RNS Number : 8386X

Assura PLC

10 January 2022

10 January 2022

Assura plc

Trading Update

For the third quarter of the year ending 31 December 2021

Assura plc ("Assura"), the leading primary care property investor and developer, today announces its Trading Update for the third quarter of the year to 31 December 2021.

Jonathan Murphy, CEO, said:

"It has been another strong quarter of progress as we have swiftly deployed the proceeds of our successful November equity placing.

"Our experienced internal investment and development teams have ensured activity continues apace. In the last quarter we completed GBP105 million of acquisitions. We have also moved on site with two new development schemes and are currently on site with 14 schemes at a total cost of GBP97 million. These activities build on our recent track record of growing our portfolio and driving further scale benefits, and our replenished pipelines provide further significant growth opportunities.

"As the booster and vaccination programmes continue - with some of our buildings acting as major hubs - the urgent need for high-quality primary care capacity to support the significant effort required to address the backlog from the pandemic will be in even sharper focus in the coming months. Assura continues to be a partner of choice to the NHS in helping to deliver this critical capacity."

Strong investment activity in quarter, deploying equity issue proceeds

   --    Growing portfolio of 634 properties with current annualised rent roll of GBP132.5 million 
   --    Nine acquisitions completed in the quarter for a total cost of GBP105 million 

-- Two development schemes moved onto site with a combined development cost of GBP25 million (medical centre in Cardiff and private facility in Kettering for Ramsay)

-- On site with 14 developments with a total cost of GBP97 million (September 2021: 12, GBP72 million)

   --    Four lease regears completed (representing GBP0.1 million of existing rent) 

-- Three capital asset enhancement projects completed (total spend GBP1.9 million), and currently on site with a further three projects (total spend of GBP2.2 million)

Development and acquisition pipelines provide significant growth opportunities

-- Immediate development pipeline of 22 schemes, where we expect to be on site within 12 months, totalling a further GBP166 million (September 2021: 20, GBP145 million)

-- Immediate acquisitions pipeline of GBP71 million in legal hands, which we would normally expect to complete in 3-6 months (September 2021: GBP102 million)

   --    62 lease re-gears covering GBP7.7 million of existing rent roll in the current pipeline 

-- Pipeline of 16 capital asset enhancement projects (projected spend GBP15.0 million) over the next 2 years

Strong financial position

-- At 31 December 2021 net debt stood at GBP957 million with a weighted average interest rate of 2.3%

- ENDS -

For further information, please contact:

   Assura plc:                         Tel: 01925 420 680 
   Jayne Cottam, CFO                   Email: Investor@assura.co.uk 
   David Purcell, Head of Investor 
   Finsbury:                           Tel: 0207 251 3801 
   Gordon Simpson                      Email: Assura@Finsbury.com 
   James Thompson 

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.

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(END) Dow Jones Newswires

January 10, 2022 02:00 ET (07:00 GMT)

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