Primary Health Company Research (PHP)

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.