Primary Health Properties (LON:PHP) reported a 9% increase in adjusted earnings per share for the first half of 2026, as rental growth, merger synergies and a full-period contribution from its acquisition of Assura supported results.
The healthcare property investor said adjusted earnings rose to £98 million, while adjusted earnings per share increased to 3.8 pence
The company said this supports its projected 2026 dividend of 7.3 pence per share, which it described as fully covered. PHP also marked its 30th consecutive year of dividend growth. Management said the integration of Assura is substantially complete and that more than 90% of the £9 million in anticipated annual cost synergies has been delivered.
The group is also progressing plans to reduce leverage and refinance the facilities used to fund the acquisition. Rental growth and stable valuations PHP generated £4 million of additional income from like-for-like rental growth during the period. Rent reviews settled in the half produced a 6% uplift on previous passing rent, equivalent to annualized growth of 3.2%, slightly ahead of the company’s previous 3% guidance.