather than reacting to it. 

·    The move to digital will be through the NHS app to improve patient access to services and control their data in a single patient record.

·    The move from sickness to prevention will include an ambition to end obesity, incentivisation of healthier choices, better support for people to find and stay in work, an expansion of mental health support and increased use of genomics to enable intervention for people at high risk of developing disease.

There is a clear theme of reducing the reliance on hospitals and an accompanying commitment to shift expenditure away from expensive hospital care.  Consequently, the plan should be a catalyst for unlocking significant future opportunities in primary care and community diagnostics.

In support of the shift from hospital to community, the plan outlines the development of neighbourhood health centres ("NHC") in every community acting as a 'one stop shop' for patient care and the place from which multidisciplinary teams operate.  The objective of NHC's is to create an offer that meets population needs holistically by co-locating NHS, local authority and voluntary sector services, bringing historically hospital based activities such as diagnostics, post-operative care and rehabilitation into the community but also offer a variety of services such as smoking cessation, weight management, employment support and debt advice providing convenient access to services, particularly for those with complex needs, but will also support more integrated working by healthcare and allied professionals. Importantly, much of the existing UK primary care infrastructure is incapable of facilitating these broad, multi-disciplinary services in the community.

The creation of NHCs will therefore mandate the improved utilisation of existing assets and the delivery of new premises. The plan recognises that private capital, including third party development, will be essential to the delivery of the new estate and proposals for a new plan to support the establishment of an NHC in every community is expected with the Autumn 2025 Budget.

PHP is strategically well placed to assist and support the Government and NHS with the NHC programme by enhancing its existing estate through both the Group's pro-active asset management and development activities.

Primary health and investment market update

Primary care asset values have continued to perform well relative to mainstream commercial property due to recognition of the security of their government backed income, crucial role in providing sustainable healthcare infrastructure and more importantly a stronger rental growth outlook enabling attractive reversion over the course of long leases. In particular, the recent KKR / Stonepeak approach for Assura has demonstrated the continued desirability of the primary care sector.

Yields adopted by the Group's valuers have shown moderation moving out by only 3bps to 5.25% as at 30 June 2025 (31 December 2024: 5.22%) to reflect perceived market sentiment for the sector. We believe the sector has reached an inflexion point with future rental growth offsetting the impact of any further yield expansion.

PHP Outlook

PHP continues to believe the compelling strategic and financial rationale for the recommended combination with Assura plc ("Assura"). We are also pleased to have secured strong support for the transaction from PHP shareholders at our general meeting with over 99% of voting shareholders approving the proposed combination which is a strong endorsement of the Company's ability to deliver an earnings accretive transaction.

At an important time for our sector, a combined group creates a strong platform that offers scale, income and valuation growth with both resilience and an important social purpose. UK PLC ownership of primary care facilities also provides appropriate stewardship of these social infrastructure assets.

PHP welcomes the Governments 'fit for the future' 10-year Health Plan for the NHS in England with its emphasis on shifting services to modern primary care facilities in a community setting. Our track record in primary care and relationships with NHS stakeholders place PHP at the centre of the solution to deliver on the Government's plan. This backdrop, together with the improving rental growth outlook, and the potential for valuations to be at an inflexion point in the current economic cycle represents a very encouraging outlook for the combined group over the long term. 

PHP has delivered another period of strong operational and financial performance with a focus on driving rental growth from our existing assets and are encouraged by the firmer tone of rental growth experienced over the last couple of years. We believe the dynamics of inflation in recent years, including significantly increased build costs combined with demand for new primary care facilities and the need to modernise the estate will continue to drive future rental settlements.

These factors, along with the encouraging Government commitments to a neighbourhood health service and the resulting increased investment in primary and community care, enable us to look forward to the rest of 2025 and beyond with confidence.

 

 

 

 

Harry Hyman                                                  Mark Davies

Chair                                                               Chief Executive Officer

23 July 2025