Assura PLC Trading update (4923I)
02 April 2020 - 5:00PM
UK Regulatory
TIDMAGR
RNS Number : 4923I
Assura PLC
02 April 2020
2 April 2020
Assura plc
Trading Update
For the fourth quarter ending 31 March 2020
Assura plc ("Assura"), the leading primary care property
investor and developer, today announces its Trading Update for the
fourth quarter ending 31 March 2020.
Jonathan Murphy, CEO, said:
"Assura is working closely with the NHS and our GP partners to
make sure we can best support the health service through the
Covid-19 crisis. We are also assisting occupiers to optimise the
use of space in their buildings and offering vacant space to the
NHS where we can. We are continuing to follow closely the latest
advice of the Government and Public Health England, working with
the contractors for our on-site developments.
"Looking at the quarter as a whole, Assura continued to make
good operational progress, in particular around our acquisition and
development opportunities, as we seek to deliver primary care
assets that cater to the needs of the NHS now and for the
future."
Covid-19 update
-- The safety and wellbeing of Assura's colleagues, tenants and
patients who visit our primary care centres are our top
priority.
-- We are working closely with the NHS and our GP tenants to
discuss how we can help the health service; a ssisting tenants to
make best use of space available in their buildings for temporary
use in additional consulting, testing and respiratory care and
offering vacant space to the NHS.
-- We are supporting contractors to follow Government advice for
construction sites and prioritise the health of their teams and are
prepared for delays to anticipated completion dates for our on-site
developments and start dates of the immediate pipeline.
-- March quarter rents being received in line with normal patterns.
-- Dividend of 0.697 pence to be paid on 15 April 2020 as
previously announced (ex-div date 12 March 2020).
Active fourth quarter
-- Development at Knebworth completed and three schemes progressed to on-site.
-- 13 acquisitions completed for combined GBP54 million, including GBP41 million in March.
-- One disposal completed for GBP0.8 million and contracts
exchanged for the disposal of 20 properties for total consideration
of GBP17 million; expected to complete in the next few weeks.
Strong performance in the year
-- Portfolio expanded to 576 properties with current annualised rent roll of GBP108.9 million.
-- Four developments completed in the year at a total cost of GBP14.8 million.
-- 15 developments currently on site with a total cost of GBP81 million.
-- Acquisitions for the year total 28 for consideration of GBP119 million.
-- 32 lease re-gears completed in the year representing GBP2.9
million of the Group's rent roll, adding a weighted average of 10.5
years WAULT to those leases.
Pipeline for future growth
-- Immediate development pipeline totalling GBP77 million,
schemes which we expect to be on site within 12 months.
-- Immediate acquisitions pipeline stands at GBP67 million,
which we would normally expect to complete in three-six months.
-- Total immediate pipeline, including on site developments, worth GBP225 million.
-- 38 lease re-gears agreed and currently in legal hands
covering GBP4.6 million of existing rent roll.
-- There is an increased risk of delays in the timing of all
pipelines due to Covid-19 and we continue to monitor the situation
closely.
Robust balance sheet
-- As at 31 March 2020 gross debt stood at GBP847 million with
undrawn facilities of GBP220 million.
ENDS
For further information, please contact:
Assura plc: Tel: 01925 420 660
Jayne Cottam, CFO
David Purcell, Head of Financial
Reporting
Finsbury: Tel: 0207 251 3801
Gordon Simpson
James Thompson
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
Notes to Editors
Assura plc, a constituent of the FTSE 250 and the EPRA* indices,
is a UK REIT and long-term investor in and developer of primary
care property. The company, headquartered in Warrington, works with
GPs, health professionals and the NHS to create outstanding spaces
for health services in our communities. At 30 September 2019,
Assura's property portfolio was valued at GBP2,039 million.
Further information is available at www.assuraplc.com
*EPRA is a registered trademark of the European Public Real
Estate Association.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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