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Primary Health Properties PLC on Tuesday boosted its dividend for the first quarter of 2026 after ending a ‘transformational’ year that saw PHP take over its peer Assura PLC. The London-based healthcare facility investor said it is now focused on cutting debt, and reassured investors that it had made ‘strong’ progress on achieving cost synergies after acquiring Assura in October last year. For 2025, PHP said rent reviews generated an additional £8.3 million, an increase of 6.8% over the previous passing rent. Annualised contracted rent roll of the enlarged group, including Assura, stood at £342 million. For the first quarter of 2026, PHP declared an interim dividend of 1.825 pence, up 2.8% from 1.775p in the same quarter a year before. The company said it intends to maintain its ‘progressive’ dividend, paid in equal quarterly installments. PHP added it had delivered annualised cost synergies totalling £5.4 million or 60% of the target. ‘Our immediate focus is now on delivering the post-transaction objectives of reducing leverage back to our targeted range of 40% to 50%; delivering the £9 million of annualised synergies identified; and integrating the two businesses to achieve the best of both organisations,’ PHP Chief Executive Oficer Mark Davies said. Net debt drawn as at December 31, 2025 was £3.4 billion, with an average weighted maturity of just over four years, offering ‘significant’ liquidity headroom, PHP noted, with cash and loan facilities totalling £552 million. PHP also noted ‘good’ progress in expanding its existing joint ventures and establishing a strategic joint venture for its private hospital portfolio, where ‘we see exciting growth opportunities’. Looking ahead, PHP considers the enlarged group ‘well placed to take advantage of the improving rental growth outlook across primary care and private hospitals, with six developments on site and an advanced pipeline of 51 asset management projects.’ Shares in PHP were up 0.5% to R 22.77 on Tuesday midday in Johannesburg, but they were down 1.0% to 102.60p in London’s morning session. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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