Primary Health Properties (PHP) has reported H126 results showing strong earnings growth, supported by the successful combination with Assura and underlying portfolio progress. Adjusted EPS increased 9% to 3.8p, comfortably covering DPS of 3.65p (+3%). PHP is now well into its 30th consecutive year of DPS growth. 92% of the expected £9m Assura cost synergies have been put in place and plans are well advanced to reduce post-transaction leverage back to within the targeted range. Significantly, PHP has now agreed exclusive terms for the establishment of a 50/50 private hospital joint venture (JV) with a global long-term institutional investor.

Primary Health Properties (PHP) has provided a Q126 trading update to accompany its AGM. The company has entered 2026 with strong momentum in organic rental income and the integration of Assura, and is making good progress with plans to reduce leverage back to within the targeted range of 40–50%. For FY26, management targets a fully covered DPS of 7.3p (+2.8% versus FY25), the 30th consecutive year of growth, representing a prospective 7.8% yield. The first two quarterly payments have already been paid or declared, a marker of the strength and visibility of rental income.

Primary Health Properties (PHP) reported strong earnings for FY25 and provided a confident outlook, underpinning a further (3%) increase in DPS, the 30th consecutive year of growth. The integration of Assura is running ahead of schedule, additional benefits have been identified and plans are well advanced to reduce leverage back to within the targeted range. PHP’s £6bn portfolio of critical healthcare real estate provides secure, long-term and growing income, in a demographically-driven, structurally supported sector, well-insulated from general economic uncertainty.