TIDMAGR
RNS Number : 0141S
Assura PLC
11 November 2021
11 November 2021
Assura plc
Delivering continued growth
Assura plc ("Assura"), the leading primary care property
investor and developer, today announces its interim results for the
six months ended 30 September 2021.
Jonathan Murphy, CEO, said:
" Assura has continued to make strong progress over the past six
months. We expanded our high-quality portfolio with 27 new
additions and grew Assura's market-leading development pipeline to
a record GBP480 million, building upon our acquisition of Apollo in
February. Our financial platform remains robust, with a
conservative LTV of 39% and our lowest ever cost of debt of 2.30%
down 17 bps from last year. This is Assura's eighth year of
dividend growth -- a testament to our successful strategy, which
continues to drive resilient cash flows, strong growth and a
positive outlook for the company.
"The pandemic has shone a light like never before on Assura's
role as the NHS's partner of choice, supported by our financial
strength, sector expertise and mutually beneficial relationships
with GPs. With capacity constraints and health inequalities having
been exacerbated significantly in the last 18 months, the provision
of the high-quality community healthcare that Assura delivers has
become more important than ever. With our leadership position we
are also well positioned to adapt to emerging trends within the
sector such as the growing digitalisation at our sites and remote
diagnosis. Most recently, more than 87,000 people benefited from
our social impact strategy, SixbySix, from improvements to and
through our healthcare buildings in the half-year period and as
COP26 draws to a close we continue to play a key role in supporting
the NHS's commitment to become the world's first net zero
healthcare system.
"Today, we are also proposing an equity raise of approximately
GBP190 million, to fund additional investment in our development
pipeline, acquisitions and asset enhancements. This will help us to
further build on our strong track record of delivering growth,
supporting the NHS and increasing shareholder value. "
Strong growth and resilient cash flows bolster our position as
NHS partner of choice
-- Passing rent roll up 5% to GBP127.5 million (March 2021:
GBP121.7 million), WAULT 11.7 years (March 2021: 11.9 years)
-- Profit before tax up 58% to GBP69.4 million (2020: GBP43.8 million); EPS 2.6p (2020: 1.7p)
-- EPRA earnings up 7% to GBP40.9 million (2020: GBP35.8
million); EPRA EPS of 1.5p (2020: 1.4p(1) )
-- Portfolio increased 6% to GBP2,595 million as at 30 September
2021 (March 2021: GBP2,453 million)
-- Portfolio Net Initial Yield ("NIY") at 4.56% (March 2021:
4.56%), valuation gain of GBP28.1 million in the six months
-- Current quarterly dividend of 0.74p (March 2021: 0.71p)
Continuing to deliver critical new capacity for community
healthcare
-- Growing portfolio of 625 high-quality properties (March 2021:
609), serving 6.3 million people across the UK
-- 27 property additions for total cost of GBP117 million (yield
on cost 4.9%, WAULT 16.3 years, GBP82 million acquisitions, GBP35
million development completions)
-- Market-leading development capability strengthened by acquisition of Apollo in February 2021
-- Total development pipeline of GBP480 million of which on site GBP72 million
-- 11 selective disposals completed for proceeds of GBP15
million generating a modest profit over book value
-- Five asset enhancement capital projects on site (GBP3.7 million spend)
-- Five lease re-gears (GBP0.2 million existing rent roll) and
144 rent reviews completed (2.1% uplift(2) )
-- Total contracted rental income increased to GBP1.61 billion (March 2021: GBP1.57 billion)
-- Pipelines: immediate developments(3) GBP145 million; extended
developments(4) GBP263 million; acquisitions GBP102 million in
legal hands; asset enhancement capital projects GBP15 million
-- 56 lease re-gears covering GBP6.7 million of existing rent roll in the current pipeline
Sustainability and social impact at the heart of all
decision-making
-- Further progress on our SixbySix social impact strategy ambition
-- EPC improvement programme on track to roll out in the second half of the year
-- Assura Community Fund distributed GBP100,000 as official
Community Health Partner of the Rugby League World Cup
-- Evaluating bids in second GBP400,000 grants programme for
health-improving projects around our buildings
-- All development completions rated BREEAM Very Good or
Excellent and met EPC targets of B and above
-- Two development projects identified as first net zero pilots;
aiming to be on site within 12 months
-- Sustainability Bond issued in accordance with Sustainable Finance Framework
Strong and diverse financial position
-- LTV of 39% at 30 September 2021 and weighted average interest rate of 2.30%
-- Issued 12-year GBP300 million Sustainability Bond with coupon of 1.625% in June 2021
-- As at 30 September 2021 net debt of GBP1,007 million on a fully unsecured basis
-- Undrawn facilities of GBP125 million and cash of GBP241.6 million
-- A- (stable outlook) rating from Fitch Ratings Ltd reaffirmed in January 2021
Summary results
Financial performance September September Change
2021 2020
Net rental income GBP61.1m GBP54.4m 12.3%
---------- ----------- --------
Profit before tax GBP69.4m GBP43.8m 58.4%
---------- ----------- --------
IFRS earnings per share 2.6p 1.7p 52.9%
---------- ----------- --------
EPRA earnings per share 1.5p 1.3p 15.4%
---------- ----------- --------
Adjusted EPRA earnings per
share 1.5p 1.4p 7.1%
---------- ----------- --------
Dividend per share 1.45p 1.4p 3.6%
---------- ----------- --------
Property valuation and performance September March 2021 Change
2021
---------- ----------- --------
Investment property GBP2,595m GBP2,453m 5.8%
---------- ----------- --------
Diluted EPRA NTA per share 58.4p 57.2p 2.1%
---------- ----------- --------
Rent roll GBP127.5m GBP121.7m 4.8%
---------- ----------- --------
Financing September March 2021 Change
2021
---------- ----------- --------
Loan to Value ("LTV") ratio 39% 37% 2ppt
---------- ----------- --------
Undrawn facilities and cash GBP367m GBP272m 34.9%
---------- ----------- --------
Weighted average cost of debt 2.30% 2.47% (17)bps
---------- ----------- --------
(1) Comparator is Adjusted EPRA earnings per share, adjusted to
remove the GBP2.5 million contribution to the Assura Community Fund
in the 6 months to September 2020
(2) Weighted average annual uplift on all settled reviews
(3) Immediate development pipeline: schemes expected to be
onsite within 12 months
(4) Extended development pipeline: Assura appointed exclusive
development partner, awaiting NHS approval
Alternative Performance Measures ("APMs")
The highlights page and summary results table above include a
number of financial measures to describe the financial performance
of the Group, some of which are considered APMs as they are not
defined under IFRS. Further details are provided in the CFO Review,
notes to the accounts and Glossary.
For further information, please contact:
Assura plc: Tel: 01925 420 680
Jayne Cottam, CFO Email: Investor@assura.co.uk
David Purcell, Head of Investor Relations
Finsbury: Tel: 0207 251 3801
Gordon Simpson Email: Assura@Finsbury.com
James Thompson
A presentation for investors and analysts, followed by live
Q&A, will be streamed at the link below on 11 November 2021 at
9.00am GMT.
Webcast link:
https://webcasting.brrmedia.co.uk/broadcast/6165b49c4e29f55a9419342b
In addition, the company will host a presentation with Q&A
for retail investors on the Investor Meet Company platform on
Friday 12(th) November 2021 at 3.00pm GMT. Investors can sign up to
Investor Meet Company for free and add to meet Assura plc via:
https://www.investormeetcompany.com/assura-plc/register-investor
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 2021,
Assura's property portfolio was valued at GBP2,595 million.
Further information is available at www.assuraplc.com
*EPRA is a registered trademark of the European Public Real
Estate Association.
CEO statement
We are delighted to be reporting on another period of strong
progress and growth for Assura.
We have continued our recent track record of quality additions
to our portfolio with 20 acquisitions and seven development
completions for GBP117 million in the period at a yield on cost of
4.9%. We have now added over GBP1.1 billion to our portfolio since
April 2017 whilst retaining our strong portfolio metrics.
Our pipeline of further opportunities has not only been
replenished but expanded - covering acquisitions (GBP102 million
currently in legal hands), developments (record pipeline of GBP480
million) and asset enhancements (both re-gears and capital
projects).
These have been boosted by and include emerging opportunities in
the areas we have previously talked about as being complementary to
our portfolio - diagnostics, mental health, primary care at scale
and carefully selected private providers. We are pleased with our
initial progress.
All of which is possible due to the strength of our balance
sheet and the support from both the equity and debt markets. During
the period, on the back of our Social Bond in 2020 and initial
progress on our social impact and sustainability strategy,
SixBySix, we issued in June 2021 a GBP300 million 12 year
Sustainability Bond at 1.625%.
Financial and operational performance
Assura's business and our ability to continue to deliver on our
purpose is built on the reliability and resilience of our
long-term, secure cash flows. These are supported by a weighted
average unexpired lease term of 11.7 years and a strong financial
position reflected in our A- credit rating from Fitch.
Assura has consistently demonstrated an ability to identify and
secure new opportunities for growth, building on our market-leading
capabilities to manage, invest in and develop outstanding spaces
for health services in our communities.
During the first six months of the year, we completed 20
acquisitions for GBP82 million. These opportunities were sourced by
our investment team leveraging the relationships we have with
existing occupiers as well as our bespoke database which contains
details on all medical centres in the UK.
Our strategic investment over the last five years in our
development team and capabilities, most recently with the
acquisition of Apollo in February, is continuing to reap rewards.
Following the 12 completions in the year to March 2021, we have
completed seven further buildings in the six months to September
2021 (at a total cost of GBP35 million and all hitting our BREEAM
and EPC targets) and moved three further schemes on to site,
including the
GBP22 million Ambulance Hub in the West Midlands.
Our high-quality portfolio now stands at 625 properties serving
approximately 6.3 million patients. Each asset is regularly and
carefully reviewed for opportunities to enhance its lifetime cash
flows and impact on the community, with total contracted rental
income a strategic KPI. This metric is a combination of our passing
rent roll and lease length, providing an effective measure of our
ability to both grow and extend our cash flows for the long term.
It captures the crucial value-enhancing activity of our portfolio
management teams as they agree rent reviews, complete lease
re-gears, let vacant space and undertake physical extensions. In
the first half, the team completed 144 rent reviews, five lease
re-gears and is currently on site with five capital projects (total
cost GBP4 million). Our total contracted rental income has grown to
GBP1.61 billion and our weighted average unexpired lease term
stands at 11.7 years.
The combination of these elements has enabled us to continue our
strong track record of growth. Our portfolio has increased by 6% in
six months to GBP2.6 billion and our passing rent roll is up 5% to
GBP127.5 million. Our EPRA earnings have increased by 14% to
GBP40.9 million which translates to an EPRA EPS of 1.5p. Taking
into account positive valuation movements, our net profit is
GBP69.4 million.
Finally, the resilience of our income and the growth we have
delivered is reflected in our dividend payments. During the period
we announced a 4% increase in quarterly dividend payment to 0.74
pence with effect from July 2021, equivalent to 2.96 pence on an
annualised basis.
Assura outlook
Assura's success, and its future strategy is built on our
complementary offer to our customers of investment, development and
management of premises. This multi-faceted approach allows us to
better understand the requirements of our customers and anticipate
their future needs.
Following our first half performance, we have replenished our
immediate pipeline. Acquisition opportunities in legal hands total
GBP102 million. In development, we are on site with 12 schemes
(total cost GBP72 million), have an immediate pipeline of 20
development opportunities (GBP145 million) expected to commence in
the next 12 months and an extended pipeline of 37 schemes (GBP263
million) where Assura is the exclusive partner. We have GBP15
million of asset enhancement capital projects in the immediate
pipeline.
We continue to explore exciting opportunities in new adjacent
areas, all supporting delivery of community-based services away
from hospitals, including in new geographies.
In addition to the on site Ambulance Hub in the West Midlands,
our multi-use facility for the Northumbria Healthcare NHS
Foundation Trust in Cramlington is included in our immediate
development pipeline. We have acquired two buildings used in the
provision of mental health services and we completed a further
development for Ramsay in Preston with another scheme in our
immediate pipeline. Our strategic partnership with a national
provider of primary care at scale has yielded several acquisition
opportunities in our immediate pipeline.
We remain well funded to support our future growth plans.
Following the Sustainability Bond issue we have cash and undrawn
committed facilities totalling GBP367 million. This financial
strength further underpins our growth prospects.
Market outlook
At the year end, we talked about the emerging trends within
healthcare in the UK; in particular about the long term impact of
COVID-19.
The pandemic has highlighted and exacerbated the existing
problems that need to be addressed within our primary healthcare
infrastructure.
With record waiting lists, pressure on the NHS remains high.
With an ageing population demand for health services will only
grow. With a large proportion of the country's medical centres
out-dated and not fit for purpose, the delivery of health services
in a community setting that relieves some of the pressure in the
system remains extremely challenging.
The adoption of technology, in particular for triage and routine
appointments, is needed to help relieve this pressure but
face-to-face consultations in suitable spaces remains an essential
part of delivering adequate clinical services.
Recent Government announcements have pledged significant funding
to tackle these issues.
The Health and Social Care Levy, announced in September 2021,
will see GBP36 billion invested over the next three years in
clearing waiting lists through increasing capacity within the
system.
The Autumn Budget pledges GBP5.9 billion of investment in
physical infrastructure and equipment, including diagnostics
testing facilities and improving IT and digital technology within
the NHS.
The recognition of the issues within the system and the
increased funding are welcome, and we look forward to seeing how
this will flow into the significant required investment in the
primary care infrastructure needed to deliver this capacity.
Assura, with a proven track record of property skills,
innovation and the financial strength to deliver, remains well
placed to help support the needs of the NHS. We continue to look
forward to the future with confidence in our prospects.
Jonathan Murphy
CEO
10 November 2021
CFO review
For the six months ended 30 September 2021
It has been another strong period for Assura. Growth has been
delivered through acquisitions, development completions and asset
enhancement activities.
We continue to carefully manage our costs, our EPRA Cost Ratio
being maintained around 13%, whilst investing in our team
particularly with respect to our development capabilities.
We are delighted to have received further support from the debt
markets in the period; our GBP300 million 12-year Sustainability
Bond was significantly oversubscribed with a strong
institution-based order book.
This leaves us well-placed to fund further growth in our
portfolio.
Alternative Performance Measures ("APMs")
The financial performance for the period is reported including a
number of APMs (financial measures not defined under IFRS). We
believe that including these alongside IFRS measures provides
additional information to help understand the financial performance
for the period, in particular in respect of EPRA performance
measures which are designed to aid comparability across real estate
companies. Explanations to define why the APM is used and
calculations of the measures, with reconciliations back to reported
IFRS measures normally in the Glossary, are included where
possible.
In particular, in the prior period we disclosed an adjusted EPRA
earnings measure. This was included to exclude the one-off impact
of the GBP2.5 million contribution to the Assura Community Fund in
the prior period, so as to ensure readers of the accounts can
continue to understand the underlying, recurring cash flows of the
property rental business.
Portfolio as at 30 September 2021: GBP2,594.6 million (31 March
2021: GBP2,453.3 million)
Our business is based on our investment portfolio of 625
completed properties. This has a passing rent roll (current
contracted annual rent) of GBP127.5 million (March 2021: GBP121.7
million), 82% (March 2021: 83%) of which is underpinned by the NHS.
The Weighted Average Unexpired Lease Term ("WAULT") is 11.7 years
(March 2021: 11.9 years) and we have total contracted rental income
of GBP1.61 billion (March 2021: GBP1.57 billion).
At 30 September 2021, our portfolio of completed investment
properties was valued at GBP2,546.6 million (March 2021: GBP2,414.7
million including investment property held for sale of GBP14.3
million), which produced a net initial yield ("NIY") of 4.56%
(March 2021: 4.58%).
Taking account of potential lettings of unoccupied space and any
uplift to current market rents on review, our valuers assess the
net equivalent yield to be 4.79% (March 2021: 4.81%). Adjusting
this Royal Institution of Chartered Surveyors ("RICS") standard
measure to reflect the advanced payment of rents, the true
equivalent yield is 4.81% (March 2021: 4.83%).
Our EPRA NIY, based on our passing rent roll and latest annual
direct property costs, was 4.47% (March 2021: 4.55%).
Six months ended Six months ended
30 Sep 2021 30 Sep 2020
GBPm GBPm
---------------------- ---------------- ----------------
Net rental income 61.1 54.4
Valuation movement 28.1 9.6
---------------------- ---------------- ----------------
Total Property Return 89.2 64.0
---------------------- ---------------- ----------------
Expressed as a percentage of opening investment property plus
additions, Total Property Return for the six months was 3.5%
compared with 2.9% in 2020.
The net valuation gain in the six months of GBP28.1 million
represents a modest 1.2% uplift on a like-for-like basis net of
movements relating to properties acquired in the period. The
valuation gain can be split in half - relating equally to rental
uplifts and the two basis point movement in net initial yield since
March 2021.
The NIY on our assets continues to represent a substantial
premium over both the 10-year and 15-year UK gilts which traded at
1.02% and 1.24% respectively at 30 September 2021, having continued
to reduce from 0.845% and 1.22% respectively at 31 March 2021.
Investment and development activity
We have continued to invest during the period, with this
expenditure split between investments in completed properties,
developments, forward funding projects, extensions and fit-out
costs enabling vacant space to be let as follows:
Six months ended
30 Sep 2021
Spend during the period GBPm
------------------------------------------------------ ----------------
Acquisition of completed medical centres 81.3
Developments/forward funding arrangements 28.1
Capitalised interest 0.8
Investment properties - no incremental lettable space 3.4
------------------------------------------------------ ----------------
Total capital expenditure 113.6
------------------------------------------------------ ----------------
We have completed 20 acquisitions and seven developments during
the first six months.
These additions were at a combined total cost of GBP117 million
with a combined passing rent of GBP5.8 million (yield on cost of
4.9%) and a WAULT of 16.3 years.
We continue to source properties that meet our investment
criteria for future acquisition. As at the half year, the
acquisition pipeline stands at GBP102 million, being opportunities
that are currently in solicitors' hands and which we would hope to
complete within three to six months, subject to satisfactory due
diligence.
During the period, we disposed of 11 properties where we
believed there was lower growth prospects than the rest of the
portfolio, generating proceeds of GBP15.1 million at a premium over
book value of GBP0.4 million. We are continually reviewing our
portfolio for any indication that properties no longer meet our
investment criteria.
Of the 16 developments that were on site at March 2021, seven
have completed in the first half of the year, and a further five
are currently expected to complete in the second half of the
year.
The development team has continued to have success in converting
schemes from the pipeline to live schemes, with three schemes
moving on site in the first half, meaning 12 are on site at
September 2021.
Of the 12 developments on site at 30 September 2021, six are
in-house developments and six are under forward funding agreements.
These have a combined development cost of GBP72 million of which
GBP31 million had been spent at the half year date.
In addition to the 12 developments currently on site, we have an
immediate pipeline of 20 properties (estimated cost GBP145 million,
which we would hope to be on site within 12 months) and an extended
pipeline of 37 properties (estimated cost GBP263 million, appointed
exclusive partner and awaiting NHS approval).
During the first six months of the year, we recorded a
revaluation gain of GBP1.1 million in respect of investment
property under construction (September 2020: GBP2.0 million).
Live developments and forward funding arrangements
Estimated Estimated
completion development
date costs Costs to date Size
----------------------- ----------- ------------ ------------- ----------
Beaconsfield Q1 22 GBP6.2m GBP4.5m 1,668 sq.m
Brighton Q1 23 GBP4.8m GBP1.9m 948 sq.m
Calne Q3 22 GBP3.7m GBP0.4m 813 sq.m
Hackbridge Q1 22 GBP1.6m GBP0.2m 565 sq.m
Hemel Hempstead Q1 22 GBP5.1m GBP4.1m 997 sq.m
Kelsall Q1 22 GBP2.9m GBP1.6m 700 sq.m
Nunthorpe Q2 22 GBP2.2m GBP0.3m 565 sq.m
Portsmouth Q1 22 GBP4.5m GBP2.3m 968 sq.m
Stourport Q2 22 GBP5.6m GBP4.0m 1,950 sq.m
Sutton Q2 22 GBP3.2m GBP2.3m 664 sq.m
Wallsend Q3 22 GBP9.8m GBP2.1m 2,794 sq.m
West Midlands Ambulance Q3 22 GBP22.3m GBP6.9m 7,081 sq.m
Hub
Total GBP71.9m GBP30.6m
----------------------- ----------- ------------ ------------- ----------
Portfolio management
In the first half, our rent roll grew by GBP5.8 million (4.8%)
to GBP127.5 million. GBP1.0 million of this growth was from rent
reviews.
We successfully concluded 144 rent reviews during the six months
(2020: 129) to generate a weighted average annual rent increase of
2.13% (year to March 2021: 1.5%) on those properties, which is a
figure that includes 8 reviews we chose not to instigate in the
period. These 144 reviews covered GBP17.0 million or 14% of our
rent roll at the start of the year and the absolute increase of
GBP1.0 million is a 5% increase on this rent. Our portfolio
benefits from a 31% weighting in fixed, Retail Price Index ("RPI")
and other uplifts which generated an average uplift of 2.71% during
the period. The majority of our portfolio is subject to open market
reviews and these have generated an average uplift of 1.49% during
the period.
Our total contracted rental income, which is a function of
current rent roll and unexpired lease term on the existing
portfolio and on-site developments, has increased from GBP1.57
billion at March 2021 to GBP1.61 billion at September 2021, despite
the passage of time. We grow our total contracted rental income
through additions to the portfolio and getting developments on
site, but increasingly our focus has been extending the unexpired
term on the leases on our existing portfolio ("re-gears").
We delivered 5 lease re-gears in the six months covering GBP0.2
million of current annual rent and adding 9 years to the WAULT for
those particular leases (September 2020: 13 re-gears, GBP1.1
million of rent). We have also agreed terms on a pipeline of 56
re-gears covering GBP6.7 million of rent roll and these are
currently in legal hands.
We are currently on site with five asset enhancement capital
projects with total spend of GBP3.7 million - schemes which
generate additional annual rent of GBP150,000, increase the WAULT
on those properties by 18 years and improve the sustainability
performance of those buildings. In addition, we have an additional
19 asset enhancement projects we hope to complete in the next two
years with estimated spend of GBP15 million and additional annual
rent of GBP0.9 million.
Our EPRA Vacancy Rate was 1.3% (March 2021: 1.3%).
Our current contracted annual rent roll is GBP127.5 million and,
on a proforma basis, would increase to in excess of GBP159 million
once the pipelines for acquisitions, developments, rent reviews and
asset enhancements are completed.
Administrative expenses
Administrative expenses in the period were GBP6.3 million (2020:
GBP7.6 million including GBP2.5 million contribution to the Assura
Community Fund).
The Group analyses cost performance by reference to our EPRA
Cost Ratios (including and excluding direct vacancy costs) which
were 13.1% and 12.1% respectively (2020: 12.5% and 11.4%
respectively). These figures exclude the GBP2.5 million
contribution to the Assura Community Fund in the prior period.
Making adjustment to exclude the direct costs of the development
team, the EPRA Cost Ratio for the six months is 11.5% (2020:
11.1%). All direct development team costs are currently taken to
the income statement as opposed to being capitalised within the
cost of investment property under construction.
We also measure our operating efficiency as the proportion of
administrative costs (as per the income statement) to the average
gross investment property value (average of opening and closing
balance sheet amounts). This ratio during the period was 0.25%
(2020: 0.23%).
Financing
Growth during the period has been primarily funded by debt
issuance, in addition to the capital recycled from the 11
properties disposed in the six months.
In June 2021, following our first Social Bond issuance in
September 2020, we successfully launched a GBP300 million, 12 year
Sustainability Bond which priced at a fixed interest rate of
1.625%. This was launched alongside our Sustainable Finance
Framework, which supports our SixBySix social impact strategy, and
the proceeds are to be used for investment in eligible
acquisitions, developments and refurbishment of publicly accessible
primary care and community healthcare centres.
Subsequently, in July 2021 we voluntarily took the option to
reduce the RCF to GBP125 million; benefitting from a reduction in
non-utilisation fees with the increased access to a range of debt
options as a result of our strong balance sheet and A- rating from
Fitch.
Financing statistics 30 Sep 2021 31 Mar 2021
-------------------------------- ----------- -----------
Net debt (Note 11) GBP1,007.4m GBP907.6m
Weighted average debt maturity 8.5 yrs 8.0 yrs
Weighted average interest rate 2.30% 2.47%
% of debt at fixed/capped rates 100% 100%
EBITDA to net interest cover 4.0x 3.9x
LTV (Note 11) 39% 37%
-------------------------------- ----------- -----------
Our LTV ratio currently stands at 39% and will increase in the
short term as we utilise cash to fund the pipeline of acquisitions,
development and asset enhancement opportunities. Our policy allows
us to reach the range of 40%-50% should the need arise.
As at 30 September 2021, 100% of our debt facilities are at
fixed interest rates, although this will change as we draw on the
revolving credit facility which is at a variable rate. The weighted
average debt maturity is 8.5 years.
Net finance costs presented through EPRA earnings in the year
amounted to GBP13.6 million (2020: GBP13.2 million).
IFRS profit before tax
IFRS profit before tax for the period was GBP69.4 million (2020:
GBP43.8 million). This increase in profit before tax was driven by
the increase in EPRA earnings (see individual movements in the
table below) and we have also recorded an increased valuation gain
following our positive asset enhancement activities.
EPRA earnings
Six months ended Six months ended
30 Sep 2021 30 Sep 2020
GBPm GBPm
---------------------------------------------------- ---------------- ----------------
Net rental income 61.1 54.4
Administrative expenses (6.3) (7.6)
Net finance costs (13.6) (13.2)
Share-based payments & tax (0.3) (0.3)
---------------------------------------------------- ---------------- ----------------
EPRA earnings 40.9 33.3
---------------------------------------------------- ---------------- ----------------
Add back one off Assura Community Fund contribution - 2.5
---------------------------------------------------- ---------------- ----------------
Adjusted EPRA earnings (exc. one off donation) 40.9 35.8
---------------------------------------------------- ---------------- ----------------
The movement in adjusted EPRA earnings (exc. one off donation)
can be summarised as follows:
GBPm
----------------------------- -----
Six months ended 30 Sep 2020 35.8
Net rental income 6.7
Administrative expenses (1.2)
Net finance costs (0.4)
----------------------------- -----
Six months ended 30 Sep 2021 40.9
----------------------------- -----
Adjusted EPRA earnings has grown 14.0% to GBP40.9 million in the
six months to 30 September 2021, reflecting the property
acquisitions and developments completed as well as the impact of
our asset management activity with rent reviews and new lettings.
This has been offset by increases in administrative expenses (exc.
one off donation) and financing costs.
Earnings per share
The basic earnings per share ("EPS") on profit for the period
was 2.6 pence (2020: 1.7 pence).
EPRA EPS, which excludes the net impact of valuation movements
and gains on disposal, was 1.5 pence (2020: 1.3 pence, or 1.4 pence
excluding the GBP2.5 million Assura Community Fund contribution in
the prior period).
Based on calculations completed in accordance with IAS 33,
share-based payment schemes are currently expected to be dilutive
to EPS, with 1.3 million new shares expected to be issued. The
dilution has no impact on the basic figures, as illustrated in the
table below:
EPS measure (Note 7) Basic Diluted
---------------------- ----- -------
Profit for six months 2.6p 2.6p
EPRA 1.5p 1.5p
---------------------- ----- -------
Dividends
Total dividends settled in the six months to 30 September 2021
were GBP38.8 million or 1.45 pence per share (2020: 1.4 pence per
share). GBP2.5 million of this was satisfied through the issuance
of shares via scrip.
As a REIT with requirement to distribute 90% of taxable profits
(Property Income Distribution, "PID"), the Group expects to pay out
as dividends at least 90% of recurring cash profits. The April
dividend paid was a PID whilst the July dividend paid was a normal
dividend (non-PID), as a result of brought forward tax losses and
available capital allowances. The October 2021 dividend has
subsequently been paid as a PID and future dividends will be a mix
of PID and normal dividends as required.
Cash flow movements
Six months ended Six months ended
30 Sep 2021 30 Sep 2020
GBPm GBPm
---------------------------------- ---------------- ----------------
Opening cash 46.6 18.5
Net cash flow from operations 35.1 28.0
Dividends paid (36.3) (30.2)
Investment:
Property & other acquisitions (85.0) (84.2)
Development expenditure (28.1) (30.6)
Sale of properties 15.1 23.0
Financing:
Net proceeds from equity issuance - 180.8
Net borrowings movement 294.2 215.8
---------------------------------- ---------------- ----------------
Closing cash 241.6 321.1
---------------------------------- ---------------- ----------------
Net cash flow from operations differs from EPRA earnings due to
movements in working capital balances, but this is the cash earned
and used to support dividends paid.
The investment activity in the period has been funded by the
proceeds from the Sustainability Bond issuance in June 2021.
Diluted EPRA NTA movement
GBPm Pence per share
----------------------------------------- ------- ---------------
Diluted EPRA NTA at 31 Mar 2021 (Note 8) 1,530.2 57.2
EPRA earnings 40.9 1.5
Capital (revaluations and capital gains) 28.5 1.2
Dividends (38.7) (1.5)
Other 3.1 -
----------------------------------------- ------- ---------------
Diluted EPRA NTA at 30 Sep 2021 (Note 8) 1,564.0 58.4
----------------------------------------- ------- ---------------
Our Total Accounting Return per share (dividends plus movement
in EPRA net tangible assets as a proportion of opening EPRA net
tangible assets) for the six months ended 30 September 2021 is 4.6%
of which 1.5 pence per share (2.5%) has been distributed to
shareholders and 1.2 pence per share (2.1%) is the movement on EPRA
NTA.
Jayne Cottam
CFO
10 November 2021
EPRA performance measures
The calculations below are in accordance with the EPRA Best
Practice Recommendations dated October 2019, and in line with the
calculations provided in our accounts for the March 2021 year
end.
6 months ended 6 months ended
30 Sep 2021 30 Sep 2020
------------------------------------------ -------------- --------------
EPRA EPS (p) 1.5 1.3
EPRA Cost Ratio (including direct vacancy
costs (%) 13.1 17.0
EPRA Cost Ratio (excluding direct vacancy
costs (%) 12.1 15.8
------------------------------------------ -------------- --------------
Sep 2021 Mar 2021
------------------------- -------- --------
EPRA NRV (p) 64.6 63.2
EPRA NTA (p) 58.4 57.2
EPRA NDV (p) 59.8 56.0
EPRA NIY (%) 4.47 4.55
EPRA "topped-up" NIY (%) 4.48 4.56
EPRA Vacancy Rate (%) 1.3 1.3
------------------------- -------- --------
In addition, we present the following measures on an adjusted
basis, to remove the impact of the one-off GBP2.5 million
contribution to the Assura Community Fund in the prior period.
6 months ended 6 months ended
30 Sep 2021 30 Sep 2020
------------------------------------------- -------------- --------------
Adjusted EPRA EPS (p) 1.5 1.4
Adjusted EPRA Cost Ratio (including direct
vacancy costs (%) 13.1 12.5
Adjusted EPRA Cost Ratio (excluding direct
vacancy costs (%) 12.1 11.4
------------------------------------------- -------------- --------------
Portfolio analysis by capital value
Number of properties Total value GBPm Total value %
--------- -------------------- ---------------- -------------
>GBP10m 49 796.9 31
--------- -------------------- ---------------- -------------
GBP5-10m 100 670.7 26
--------- -------------------- ---------------- -------------
GBP1-5m 401 1,031.6 41
--------- -------------------- ---------------- -------------
<GBP1m 75 47.4 2
--------- -------------------- ---------------- -------------
625 2,546.6 100
--------- -------------------- ---------------- -------------
Portfolio analysis by region
Number of properties Total value GBPm Total value %
-------------- -------------------- ---------------- -------------
North 199 931.9 37
-------------- -------------------- ---------------- -------------
South 241 916.8 36
-------------- -------------------- ---------------- -------------
Midlands 102 471.9 18
-------------- -------------------- ---------------- -------------
Wales 56 143.3 6
-------------- -------------------- ---------------- -------------
Scotland & NI 27 82.7 3
-------------- -------------------- ---------------- -------------
625 2,546.6 100
-------------- -------------------- ---------------- -------------
Portfolio analysis by tenant covenant
Total rent roll Total rent roll
GBPm %
------------------ --------------- ---------------
GPs 81.7 64
------------------ --------------- ---------------
NHS Body 22.5 18
------------------ --------------- ---------------
Pharmacy 10.2 8
------------------ --------------- ---------------
Private providers 7.1 5
------------------ --------------- ---------------
Other 6.0 5
------------------ --------------- ---------------
127.5 100
------------------ --------------- ---------------
Additional statements
Principal risks and uncertainties
The factors identified by the Board as having the potential to
affect the Group's operating results, financial control and/or the
trading price of its shares were set out in detail in the Annual
Report for the year ended 31 March 2021. These risks include
strategic items outside the control of the Group (such as political
risk or new entrants to the market), financial risks (relating to
financing available to the Group) and operational risks (relating
to internal matters and how assets are managed).
The Directors have reconsidered the principal risks and
uncertainties facing the Group. Accordingly, the Directors do not
consider that the principal risks and uncertainties have changed
significantly since the publication of the Annual Report for the
year ended 31 March 2021.
With respect to both COVID-19 and Brexit, the Board continues to
monitor the situation but as disclosed in the Annual Report, does
not consider either COVID-19 or Brexit, in themselves, to
constitute a significant risk to the business.
Going concern
The Directors continue to adopt the going concern basis of
accounting in preparing the financial statements.
The Group's properties are substantially let (1% vacancy) with
the majority of rent paid or reimbursed by the NHS and they benefit
from a weighted average lease length on the portfolio of 11.7
years. The Group has facilities from a variety of lenders, in
addition to the unsecured listed bonds, and has remained in
compliance with all covenants throughout the period. At the period
end, the cash balance is GBP241.6 million and the Group has a
GBP125 million revolving credit facility("RCF") which is currently
undrawn. The next maturity date on debt facilities is the RCF in
November 2024.
In making the assessment the Directors have reviewed the Group's
financial forecasts which cover a period of 18 months beyond the
balance sheet date. The forecasts factor in committed cash flows of
the Group (including the committed elements of the acquisition and
development pipelines) and funding available for this based on
current resources. Covenant compliance is assessed throughout the
forecast period and reverse stress tests are completed to estimate
by how much valuations and rental income would need to fall for
covenants to be breached. As at the period end, considerable
headroom exists on all covenants.
There have been no material changes in assumptions in the
forecast from the basis adopted in making the assessment at the
previous year end.
The forecasts prepared show that borrowing facilities are
adequate and the business can operate within these facilities to
meet its obligations as they fall due for the foreseeable
future.
Directors' responsibilities statement
The Board confirms to the best of their knowledge:
-- that the Interim Condensed Consolidated Financial Statements
for the six months to 30 September 2021 have been prepared in
accordance with UK adopted International Accounting Standard 34
Interim Financial Reporting and the Disclosure Guidance and
Transparency Rules of the UK's Financial Conduct Authority;
-- that the Interim Report comprising the CFO review and the
principal risks and uncertainties includes a fair review of the
information required by 4.2.7R of the Disclosure and Transparency
Rules ("DTR", indication of important events and their impact
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
-- the Interim Report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions
and changes therein).
The above Directors' responsibilities statement was approved by
the Board on 10 November 2021.
Jonathan Murphy Jayne Cottam
CEO CFO
10 November 2021
Interim condensed consolidated income statement
For the six months ended 30 September 2021
Six months ended Six months ended
30 Sep 2021 30 Sep 2020
Unaudited Unaudited
----------------------------- -----------------------------
Capital Capital
EPRA and non-EPRA Total EPRA and non-EPRA Total
Note GBPm GBPm GBPm GBPm GBPm GBPm
---------------------------- ---- ------ ------------- ------ ------ ------------- ------
Gross rental and related
income 63.9 2.4 66.3 56.8 1.9 58.7
Property operating expenses (2.8) (2.4) (5.2) (2.4) (1.9) (4.3)
---------------------------- ---- ------ ------------- ------ ------ ------------- ------
Net rental income 61.1 - 61.1 54.4 - 54.4
Administrative expenses (6.3) - (6.3) (7.6) - (7.6)
Revaluation gain - property 9 - 28.1 28.1 - 9.6 9.6
Share-based payment charge (0.4) - (0.4) (0.3) - (0.3)
Gain on sale of property - 0.4 0.4 - 0.9 0.9
Finance income - - - 0.1 - 0.1
Finance costs 5 (13.6) - (13.6) (13.3) - (13.3)
---------------------------- ---- ------ ------------- ------ ------ ------------- ------
Profit before taxation 40.8 28.5 69.3 33.3 10.5 43.8
---------------------------- ---- ------ ------------- ------ ------ ------------- ------
Taxation 6 0.1 - 0.1 - - -
---------------------------- ---- ------ ------------- ------ ------ ------------- ------
Profit for the period
attributable to equity
holders of the parent 40.9 28.5 69.4 33.3 10.5 43.8
---------------------------- ---- ------ ------------- ------ ------ ------------- ------
EPS - basic & diluted 7 2.6p 1.7p
EPRA EPS - basic & diluted 7 1.5p 1.3p
---------------------------- ---- ------ ------------- ------ ------ ------------- ------
There were no items of other comprehensive income or expense and
therefore the profit for the period also represents the Group's
total comprehensive income. All income derives from continuing
operations.
Interim condensed consolidated balance sheet
As at 30 September 2021
30 Sep 2021 31 Mar 2021
Unaudited Audited
Note GBPm GBPm
-------------------------------------- ------ ----------- -----------
Non-current assets
Investment property 9 2,594.6 2,453.3
Property work in progress 13.2 13.6
Property, plant and equipment 0.4 0.3
Investments 1.4 0.7
Deferred tax asset 0.6 0.5
-------------------------------------- ------ ----------- -----------
2,610.2 2,468.4
-------------------------------------- ------ ----------- -----------
Current assets
Cash, cash equivalents and restricted
cash 241.6 46.6
Trade and other receivables 25.3 27.4
Property assets held for sale 9 0.4 14.7
-------------------------------------- ------ ----------- -----------
267.3 88.7
-------------------------------------- ------ ----------- -----------
Total assets 2,877.5 2,557.1
-------------------------------------- ------ ----------- -----------
Current liabilities
Trade and other payables 30.0 40.7
Head lease liabilities 0.1 0.1
Deferred revenue 10 26.5 25.4
-------------------------------------- ------ ----------- -----------
56.6 66.2
-------------------------------------- ------ ----------- -----------
Non-current liabilities
Borrowings 11 1,243.5 948.7
Head lease liabilities 5.4 5.4
Deferred revenue 10 7.4 6.1
-------------------------------------- ------ ----------- -----------
1,256.3 960.2
-------------------------------------- ------ ----------- -----------
Total liabilities 1,312.9 1,026.4
-------------------------------------- ------ ----------- -----------
Net assets 1,564.6 1,530.7
-------------------------------------- ------ ----------- -----------
Capital and reserves
Share capital 12 267.7 267.2
Share premium 765.7 763.1
Merger reserve 231.2 231.2
Reserves 300.0 269.2
-------------------------------------- ------ ----------- -----------
Total equity 1,564.6 1,530.7
-------------------------------------- ------ ----------- -----------
NAV per Ordinary Share - basic 8 58.5 57.3p
- diluted 8 58.4 57.3p
EPRA NTA per Ordinary Share - basic 8 58.4 57.3p
- diluted 8 58.4 57.2p
-------------------------------------- ------ ----------- -----------
The Interim Condensed Consolidated Financial Statements were
approved at a meeting of the Board of Directors held on 10 November
2021 and signed on its behalf by:
Jonathan Murphy Jayne Cottam
CEO CFO
Interim condensed consolidated statement of changes in
equity
For the six months ended 30 September 2021
Share Share Merger Total
capital premium reserve Reserves equity
Note GBPm GBPm GBPm GBPm GBPm
-------------------------------- ---- -------- -------- -------- -------- -------
1 April 2020 241.3 595.5 231.2 234.4 1,302.4
-------------------------------- ---- -------- -------- -------- -------- -------
Profit attributable to equity
holders - - - 43.8 43.8
-------------------------------- ---- -------- -------- -------- -------- -------
Total comprehensive income - - - 43.8 43.8
Issue of Ordinary Shares 12 24.0 161.0 - - 185.0
Issue costs 12 - (4.2) - - (4.2)
12,
Dividend 14 0.8 4.7 - (35.7) (30.2)
Employee share-based incentives 0.1 - - - 0.1
-------------------------------- ---- -------- -------- -------- -------- -------
30 September 2020 (Unaudited) 266.2 757.0 231.2 242.5 1,496.9
-------------------------------- ---- -------- -------- -------- -------- -------
Profit attributable to equity
holders - - - 64.5 64.5
-------------------------------- ---- -------- -------- -------- -------- -------
Total comprehensive income - - - 64.5 64.5
Issue of Ordinary Shares 12 0.2 0.8 - - 1.0
Issue costs 12 - (0.1) - - (0.1)
12,
Dividend 14 0.8 5.4 - (37.9) (31.7)
Employee share-based incentives - - - 0.1 0.1
-------------------------------- ---- -------- -------- -------- -------- -------
31 March 2021 (Audited) 267.2 763.1 231.2 269.2 1,530.7
-------------------------------- ---- -------- -------- -------- -------- -------
Profit attributable to equity
holders - - - 69.4 69.4
-------------------------------- ---- -------- -------- -------- -------- -------
Total comprehensive income - - - 69.4 69.4
Issue of Ordinary Shares 12 0.1 0.4 - - 0.5
12,
Dividend 14 0.3 2.2 - (38.8) (36.3)
Employee share-based incentives 0.1 - - 0.2 0.3
-------------------------------- ---- -------- -------- -------- -------- -------
30 September 2021 (Unaudited) 267.7 765.7 231.2 300.0 1,564.6
-------------------------------- ---- -------- -------- -------- -------- -------
Interim condensed consolidated statement of cash flow
For the six months ended 30 September 2021
Six months ended Six months ended
30 Sep 2021 30 Sep 2020
Unaudited Unaudited
GBPm GBPm
---------------------------------------------- ---------------- ----------------
Operating activities
Rent received 66.8 56.3
Interest paid and similar charges (18.3) (16.2)
Fees received 0.7 0.7
Interest received - 0.1
Cash paid to suppliers and employees (14.1) (12.9)
---------------------------------------------- ---------------- ----------------
Net cash inflow from operating activities 35.1 28.0
---------------------------------------------- ---------------- ----------------
Investing activities
Purchase of investment property (84.2) (83.8)
Development expenditure (28.1) (30.6)
Proceeds from sale of property 15.1 23.0
Other investments and property, plant
and equipment (0.8) (0.4)
---------------------------------------------- ---------------- ----------------
Net cash outflow from investing activities (98.0) (91.8)
---------------------------------------------- ---------------- ----------------
Financing activities
Issue of Ordinary Shares - 185.0
Issue costs paid on issuance of Ordinary
Shares - (4.2)
Dividends paid (36.3) (30.2)
Repayment of loans - (80.0)
Long-term loans drawn down 295.9 298.1
Loan issue costs (1.7) (2.3)
---------------------------------------------- ---------------- ----------------
Net cash inflow from financing activities 257.9 366.4
---------------------------------------------- ---------------- ----------------
Increase in cash, cash equivalents and
restricted cash 195.0 302.6
---------------------------------------------- ---------------- ----------------
Opening cash, cash equivalents and restricted
cash 46.6 18.5
---------------------------------------------- ---------------- ----------------
Closing cash, cash equivalents and restricted
cash 241.6 321.1
---------------------------------------------- ---------------- ----------------
Notes to the interim condensed consolidated financial
statements
For the six months ended 30 September 2021
1. Corporate information
The Interim Condensed Consolidated Financial Statements of the
Group for the six months ended 30 September 2021 were authorised
for issue in accordance with a resolution of the Directors on 10
November 2021.
Assura plc ("Assura") is a public limited company, limited by
shares, incorporated and domiciled in England and Wales, and the
Company's Ordinary Shares are publicly traded on the main market of
the London Stock Exchange.
With effect from 1 April 2013, the Group has elected to be
treated as a UK REIT. See Note 6 for further details.
Copies of this statement are available from the website at
www.assuraplc.com .
2. Basis of preparation
The Interim Condensed Consolidated Financial Statements for the
six months ended 30 September 2021 have been prepared in accordance
with UK adopted International Accounting Standard 34 Interim
Financial Reporting and the Disclosure Guidance and Transparency
Rules of the UK's Financial Conduct Authority. These accounts cover
the six-month accounting period from 1 April 2021 to 30 September
2021 with comparatives for the six-month accounting period from 1
April 2020 to 30 September 2020, or 31 March 2021 for balance sheet
amounts.
The Interim Condensed Consolidated Financial Statements do not
include all the information and disclosures required in the Annual
Report, and should be read in conjunction with those in the Group's
Annual Report as at 31 March 2021 which were prepared in accordance
with IFRSs adopted pursuant to Regulation (EC) No 1606/2002 as it
applies in the European Union. The March 2022 accounts will be
prepared in accordance with UK adopted international accounting
standards.
The accounts are prepared on a going concern basis (see
Additional Statements for further narrative) and presented in
pounds sterling rounded to the nearest 0.1 million unless specified
otherwise.
3. Accounts
The results for the six months to 30 September 2021 and to 30
September 2020 are unaudited. The interim accounts do not
constitute statutory accounts. The financial information for the
year ended 31 March 2021 does not constitute the Company's
statutory accounts for that year, but is derived from those
accounts. Statutory accounts for the year ended 31 March 2021 have
been delivered to the Registrar of Companies. The auditor reported
on those accounts: their report was unqualified, did not draw
attention to any matters by way of emphasis and did not contain a
statement under section 498(2) or (3) of the Companies Act
2006.
4. New standards, interpretations and amendments thereof,
adopted by the Group
The accounting policies adopted in the preparation of the
Interim Condensed Consolidated Financial Statements are consistent
with those followed in the preparation of the Group's Annual Report
for the year ended 31 March 2021.
The Group is not expecting any other new and proposed changes in
accounting standards endorsed by the EU to have a material impact
on reported numbers in future periods.
5. Finance costs
Six months ended Six months ended
30 Sep 2021 30 Sep 2020
GBPm GBPm
------------------------------------- ---------------- ----------------
Interest payable 13.8 13.5
Interest capitalised on developments (0.8) (1.1)
Amortisation of loan issue costs 0.6 0.9
------------------------------------- ---------------- ----------------
Total finance costs 13.6 13.3
------------------------------------- ---------------- ----------------
6. Taxation on profit on ordinary activities
The Group elected to be treated as a UK REIT with effect from 1
April 2013. The UK REIT rules exempt the profits of the Group's
property rental business from corporation tax. Gains on properties
are also exempt from tax, provided the properties are not held for
trading or sold in the three years post completion of development.
The Group will otherwise be subject to corporation tax at 19% in
2021/22 (2020/21: 19%).
Any Group tax charge/(credit) relates to its non-property
income. As the Group has sufficient brought forward losses, no tax
is due in relation to the current or prior period.
As a REIT, the Group is required to pay Property Income
Distributions ("PIDs") equal to at least 90% of the Group's rental
profit calculated by reference to tax rules rather than accounting
standards. During the period, the Group paid a PID within the April
2021 interim dividend. Future dividends will be a mix of PID and
normal dividends as required. To remain as a UK REIT there are a
number of conditions to be met in respect of the principal company
of the Group, the Group's qualifying activities and the balance of
business. The Group remains compliant at 30 September 2021.
7. Earnings per Ordinary Share
EPRA EPRA
Earnings earnings Earnings earnings
2021 2021 2020 2020
GBPm GBPm GBPm GBPm
----------------------------------------- -------- ---------- -------- ----------
Profit for the period from continuing
operations 69.4 69.4 43.8 43.8
----------------------------------------- -------- ---------- -------- ----------
Revaluation & fair value adjustments (28.1) (9.6)
Profit on sale of property (0.4) (0.9)
----------------------------------------- -------- ---------- -------- ----------
EPRA earnings 40.9 33.3
----------------------------------------- -------- ---------- -------- ----------
Additional Company adjustment
Add back: One off Assura Community Fund
contribution - 2.5
----------------------------------------- -------- ---------- -------- ----------
Adjusted EPRA earnings (exc. Community
Fund contribution) 40.9 35.8
----------------------------------------- -------- ---------- -------- ----------
EPS - basic & diluted
EPRA EPS - basic & diluted 1.3p
Adjusted EPRA EPS (exc. Community Fund) 1.5p
- basic & diluted 2.6p 1.5p 1.7p 1.4p
30 Sep 2021 30 Sep 2020
------------------------------------------- ------------- -------------
Weighted average number of shares in
issue 2,675,927,670 2,649,839,615
Potential dilutive impact of share options 1,284,588 1,953,589
------------------------------------------- ------------- -------------
Diluted weighted average number of shares
in issue 2,677,212,258 2,651,793,204
------------------------------------------- ------------- -------------
The current estimated number of potentially dilutive shares
relates to nil-cost options under the share-based payment
arrangements and is 1.3 million (Sep-20: 2.0 million; Mar-21: 1.6
million).
8. NAV per Ordinary Share
30 Sep 2021
GBPm IFRS EPRA NRV EPRA NTA EPRA NDV
--------------------------- ------- -------- -------- --------
IFRS net assets 1,564.6 1,564.6 1,564.6 1,564.6
--------------------------- ------- -------- -------- --------
Deferred tax (0.6) (0.6) -
Fair value of debt - - 36.8
Real estate transfer tax 166.3 - -
--------------------------- ------- -------- -------- --------
EPRA adjusted NAV 1,730.3 1,564.0 1,601.4
--------------------------- ------- -------- -------- --------
per Ordinary Share - basic 58.5p 64.6p 58.4p 59.8p
- diluted 58.4p 64.6p 58.4p 59.8p
--------------------------- ------- -------- -------- --------
31 Mar 2021
GBPm IFRS EPRA NRV EPRA NTA EPRA NDV
--------------------------- ------- -------- -------- --------
IFRS net assets 1,530.7 1,530.7 1,530.7 1,530.7
--------------------------- ------- -------- -------- --------
Deferred tax (0.5) (0.5) -
Fair value of debt - - (34.6)
Real estate transfer tax 158.8 - -
--------------------------- ------- -------- -------- --------
EPRA adjusted NAV 1,689.0 1,530.2 1,496.1
--------------------------- ------- -------- -------- --------
per Ordinary Share - basic 57.3p 63.2p 57.3p 56.0p
- diluted 57.3p 63.2p 57.2p 56.0p
--------------------------- ------- -------- -------- --------
30 Sep 2021 31 Mar 2021
------------------------------------------- ------------- -------------
Number of shares in issue 2,676,915,938 2,671,853,938
Potential dilutive impact of share options
(Note 7) 1,284,588 1,637,671
------------------------------------------- ------------- -------------
Diluted number of shares in issue 2,678,200,526 2,673,491,609
------------------------------------------- ------------- -------------
The EPRA measures set out above are in accordance with the Best
Practices Recommendations of the European Public Real Estate
Association dated October 2019.
Mark to market adjustments represent fair value and have been
provided by the counterparty as appropriate or by reference to the
quoted fair value of financial instruments.
9. Property assets
Investment properties are stated at fair value as at 30
September 2021. The fair value has been determined by the Group's
external valuers, CBRE, Cushman & Wakefield and JLL. Properties
have been valued individually and on the basis of open market value
in accordance with RICS Valuation - Professional Standards 2020
("the Red Book").
Property assets comprises investment property and investment
property under construction ("IPUC").
30 Sep 2021 31 Mar 2021
------------------------ --------------------------- ---------------------------
Investment Investment
property IPUC Total property IPUC Total
GBPm GBPm GBPm GBPm GBPm GBPm
------------------------ ---------- ------ ------- ---------- ------ -------
Opening market
value 2,404.3 43.5 2,447.8 2,075.9 57.5 2,133.4
Additions:
---------- ------ ------- ---------- ------ -------
- acquisitions 81.3 - 81.3 228.9 - 228.9
- improvements 3.4 - 3.4 4.6 - 4.6
---------- ------ ------- ---------- ------ -------
84.7 - 84.7 233.5 - 233.5
Development costs - 28.1 28.1 - 56.9 56.9
Transfers 34.8 (34.8) - 77.7 (77.7) -
Transfer to assets
held
for sale - - - (14.3) - (14.3)
Capitalised interest - 0.8 0.8 - 1.9 1.9
Disposals (0.4) - (0.4) (5.2) - (5.2)
Unrealised surplus
on revaluation 27.0 1.1 28.1 36.7 4.9 41.6
------------------------ ---------- ------ ------- ---------- ------ -------
Closing market
value 2,550.4 38.7 2,589.1 2,404.3 43.5 2,447.8
Add head lease
liabilities
recognised separately 5.5 - 5.5 5.5 - 5.5
------------------------ ---------- ------ ------- ---------- ------ -------
Closing fair value
of investment property 2,555.9 38.7 2,594.6 2,409.8 43.5 2,453.3
------------------------ ---------- ------ ------- ---------- ------ -------
30 Sep 2021 31 Mar 2021
GBPm GBPm
------------------------------------------------- ----------- -----------
Market value of investment property as estimated
by valuer 2,546.6 2,400.4
Add IPUC 38.7 43.5
Add capitalised lease premiums and rental
payments 3.8 3.9
Add head lease liabilities recognised separately 5.5 5.5
------------------------------------------------- ----------- -----------
Fair value for financial reporting purposes 2,594.6 2,453.3
------------------------------------------------- ----------- -----------
Completed investment property held for sale - 14.3
Land held for sale 0.4 0.4
------------------------------------------------- ----------- -----------
Total property assets 2,595.0 2,468.0
------------------------------------------------- ----------- -----------
30 Sep 2021 31 Mar 2021
GBPm GBPm
------------------------------------ ----------- -----------
Investment property 2,546.6 2,400.4
Investment property held for sale - 14.3
------------------------------------ ----------- -----------
Total completed investment property 2,546.6 2,414.7
------------------------------------ ----------- -----------
30 Sep 2021
GBPm
------------------------------------------ -----------
Assets held for sale at 1 April 2021 14.7
Disposals during the period (14.3)
------------------------------------------ -----------
Assets held for sale at 30 September 2021 0.4
------------------------------------------ -----------
As at 30 September 2021, 1 asset is held as available for sale
(31 March 2021: 11 assets).
Fair value hierarchy
The fair value measurement hierarchy for all investment property
and investment property under construction ("IPUC") as at 30
September 2021 was Level 3 - significant unobservable inputs (March
2021: Level 3). There were no transfers between Level 1, 2 or 3
during the half year.
The key unobservable inputs in the property valuation are the
net initial yield, equivalent yield and the ERV. A decrease in
either the net initial yield or the equivalent yield applied to a
property would increase the market value. An increase in the ERV of
a property would increase the market value. The analysis for
unobservable inputs disclosed within Note 9 of the Annual Report
and Accounts for the year ended 31 March 2021 continues to apply to
the portfolio as at 30 September 2021.
10. Deferred revenue
30 Sep 2021 31 Mar 2021
GBPm GBPm
----------------------------------------------- ----------- -----------
Arising from rental income received in advance 25.9 24.9
Arising from pharmacy lease premiums received
in advance 8.0 6.6
----------------------------------------------- ----------- -----------
33.9 31.5
----------------------------------------------- ----------- -----------
Current 26.5 25.4
Non-current 7.4 6.1
----------------------------------------------- ----------- -----------
33.9 31.5
----------------------------------------------- ----------- -----------
11. Borrowings
30 Sep 2021 31 Mar 2021
GBPm GBPm
------------------------------------------- ----------- -----------
At beginning of the period/year 948.7 841.5
Amount issued or drawn down in period/year 295.9 298.1
Amount repaid in period/year - (190.0)
Loan issue costs (1.7) (3.2)
Amortisation of loan issue costs 0.6 1.6
Write off of loan issue costs - 0.7
------------------------------------------- ----------- -----------
At the end of the period/year 1,243.5 948.7
------------------------------------------- ----------- -----------
The Group has the following bank facilities:
1. 10-year senior unsecured bond of GBP300 million at a fixed
interest rate of 3.0% maturing July 2028, 10-year senior unsecured
Social Bond of GBP300 million at a fixed interest rate of 1.5%
maturing September 2030 and 12-year senior unsecured Sustainability
Bond of GBP300 million at a fixed rate of 1.625% maturing June
2033. The Social and Sustainability Bonds were launched in
accordance with Assura's Social & Sustainable Finance
Frameworks respectively to be used for eligible investment in the
acquisition, development and refurbishment of publicly accessible
primary care and community healthcare centres. The bonds are
subject to an interest cover requirement of at least 150%, maximum
LTV of 65% and priority debt not exceeding 0.25:1. In accordance
with pricing convention in the bond market, the coupon and quantum
of the facility are set to round figures with the proceeds adjusted
based on market rates on the day of pricing.
2. Five-year club revolving credit facility with Barclays, HSBC,
NatWest and Santander for GBP125 million on an unsecured basis at
an initial margin of 1.60% above LIBOR subject to LTV and expiring
in November 2024. The margin increases based on the LTV of the
subsidiaries to which the facility relates, up to 1.95% where the
LTV is in excess of 45%. The facility is subject to a historical
interest cover requirement of at least 175% and maximum LTV of 60%.
As at 30 September 2021, the facility was undrawn (31 March 2021:
undrawn). The facility was GBP300 million as at March 2021 and
during the period the decision was taken by the Company to reduce
the facility to GBP125 million.
3. 10-year notes in the US private placement market for a total
of GBP100 million. The notes are unsecured, have a fixed interest
rate of 2.65% and were drawn in October 2016. An additional GBP107
million of notes were issued in two series, GBP47 million drawn in
August 2019 and GBP60 million drawn in October 2019. The notes have
maturities of 10 and 15 years respectively and a weighted average
interest rate fixed at 2.30%. The facilities are subject to a
historical interest cover requirement of at least 175%, maximum LTV
of 60% and a weighted average lease length of seven years.
4. GBP150 million of privately placed notes in two tranches with
maturities of eight and 10 years drawn in October 2017. The
weighted average coupon is 3.04%. The facility is subject to a
historical cost interest cover requirement of at least 175%,
maximum LTV of 60% and weighted average lease length of seven
years.
The Group has been in compliance with all financial covenants on
all of the above loans as applicable throughout the period.
30 Sep 2021 31 Mar 2021
Net debt and LTV GBPm GBPm
--------------------------------------- ----------- -----------
Investment property 2,555.9 2,409.8
Investment property under construction 38.7 43.5
Held for sale 0.4 14.7
--------------------------------------- ----------- -----------
Total property 2,595.0 2,468.0
--------------------------------------- ----------- -----------
Loans 1,243.5 948.7
Head lease liabilities 5.5 5.5
Cash (241.6) (46.6)
--------------------------------------- ----------- -----------
Net debt 1,007.4 907.6
--------------------------------------- ----------- -----------
LTV 39% 37%
--------------------------------------- ----------- -----------
12. Share capital
Number of Share capital Number of Share capital
shares 30 Sep 2021 shares 31 Mar 2021
30 Sep 2021 GBPm 31 Mar 2021 GBPm
------------------------- ------------- ------------- ------------- -------------
Ordinary Shares of 10
pence each issued and
fully paid
------------------------- ------------- ------------- ------------- -------------
At 1 April 2,671,853,938 267.2 2,413,241,827 241.3
Issued 9 April 2020 - - 240,207,920 24.0
Issued 15 April 2020 -
scrip - - 6,543,440 0.7
Issued 15 July 2020 -
scrip - - 1,290,983 0.1
Issued 22 July 2020 - - 676,549 0.1
Issued 4 September 2020 - - 213,319 -
Issued 14 October 2020
- scrip - - 1,879,606 0.2
Issued 4 November 2020 - - 1,199,598 0.1
Issued 13 January 2021
- scrip - - 6,433,015 0.7
Issued 5 February 2021 - - 167,681 -
Issued 9 April 2021 682,128 0.1 - -
Issued 14 April 2021 -
scrip 3,011,418 0.3 - -
Issued 7 July 2021 867,377 0.1 - -
Issued 14 July 2021 -
scrip 501,077 - - -
------------------------- ------------- ------------- ------------- -------------
Total at 30 September/31
March 2,676,915,938 267.7 2,671,853,938 267.2
Own shares held - - - -
------------------------- ------------- ------------- ------------- -------------
Total share capital 2,676,915,938 267.7 2,671,853,938 267.2
------------------------- ------------- ------------- ------------- -------------
The Ordinary Shares issued in April 2020, July 2020, October
2020, January 2021, April 2021 and July 2021 were issued to
shareholders who elected to receive Ordinary Shares in lieu of a
cash dividend under the Company scrip dividend alternative. In the
six months to 30 September 2021, this increased share capital by
GBP0.3 million and share premium by GBP2.2 million.
In April 2020, a total of 240,207,920 new Ordinary Shares were
placed at a price of 77 pence per share. The equity raise resulted
in gross proceeds of GBP185.0 million which has been allocated
appropriately between share capital (GBP24.0 million) and share
premium (GBP161.0 million). Issue costs totalling GBP4.3 million
were incurred and have been allocated against share premium.
The Ordinary Shares issued on 4 November 2020 and 9 April 2021
were issued as part consideration for the acquisition of medical
centres.
The Ordinary Shares issued in July 2020, September 2020,
February 2021 and July 2021 relate to employee share awards under
the Performance Share Plan.
13. Dividends paid on Ordinary Shares
Six months ended Six months ended
Number of Ordinary 30 Sep 2021 30 Sep 2020
Payment date Pence per share Shares GBPm GBPm
-------------- --------------- ------------------ ---------------- ----------------
15 April 2020 0.697 2,413,241,824 - 16.8
15 July 2020 0.71 2,654,993,187 - 18.9
14 April 2021 0.71 2,671,853,938 19.0 -
14 July 2021 0.74 2,675,547,484 19.8 -
-------------- --------------- ------------------ ---------------- ----------------
38.8 35.7
-------------- --------------- ------------------ ---------------- ----------------
A dividend of 0.74 pence per share was paid to shareholders on
13 October 2021.
14. Commitments
At the period end the Group had 12 committed developments on
site (31 March 2021: 16) with a contracted total expenditure of
GBP71.9 million (31 March 2021: GBP72.5 million) of which GBP30.6
million (31 March 2021: GBP36.6 million) had been expended. The
remaining commitment is therefore GBP41.3 million (31 March 2021:
GBP35.9 million).
Independent review report to Assura plc
For the six months ended 30 September 2021
Conclusion
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 September 2021 which comprises the Interim
Condensed Consolidated Income Statement, the Interim Condensed
Consolidated Balance Sheet, the Interim Condensed Consolidated
Statement of Changes in Equity, the Interim Condensed Consolidated
Statement of Cash Flow and the related Notes 1 to 14. We have read
the other information contained in the half yearly financial report
and considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed set
of financial statements.
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
September 2021 is not prepared, in all material respects, in
accordance with UK adopted International Accounting Standard 34 and
the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International
Standard on Review Engagements 2410 (UK and Ireland) "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board. A review of
interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
As disclosed in note 2, the annual financial statements of the
Group will be prepared in accordance with UK adopted international
accounting standards. The condensed set of financial statements
included in this half-yearly financial report has been prepared in
accordance with UK adopted International Accounting Standard 34,
"Interim Financial Reporting".
Responsibilities of the Directors
The Directors are responsible for preparing the half-yearly
financial report in accordance with the Disclosure Guidance and
Transparency Rules of the United Kingdom's Financial Conduct
Authority.
Auditor's responsibilities for the review of the financial
information
In reviewing the half-yearly report, we are responsible for
expressing to the Company a conclusion on the condensed set of
financial statements in the half-yearly financial report. Our
conclusion is based on procedures that are less extensive than
audit procedures, as described in the Basis for Conclusion
paragraph of this report.
Use of our report
This report is made solely to the Company in accordance with
guidance contained in International Standard on Review Engagements
2410 (UK and Ireland) "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the
Auditing Practices Board. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the
Company, for our work, for this report, or for the conclusions we
have formed.
Ernst & Young LLP
Manchester, UK
10 November 2021
Glossary and calculations
AGM is the Annual General Meeting.
Average Debt Maturity is each tranche of Group debt multiplied
by the remaining period to its maturity and the result divided by
total Group debt in issue at the year end.
Average Interest Rate is the Group loan interest and derivative
costs per annum at the year end, divided by total Group debt in
issue at the year end.
British Property Federation ("BPF") is the membership
organisation, the voice, of the real estate industry.
Building Research Establishment Environmental Assessment Method
("BREEAM") assess the sustainability of buildings against a range
of criteria.
Clinical Commissioning Groups ("CCGs") are the groups of GPs and
other healthcare professionals responsible for commissioning
primary and secondary healthcare services in their locality.
Code or New Code is the UK Corporate Governance Code 2018, a
full copy of which can be found on the website of the Financial
Reporting Council.
Company is Assura plc.
Direct Property Costs comprise cost of repairs and maintenance,
void costs, other direct irrecoverable property expenses and rent
review fees.
District Valuer ("DV") is the commercial arm of the Valuation
Office Agency. It provides professional property advice across the
public sector and in respect of primary healthcare represents NHS
bodies on matters of valuations, rent reviews and initial rents on
new developments.
Earnings per Ordinary Share from Continuing Operations ("EPS")
is the profit attributable to equity holders of the parent divided
by the weighted average number of shares in issue during the
period.
EBITDA is EPRA earnings before tax and net finance costs. In the
current period this is GBP54.4 million, calculated as net rental
income (GBP61.1 million) less administrative expenses (GBP6.3
million) and share-based payment charge (GBP0.4 million).
European Public Real Estate Association ("EPRA") is the industry
body for European REITs. EPRA is a registered trade mark of the
European Public Real Estate Association.
EPRA Cost Ratio is administrative and operating costs divided by
gross rental income. This is calculated both including and
excluding the direct costs of vacant space.
EPRA earnings is a measure of profit calculated in accordance
with EPRA guidelines, designed to give an indication of the
operating performance of the business, excluding one off or
non-cash items such as revaluation movements and profit or loss on
disposal. See Note 7.
EPRA EPS is EPRA earnings, calculated on a per share basis. See
Note 7.
EPRA NAV is IFRS NAV adjusted to reflect certain assets at fair
value and exclude long-term items not expected to crystallise. This
has now been replaced by EPRA NTA. See Note 8.
EPRA Net Disposal Value ("EPRA NDV") is the balance sheet net
assets adjusted to reflect the fair value of debt and derivatives.
See Note 8.
EPRA Net Reinstatement Value ("EPRA NRV") is the balance sheet
net assets excluding deferred tax and adjusted to add back
theoretical purchasers' costs that are deducted from the property
valuation. See Note 8.
EPRA Net Tangible Assets ("EPRA NTA") is the balance sheet net
assets excluding deferred taxation. See Note 8.
EPRA NIY is annualised rental income based on cash rents passing
at the balance sheet date, less non-recoverable property operating
expenses, divided by the market value of property, increased with
(estimated) purchasers' costs.
EPRA "topped up" NIY incorporates an adjustment to the EPRA NIY
in respect of the expiration of rent-free periods or other
unexpired lease incentives.
EPRA NNNAV is EPRA NAV adjusted to include the fair value of
debt, financial instruments and deferred tax This has now been
replaced by EPRA NDV. See Note 8.
EPRA Vacancy Rate is the ERV of vacant space divided by the ERV
of the whole portfolio.
Equivalent Yield is a weighted average of the Net Initial Yield
and Reversionary Yield and represents the return a property will
produce based upon the timing of the income received. The true
equivalent yield assumes rents are received quarterly in advance.
The nominal equivalent assumes rents are received annually in
arrears.
Estimated Rental Value ("ERV") is the external valuers' opinion
as to the open market rent which, on the date of valuation, could
reasonably be expected to be obtained on a new letting or rent
review of a property.
GMS is General Medical Services.
Gross Rental Income is the gross accounting rent receivable.
Group is Assura plc and its subsidiaries.
IFRS is International Financial Reporting Standards as adopted
by the European Union.
Interest Cover is the number of times net interest payable is
covered by EBITDA. In the current period net interest payable is
GBP13.6 million, EBITDA is GBP54.4 million, giving interest cover
of 4.0 times.
KPI is a Key Performance Indicator.
Like-for-like represents amounts calculated relative to
properties owned at the previous year end and start of the current
period.
Loan to Value ("LTV") is the ratio of net debt to the total
value of property assets. See Note 11.
Mark to Market is the difference between the book value of an
asset or liability and its market value.
MSCI is an organisation that provides performance analysis for
most types of real estate and produces an independent benchmark of
property returns. The MSCI All Healthcare Index refers to the MSCI
UK Annual Healthcare Property Index, incorporating all properties
reported to MSCI for the 12 months to December that meet the
definition of healthcare.
NAV is Net Asset Value.
Net debt is total borrowings plus head lease liabilities less
cash. See Note 11.
Net Initial Yield ("NIY") is the annualised rents generated by
an asset, after the deduction of an estimate of annual recurring
irrecoverable property outgoings, expressed as a percentage of the
asset valuation (after notional purchasers' costs). Development
properties are not included.
Net Rental Income is the rental income receivable in the period
after payment of direct property costs. Net rental income is quoted
on an accounting basis.
Operating efficiency is the ratio of administrative costs
(before one off charitable donation of GBP2.5 million in prior
period) to the average gross investment property value. This ratio
during the period equated to 0.25%. This is calculated as
administrative expense of GBP6.3 million divided by the average
property balance of GBP2,523 million (opening GBP2,453 million plus
closing GBP2,595 million, divided by two).
Primary Care Network ("PCN") is a GP practice working with local
community, mental health, social care, pharmacy, hospital and
voluntary services to build on existing primary care services and
enable greater provision of integrated health services within the
community they serve.
Primary Care Property is the property occupied by health
services providers who act as the principal point of consultation
for patients such as GP practices, dental practices, community
pharmacies and high street optometrists.
Property Income Distribution ("PID") is the required
distribution of income as dividends under the REIT regime. It is
calculated as 90% of exempted net income.
PSP is Performance Share Plan.
Real Estate Investment Trust ("REIT") is a listed property
company which qualifies for and has elected into a tax regime which
exempts qualifying UK profits, arising from property rental income
and gains on investment property disposals, from corporation tax,
but requires the distribution of a PID.
Rent Reviews take place at intervals agreed in the lease
(typically every three years) and their purpose is usually to
adjust the rent to the current market level at the review date.
Rent Roll is the passing rent (i.e. at a point in time) being
the total of all the contracted rents reserved under the leases, on
an annual basis. At September 2021 the rent roll was GBP127.5
million (March 2021: GBP121.7 million) and the growth in the six
months was GBP5.8 million.
Retail Price Index ("RPI") is an official measure of the general
level of inflation as reflected in the retail price of a basket of
goods and services such as energy, food, petrol, housing, household
goods, travelling fares, etc. RPI is commonly computed on a monthly
and annual basis.
Reversionary Yield is the anticipated yield which the initial
yield will rise to once the rent reaches the ERV and when the
property is fully let. It is calculated by dividing the ERV by the
valuation.
RPI Linked Leases are those leases which have rent reviews which
are linked to changes in the RPI.
Total Accounting Return is the overall return generated by the
Group including the impact of debt. It is calculated as the
movement on EPRA NTA (see glossary definition and Note 8) for the
period plus the dividends paid, divided by the opening EPRA NTA.
Opening EPRA NTA (i.e. at 31 March 2021) was 57.2 pence per share,
closing EPRA NTA was 58.4 pence per share, and dividends paid total
1.45 pence per share giving a return of 4.6% in the six months.
Total Contracted Rent Roll or Total Contracted Rental Income is
the total amount of rent to be received over the remaining term of
leases currently contracted. For example, a lease with rent of
GBP100 and a remaining lease term of ten years would have total
contracted rental income of GBP1,000. At September 2021, the total
contracted rental income was GBP1.61 billion (March 2021: GBP1.57
billion) and the growth in the six months was GBP38.8 million.
Total Property Return is the overall return generated by
properties on a debt-free basis. It is calculated as the net rental
income generated by the portfolio plus the change in market values,
divided by opening property assets plus additions. In the period to
September 2021, the calculation is net rental income of GBP61.1
million plus revaluation of GBP28.1 million giving a return of
GBP89.2 million, divided by GBP2,556.7 million (opening investment
property GBP2,400.7 million and IPUC GBP43.5 million plus additions
of GBP84.7 million and development costs of GBP28.1 million). This
gives a Total Property Return in the six months of 3.5%.
Total Shareholder Return ("TSR") is the combination of dividends
paid to shareholders and the net movement in the share price during
the period, divided by the opening share price. The share price at
31 March 2021 was 72.5 pence, at 30 September 2021 it was 71.55
pence, and dividends paid during the period were 1.45 pence per
share.
UK GBC is the UK Green Building Council.
Weighted Average Unexpired Lease Term ("WAULT") is the average
lease term remaining to first break, or expiry, across the
portfolio weighted by contracted rental income.
Yield on cost is the estimated annual rent of a completed
development divided by the total cost of development including site
value and finance costs expressed as a percentage return.
Yield shift is a movement (usually expressed in basis points) in
the yield of a property asset or like-for-like portfolio over a
given period.
Yield compression is a commonly used term for a reduction in
yields.
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