TIDMAGR
RNS Number : 7831B
Assura PLC
05 October 2022
5 October 2022
Assura plc
Trading Update
For the first half ending 30 September 2022
Assura plc ("Assura"), the leading primary care property
investor and developer, today announces its Trading Update for the
first half of the year to 30 September 2022.
Jonathan Murphy, CEO, said:
"Following another period of good progress, Assura continues to
be well positioned to meet the UK's strong underlying demand for
quality primary care and community health buildings as a partner of
choice for the NHS.
"Highly targeted and selective acquisitions and developments
during the first half of the year, along with the disposal of 61
properties for GBP73 million, have further strengthened the quality
of our portfolio, which now stands at 603 properties with an annual
rent roll of GBP139 million and a weighted average unexpired lease
term of 11.4 years.
"Our financial position remains very strong. Our debt book is
fixed at an average interest rate of 2.3% with a long-term average
maturity of 7.5 years, and we have cash and committed undrawn
facilities totalling GBP284 million.
"Together with the strength of our portfolio and expertise of
our teams, we are well placed to take advantage of the
opportunities ahead. That said, we recognise the current
macro-economic uncertainty and industry-wide inflationary pressure
and will continue to monitor and take a cautious approach to
capital investment to ensure long-term success."
Strong track record of disciplined investment alongside ongoing
capital recycling
-- Portfolio currently stands at 603 properties with an annualised rent roll of GBP139.3 million
-- Invested GBP141 million on additions during the half at an
average yield on cost of 5.0%; six development completions, 13
acquisitions and three assets in co-investment arrangements,
largely in the first quarter
-- Three developments started on site, including our first net zero carbon project in Fareham
-- Completed disposal of portfolio of 61 properties for GBP73
million at a small premium to book value
-- Seven lease regears completed (GBP1.1 million of existing rent)
-- Completed five asset enhancement capital projects (total
spend GBP2.2 million); on site with a further six (total spend
GBP8.8 million)
Development and acquisition pipelines provide growth
opportunities
-- Currently on site with 13 developments; total cost of GBP153
million (March 2022: 17, GBP166 million) of which GBP65 million has
been spent to date
-- Immediate development pipeline of 10 schemes, where we would
normally expect to be on site within 12 months; total cost of GBP83
million (March 2022: 20, GBP158 million). We continue to experience
some delays to construction timetables and start dates
-- Monitoring the extended development and acquisition pipelines
as well as the immediate development pipeline in light of the
current macro-economic environment
-- 35 lease re-gears covering GBP6.4 million of existing rent roll in the current pipeline
-- Pipeline of 18 capital asset enhancement projects (projected
spend GBP10.5 million) over the next two years
Strong and sustainable financial position
-- At 30 September 2022 net debt stood at GBP1,092 million with
cash and undrawn facilities of GBP284 million
-- All drawn facilities are unsecured with fixed interest
(weighted average interest rate of 2.3%) and weighted average
maturity 7.5 years
- ENDS -
Assura plc Tel: 01925 945354
Jayne Cottam, CFO E mail: Investor@assura.co.uk
David Purcell, Investor Relations
Director
FGS Global Tel: 0207 251 3801
Gordon Simpson Email: Assura@fgsglobal.com
James Thompson
Notes to Editors
Assura plc is a national healthcare premises specialist and UK
REIT based in Warrington, UK - caring for more than 600 primary
healthcare buildings, from which almost seven million patients are
served.
A constituent of the FTSE 250 and the EPRA* indices, as at 31
March 2022, Assura's portfolio was valued at GBP2,752 million.
At Assura, we BUILD for health. Assura builds better spaces for
people and places, invests in skills and inspires new ways of
working, and unlocks the power of design and innovation to deliver
lasting impact for communities - aiming for six million people to
have benefitted from improvements to and through its healthcare
buildings by 2026.
Assura is leading for a sustainable future, targeting net zero
carbon across its portfolio by 2040.
Further information is available at www.assuraplc.com
Assura plc LEI code: 21380026T19N2Y52XF72
*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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTFLFIDIVLSIIF
(END) Dow Jones Newswires
October 05, 2022 02:00 ET (06:00 GMT)
Assura (LSE:AGR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Assura (LSE:AGR)
Historical Stock Chart
From Apr 2023 to Apr 2024
