TIDMAGR
RNS Number : 1308H
Assura PLC
22 November 2022
22 November 2022
Assura plc
Delivering continued growth
Assura plc ("Assura"), the leading primary care property
investor and developer, today announces its results for the six
months ended 30 September 2022.
Jonathan Murphy, CEO, said:
"This has been another period of strong performance for Assura.
Further enhancements to our high-quality portfolio and good
progress against our strategic priorities have resulted in an
increase of 15% in net rental income and 13% growth in EPRA
EPS.
"We have a strong balance sheet - characterised by long-term
fixed rate debt at a weighted average rate of 2.3%. Given the
current macro-economic uncertainty, we will proceed cautiously with
deploying capital in the short term and continue to carefully
manage our operating costs.
"More broadly, we see growing and consistent demand for
high-quality community healthcare buildings that is not linked to
the economic cycle. The need to invest in primary care has
widespread cross-party political support - given it is cheaper for
the NHS to deliver services in this setting and as pressure on
hospital resources becomes increasingly unsustainable.
"Looking ahead, our proven strategy, specialist expertise, track
record of delivery and a predictable, growing income stream - the
majority underpinned by the NHS - means we are well placed to
continue delivering attractive returns for shareholders over the
long term."
Sustained strong growth across portfolio, EPRA earnings and
dividend
-- Passing rent roll increased 3% to GBP139.3 million (March 2022:
GBP135.7 million) with WAULT of 11.5 years
-- Net rental income up 15% to GBP70.0 million (2021: GBP61.1 million)
-- Portfolio value rose 5% to GBP2,879 million (March 2022: GBP2,752
million), Net Initial Yield ("NIY") widened 4 basis points to 4.52%
(March 2022: 4.48%)
-- IFRS profit before tax GBP30.9 million (2021: GBP69.3 million)
and EPS 1.0p (2021: 2.6p), reflecting negative valuation movement
in the period
-- EPRA earnings up 20% to GBP49.0 million (2021: GBP40.9 million)
and EPRA EPS of 1.7p (2021: 1.5p)
-- Quarterly dividend increased 5% to 0.78p (March 2022: 0.74p)
Continued track record of disciplined investment and proactive
capital recycling
-- Portfolio of 603 high-quality primary care properties serving 6.5
million people across the UK
-- Invested GBP141 million on additions (yield on cost 5.0%, WAULT
12 years): six development completions, 13 acquisitions and three
assets in co-investment arrangements
-- Five asset enhancement capital projects completed (total spend
GBP2.2 million) and on site with a further six (total spend GBP8.9
million)
-- Completed disposal of portfolio of 61 properties for GBP73 million
as small premium to book value
-- Lease re-gears completed on GBP1.1 million existing rent roll with
further GBP6.4 million in the pipeline
-- Rent reviews generated weighted average annual rent increase of
4.5%(1) (absolute increase of 7.7% on rent roll reviewed)
-- Total contracted rental income stands at GBP1.77 billion (March
2022: GBP1.81 billion)
Pipeline opportunities attractive, but more moderate investment
activity expected in the short term
-- Currently on site with 13 developments; total cost of GBP154 million
(March 2022: 17, GBP166 million) of which GBP65 million has been
spent to date
-- Immediate development pipeline of 10 schemes (total cost GBP83
million), where we would normally expect to be on site within
12 months notwithstanding delays currently being experienced in
construction timetables and start dates
-- Pipeline of 18 asset enhancement capital projects (projected spend
GBP10.5 million) over the next two years
-- Limited acquisitions expected in the second half given the current
macro-economic backdrop
We Build for Health; sustainability and social impact at the
heart of all decision-making
-- Moved on site with our first net zero carbon development at Fareham,
Portsmouth
-- All development completions rated BREEAM Very Good or Excellent
and EPC B and above
-- Assura Community Fund has deployed over GBP1.3 million since
2020 to community-health related projects
-- Targeting net zero carbon across our portfolio by 2040; currently
completing net zero carbon building audits across a cross-section
of portfolio
-- On track for EPC B ratings across our portfolio by March 2026,
currently 47% at required level
Strong and sustainable financial position
-- LTV of 38%, net debt of GBP1,092 million on a fully unsecured
basis with weighted average debt maturity of 7.5 years
-- All drawn debt on fixed rate basis with weighted average interest
rate maintained at 2.30% (March 2022: 2.30%)
-- Cash and undrawn facilities of GBP284 million
-- A- (stable outlook) rating from Fitch Ratings Ltd reaffirmed
in January 2022
Summary results
Financial performance S eptember September Change
2022 2021
Net rental income GBP70.0m GBP61.1m 14.6%
----------- ----------- ----------
I FRS profit before tax GBP30.9m GBP69.3m (55.4)%
----------- ----------- ----------
IFRS earnings per share 1.0p 2.6p (61.5)%
----------- ----------- ----------
EPRA earnings per share 1.7p 1.5p 13.3%
----------- ----------- ----------
Dividend per share 1.52p 1.45p 4.8%
----------- ----------- ----------
Property valuation and performance September March 2022 Change
2022
----------- ----------- ----------
Investment property GBP2,879m GBP2,752m 4.6%
----------- ----------- ----------
Diluted EPRA NTA per share 60.2p 60.7p (0.8)%
----------- ----------- ----------
Rent roll GBP139.3m GBP135.7m 2.7%
----------- ----------- ----------
Financing September March 2022 Change
2022
----------- ----------- ----------
Loan to Value ("LTV") ratio 38% 36% 2ppt
----------- ----------- ----------
Undrawn facilities and cash GBP284m GBP369m (23.0)%
----------- ----------- ----------
Weighted average cost of debt 2.30% 2.30% No change
----------- ----------- ----------
(1) Weighted average annual uplift on all settled reviews
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 945354
Jayne Cottam, CFO Email: Investor@assura.co.uk
David Purcell, Investor Relations Director
FGS Global Tel: 0207 251 3801
Gordon Simpson Email: Assura@fgsglobal.com
James Thompson
A presentation for investors and analysts, followed by live
Q&A, will be streamed at the link below on 22 November 2022 at
9.00am GMT.
Webcast link:
https://stream.brrmedia.co.uk/broadcast/63467a6c9c85f23078e14e3a
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 30
September 2022, Assura's portfolio was valued at GBP2,879
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
*EPRA is a registered trademark of the European Public Real
Estate Association.
CEO statement
Assura has continued to demonstrate its reliable, long-term
value creation with another period of strong performance. We are
delivering on our strategic priorities, with the completion of a
GBP73 million portfolio disposal, made great progress against our
development pipeline, including moving on site with our first net
zero carbon scheme, and advanced our asset enhancement
activities.
This focussed operational activity has flowed through into
strong financial results. We have delivered a 15% increase in net
rental income which, alongside carefully controlled operating costs
and fixed-rate debt facilities, has flowed through to a 13%
increase in EPRA earnings per share.
The macro-economic backdrop is currently unhelpful and higher
interest rates are putting downward pressure on property asset
valuations. Meanwhile, construction cost inflation continues to
delay start dates for new developments given the pressure on rent
negotiations. As a result, we expect our investment activity to be
lower in the second half of the year.
Ultimately, Assura is a business that is built for the
long-term. We exist to facilitate our customers, GPs and the NHS,
in delivering health services for the patients and communities they
serve. Demand in our sector, from patients for health services and
from health providers for high quality, sustainable buildings, is
not linked to the economic cycle. We manage our balance sheet in a
conservative manner, with long-term, fixed rate debt facilities.
Property valuations in our sector are historically more stable than
other sectors, reflecting the security and quality of our tenant
covenant. We deliver a predictable, growing income stream which
supports our progressive dividend policy.
All of these factors mean we believe we are well-placed to meet
these short-term challenges, and to deliver for our stakeholders
over the long-term.
Financial and operational performance
Assura's business 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 11.5 years and a strong financial
position (demonstrated by our A- credit rating from Fitch Ratings
Ltd).
We have consistently demonstrated an ability to identify and
secure new opportunities to improve our portfolio, building on our
market-leading capabilities to manage, invest in and develop
outstanding spaces for health services in our communities. We have
invested GBP141 million in the period on additions, at a yield on
cost of 5%, with 13 assets acquired, a further three under
co-investment arrangements and completed six developments. At the
same time, we have recycled capital through the disposal of 61
assets for GBP73 million.
Assura today has a high-quality portfolio of 603 properties,
which has been carefully assembled over the course of our history.
An essential part of our growth strategy is the careful review of
every asset for opportunities to enhance its lifetime cash flows
and impact on the community. Reflecting the importance of this
activity, total contracted rental income is set as one of our key
strategic KPIs. 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, undertake physical extensions and
improve energy efficiency. In the first six months, the team
completed 190 rent reviews, seven lease re-gears and seven new
tenancies for our vacant space. Our total contracted rental income
stands at GBP1.77 billion and our weighted average unexpired lease
term at 11.5 years.
The combination of these elements has enabled us to continue our
strong track record of growth. Our portfolio has increased by 5% in
six months to GBP2,879 billion and our passing rent roll is now
GBP139.3 million. Our EPRA earnings have increased by 20% to
GBP49.0 million which translates to an EPRA EPS of 1.7 pence per
share. Taking into account the valuation movement, which moved out
4 basis points or GBP19 million, our IFRS net profit is GBP30.9
million or 1.0 pence per share.
Finally, the resilience of our income and the growth we have
delivered is reflected in our dividend payments. During the period,
we announced a 5% increase in the quarterly dividend payment to
0.78 pence with effect from the July 2022 payment, equivalent to
3.12 pence per share on an annualised basis.
Assura outlook
Over recent years, our growth has been driven by a blend of
external portfolio growth (acquisitions), development activities
and internal growth (asset enhancement activity and rent reviews).
We have been successful in identifying suitable opportunities in
each of these areas, building the pipeline and delivering this into
our portfolio.
Given the current macro-economic headwinds, we took the decision
in September to pause acquisition activity. In the short-term, we
expect growth to come from maximising the returns on our capital
deployed, focusing on developments and asset enhancement
opportunities as the areas in which we can generate most
value-add.
We are on site with 13 developments, with a total cost of GBP154
million that will complete over the next 18 months. The recent
challenges in the construction industry, with significant cost
inflation and delays in the supply chain, continue to impact us
with schemes typically facing a two to three month extension in the
build period. In our immediate pipeline, which includes several
forward funding opportunities in Ireland, we are carefully
balancing the cost of the schemes and the rents negotiated with the
NHS.
Having completed five (GBP2.2 million) in the period, we are on
site with six asset enhancement projects (total spend GBP8.9
million). The nature of each of these projects is different -
including a fit out of vacant space and refurbishment of the
existing area at West Byfleet, an extension adding consulting rooms
at Riverside in Castleford, and a sustainability linked upgrade in
Banbury (conversion to air source heat pump) - but crucially
responds to the needs of the customer and patients at that
particular location. Delivering opportunities such as these helps
us serve our customers best, as well as driving the long-term
returns from the assets in our portfolio.
Market outlook
The critical need for investment in infrastructure to support
the services delivered by the NHS is as pronounced as it has ever
been. We have an ageing population, and it is cheaper for the NHS
to deliver health services in a primary care setting. Waiting lists
are longer than they have been for decades because hospitals are
overburdened, and appropriate space doesn't exist in a community
setting to deliver care where it is needed.
The existing NHS estate is not fit for purpose and requires
significant investment to meet this demand. Healthcare
professionals openly admit that the premises they work in are
constraining the services they can provide, hindering recruitment
of staff and holding back progress on tackling the care backlog.
The recent restructuring of the NHS into Integrated Care
Partnerships should provide a greater opportunity for greater
collaboration across health professionals, services and the
property estate.
The NHS has put in place ambitious targets to become the world's
first net zero carbon health system, but this is yet to filter down
into plans for implementation and funding across the existing
estate. Our role is to be an expert partner to bridge those gaps
and share our learnings, always pushing the bar higher at our
buildings, using our unique expertise and financial capacity to
deliver for the NHS over the long-term.
Jonathan Murphy
CEO
21 November 2022
CFO review
For the six months ended 30 September 2022
The first six months of the financial year has been another
period of strong financial performance for Assura, continuing to
deliver against the investment plans we set out alongside the
equity and Sustainability Bond issuances last year.
Six of the 17 on site developments at the start of the year have
reached completion and the remainder are progressing well. We have
acquired 13 properties, disposed of 61 and completed five asset
enhancement capital projects.
These additions, together with the rental growth from reviews
settled, have resulted in net rental income and EPRA earnings
growing 15% and 20% respectively, with EPRA EPS increasing 13%.
At the period end, our balance sheet remains strong - with an
LTV of 38%. Cash and undrawn facilities of GBP284 million are
available to fund the on-site development and asset enhancement
projects, and selective investment opportunities. We do, however,
expect acquisition activity to be significantly reduced whilst
market conditions remain uncertain.
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.
Portfolio as at 30 September 2022: GBP2,878.7 million (31 March
2022: GBP2,751.9 million)
Our business is based on our investment portfolio of 603
completed properties. This has a passing rent roll (current
contracted annual rent) of GBP139.3 million (March 2022: GBP135.7
million), 81% (March 2022: 82%) of which is underpinned by the NHS.
The Weighted Average Unexpired Lease Term ("WAULT") is 11.5 years
(March 2022: 11.8 years) and we have total contracted rental income
of GBP1.77 billion (March 2022: GBP1.81 billion).
At 30 September 2022, our portfolio of completed investment
properties was valued at GBP2,805.2 million including investment
property held for sale of GBP3.0 million (March 2022: GBP2,750.3
million including investment property held for sale of GBP76.0
million), which produced a net initial yield ("NIY") of 4.52%
(March 2022: 4.48%).
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 4.74% (March 2022: 4.72%). Adjusting
this Royal Institution of Chartered Surveyors ("RICS") standard
measure to reflect the advanced payment of rents, the true
equivalent yield is 4.76% (March 2022: 4.74%).
Our EPRA NIY, based on our passing rent roll and latest annual
direct property costs, was 4.45% (March 2022: 4.42%).
Six months ended Six months ended
30 Sep 2022 30 Sep 2021
GBPm GBPm
---------------------- ---------------- ----------------
Net rental income 70.0 61.1
Valuation movement (19.0) 28.1
---------------------- ---------------- ----------------
Total Property Return 51.0 89.2
---------------------- ---------------- ----------------
Reflecting the recent unstable macro-economic backdrop and
movement in gilt yields, we recorded a loss on valuation of GBP19.0
million in the period. This is consequently reflected in our Total
Property Return (expressed as a percentage of opening investment
property plus additions) which was 1.8% for the six months compared
with 3.5% in 2021.
The net valuation loss represents a 0.3% movement on a
like-for-like basis.
Portfolio additions
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 2022
Spend during the period GBPm
------------------------------------------------------ ----------------
Acquisition of completed medical centres 110.1
Developments/forward funding arrangements 28.3
Capitalised interest 1.2
Investment properties - incremental lettable space 2.9
Investment properties - no incremental lettable space 3.0
------------------------------------------------------ ----------------
Total capital expenditure 145.5
------------------------------------------------------ ----------------
During the first six months we completed 13 acquisitions, six
developments received practical completion and three assets were
acquired in co-investment arrangements.
These additions were at a combined total cost of GBP141 million
with a combined passing rent of GBP7.0 million (yield on cost of
5.0%) and a WAULT of 12.0 years.
Investment activity
Our investment team continues to source properties that meet our
investment criteria, and prior to the market volatility, had a
pipeline in legal hands in excess of GBP50 million. However, the
rise in gilt rates and market uncertainty has led to us pausing our
investment activity and we are currently reviewing this pipeline on
an asset by asset basis. We would expect our investment activity in
the second half of the year to be limited.
During the period, we disposed of 61 properties which no longer
met our investment criteria, generating proceeds of GBP73 million,
in line with their book values. We are continually reviewing our
portfolio for any indication that properties no longer meet our
investment criteria and currently have GBP3 million of assets held
for sale.
Development activity
Of the 17 developments that were on site at March 2022, six have
completed in the first half of the year, and a further four 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 meaning 13 are on site at
September 2022.
Of the 13, six are in-house developments and seven are under
forward funding agreements. These have a combined development cost
of GBP154 million of which GBP65 million had been spent at the half
year date.
In addition to on site developments, we have an immediate
pipeline of 10 properties (estimated cost GBP83 million, which we
would normally expect to be on site within 12 months) and an
extended pipeline of 30 properties (estimated cost GBP286 million,
appointed exclusive partner and awaiting NHS approval).
The rise in gilt rates and market uncertainty means we are
currently reviewing this pipeline on an asset by asset basis.
During the first six months of the year, we recorded a
revaluation gain of GBP3.6 million in respect of investment
property under construction (September 2021: GBP1.1 million).
Live developments and forward funding arrangements
Forward Estimated Estimated
fund/in completion development Costs to
house date costs date Size
----------------------- -------- ----------- ------------ -------- ----------
Bournville In house Q2 23 GBP2.6m GBP0.8m 618 sq.m
Brighton FF Q1 24 GBP4.9m GBP1.9m 948 sq.m
Cardiff In house Q4 22 GBP3.2m GBP3.0m 691 sq.m
Cramlington In house Q1 24 GBP25.4m GBP7.0m 6,500 sq.m
Fareham In house Q1 24 GBP5.2m GBP1.3m 950 sq.m
Guildford FF Q4 23 GBP30.8m GBP5.7m 2,818 sq.m
Kelsall FF Q4 22 GBP3.0m GBP2.8m 700 sq.m
Kettering FF Q2 23 GBP21.6m GBP8.1m 3,500 sq.m
Kings Lynn FF Q2 24 GBP10.1m GBP0.4m 1,702 sq.m
Southampton In house Q2 23 GBP7.0m GBP3.7m 1,385 sq.m
Wallsend In house Q4 22 GBP10.4m GBP9.5m 2,794 sq.m
West Midlands Ambulance FF Q4 22 GBP23.5m GBP18.8m 7,081 sq.m
Hub
Wolverhampton FF Q3 23 GBP5.9m GBP2.4m 1,325 sq.m
Total GBP153.6m GBP65.4m
----------------------- -------- ----------- ------------ -------- ----------
Portfolio management
In the first half, our rent roll grew by GBP3.6 million (2.7%)
to GBP139.3 million, with GBP1.5 million of this growth from rent
reviews.
We successfully concluded 190 rent reviews during the six months
(2021: 144) to generate a weighted average annual rent increase of
4.5% (year to March 2022: 1.9%) on those properties. These 190
reviews covered GBP19.4 million or 14% of our rent roll at the
start of the year and the absolute increase of GBP1.5 million is a
7.7% increase on this rent. Our portfolio benefits from a 37%
weighting in fixed, Retail Price Index ("RPI") and other uplifts
which generated an average uplift of 5.6% during the period. The
majority of our portfolio is subject to open market reviews and
these have generated an average uplift of 1.5% 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 is GBP1.77 billion (March 2022:
GBP1.81 billion). 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 seven lease re-gears in the six months covering
GBP1.1 million of current annual rent and adding 11.0 years to the
WAULT for those particular leases (September 2021: five re-gears,
GBP0.2 million of rent). We have also agreed terms on a pipeline of
35 re-gears covering GBP6.4 million of rent roll and these are
currently in legal hands.
We have completed five asset enhancement capital projects in the
six months (total spend GBP2.2 million) and are currently on site
with a further six (total spend of GBP8.9 million). These schemes
increase the WAULT on those properties by 13.5 years and improve
the sustainability performance of those buildings. In addition, we
have a further 18 asset enhancement projects we hope to complete in
the next two years with estimated spend of GBP10.5 million and
additional annual rent of GBP0.8 million.
Our EPRA Vacancy Rate was 1.1% (March 2022: 1.2%).
Our current contracted annual rent roll is GBP139.3 million and,
on a proforma basis, would increase to in excess of GBP150 million
once on site developments, asset enhancement projects and rent
reviews are completed.
Administrative expenses
Administrative expenses in the period were GBP6.6 million (2021:
GBP6.3 million).
The Group analyses cost performance by reference to our EPRA
Cost Ratios (including and excluding direct vacancy costs) which
were 12.5% and 11.6% respectively (2021: 13.1% and 12.1%
respectively).
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 0.23%
(2021: 0.25%).
Financing
Our balance sheet and financing position remains strong. We have
cash reserves and committed undrawn facilities totalling GBP284
million, and our long-term, drawn facilities have fixed rates in
place.
Growth during the period has been primarily funded by cash
reserves, in addition to the capital recycled from the 61
properties disposed in the six months.
Financing statistics 30 Sep 2022 31 Mar 2022
-------------------------------- ----------- -----------
Net debt (Note 11) GBP1,092.2m GBP1,006.4m
Weighted average debt maturity 7.5 yrs 8.0 yrs
Weighted average interest rate 2.30% 2.30%
% of debt at fixed/capped rates 100% 100%
EBITDA to net interest cover 4.5x 4.1x
LTV (Note 11) 38% 36%
-------------------------------- ----------- -----------
Our LTV ratio currently stands at 38% 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 2022, 100% of our debt facilities are at
fixed interest rates, although this will change as and when we draw
on the revolving credit facility which is at a variable rate.
The weighted average debt maturity is 7.5 years, and our longest
dated facilities (the Social and Sustainability bonds which mature
in 2030 and 2033 respectively) are at our lowest rates (1.5% and
1.625% respectively).
Net finance costs presented through EPRA earnings in the year
amounted to GBP14.0 million (2021: GBP13.6 million).
IFRS profit before tax
IFRS profit before tax for the period was GBP30.9 million (2021:
GBP69.3 million).
This has reduced compared with the prior year due to revaluation
movements - which were positive in the prior year.
EPRA earnings
Six months ended Six months ended
30 Sep 2022 30 Sep 2021
GBPm GBPm
--------------------------- ---------------- ----------------
Net rental income 70.0 61.1
Administrative expenses (6.6) (6.3)
Net finance costs (14.0) (13.6)
Share-based payments & tax (0.4) (0.3)
--------------------------- ---------------- ----------------
EPRA earnings 49.0 40.9
--------------------------- ---------------- ----------------
The movement in EPRA earnings can be summarised as follows:
GBPm
----------------------------- -----
Six months ended 30 Sep 2021 40.9
Net rental income 8.9
Administrative expenses (0.4)
Net finance costs (0.4)
----------------------------- -----
Six months ended 30 Sep 2022 49.0
----------------------------- -----
EPRA earnings has grown 19.8% to GBP49.0 million in the six
months to 30 September 2022, 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 and financing
costs.
Earnings per share
The basic earnings per share ("EPS") on profit for the period
was 1.0 pence (2021: 2.6 pence).
EPRA EPS, which excludes the net impact of valuation movements
and gains on disposal, was 1.7 pence (2021: 1.5 pence).
Based on calculations completed in accordance with IAS 33,
share-based payment schemes are currently expected to be dilutive
to EPS, with 1.2 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 1.0p 1.0p
EPRA 1.7p 1.7p
---------------------- ----- -------
Dividends
Total dividends settled in the six months to 30 September 2022
were GBP44.8 million or 1.5 pence per share (2021: 1.45 pence per
share). GBP1.3 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. Both the April
and July dividends paid were PIDs. The October 2022 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 30 Sep Six months ended
2022 30 Sep 2021
GBPm GBPm
------------------------------ ------------- ----------------
Opening cash 243.5 46.6
Net cash flow from operations 32.9 35.1
Dividends paid (41.1) (36.3)
Investment:
Property & other acquisitions (121.3) (85.0)
Development expenditure (28.3) (28.1)
Sale of properties 73.3 15.1
Financing:
Net borrowings movement - 294.2
------------------------------ ------------- ----------------
Closing cash 159.0 241.6
------------------------------ ------------- ----------------
Net cash flow from operations differs from EPRA earnings due to
movements in working capital balances primarily finance costs where
annual bond repayments fall in the first half of the year.
The investment activity in the period has been funded from cash
reserves and the disposals during the period.
Diluted EPRA NTA movement
GBPm Pence per share
----------------------------------------- ------- ---------------
Diluted EPRA NTA at 31 Mar 2022 (Note 8) 1,789.0 60.7
EPRA earnings 40.9 1.7
Capital (revaluations and capital gains) (18.1) (0.6)
Dividends (44.9) (1.5)
Other 6.9 (0.1)
----------------------------------------- ------- ---------------
Diluted EPRA NTA at 30 Sep 2022 (Note 8) 1,781.9 60.2
----------------------------------------- ------- ---------------
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 2022 is 1.7%
of which 1.5 pence per share (2.5%) has been distributed to
shareholders and (0.5) pence per share (0.8%) is the movement on
EPRA NTA.
Jayne Cottam
CFO
21 November 2022
EPRA performance measures
The calculations below are in accordance with the EPRA Best
Practice Recommendations dated February 2022, and in line with the
calculations provided in our accounts for the March 2022 year
end.
6 months ended 6 months ended
30 Sep 2022 30 Sep 2021
------------------------------------------ -------------- --------------
EPRA EPS (p) 1.7 1.5
EPRA Cost Ratio (including direct vacancy
costs (%) 12.5 13.1
EPRA Cost Ratio (excluding direct vacancy
costs (%) 11.6 12.1
------------------------------------------ -------------- --------------
Sep 2022 Mar 2022
------------------------- -------- --------
EPRA NRV (p) 66.4 66.7
EPRA NTA (p) 60.2 60.7
EPRA NDV (p) 70.4 62.7
EPRA NIY (%) 4.45 4.42
EPRA LTV 39% 37%
EPRA "topped-up" NIY (%) 4.46 4.43
EPRA Vacancy Rate (%) 1.1 1.2
------------------------- -------- --------
Portfolio analysis by capital value
Number of properties Total value GBPm Total value %
--------- -------------------- ---------------- -------------
>GBP10m 57 973.3 35
--------- -------------------- ---------------- -------------
GBP5-10m 115 775.1 27
--------- -------------------- ---------------- -------------
GBP1-5m 395 1,031.2 37
--------- -------------------- ---------------- -------------
<GBP1m 36 25.6 1
--------- -------------------- ---------------- -------------
603 2,805.2 100
--------- -------------------- ---------------- -------------
Portfolio analysis by region
Number of properties Total value GBPm Total value %
-------------- -------------------- ---------------- -------------
South 248 1,072.3 38
-------------- -------------------- ---------------- -------------
North 183 947.7 34
-------------- -------------------- ---------------- -------------
Midlands 104 503.3 18
-------------- -------------------- ---------------- -------------
Scotland & NI 25 145.3 5
-------------- -------------------- ---------------- -------------
Wales 43 136.6 5
-------------- -------------------- ---------------- -------------
603 2,805.2 100
-------------- -------------------- ---------------- -------------
Portfolio analysis by tenant covenant
Total rent roll Total rent roll
GBPm %
------------------ --------------- ---------------
GPs 84.0 60
------------------ --------------- ---------------
NHS Body 29.7 21
------------------ --------------- ---------------
Pharmacy 10.7 8
------------------ --------------- ---------------
Private providers 7.6 6
------------------ --------------- ---------------
Other 7.3 5
------------------ --------------- ---------------
139.3 100
------------------ --------------- ---------------
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 2022. 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. Whilst the macro-economic backdrop
has changed with gilt rates rising, the business continues to be
managed from a long-term perspective. The impact of rising gilt
rates is likely to impact the available rate for new borrowing or
refinancing, and yield movements are expected across the real
estate sector which may impact property valuations. However, the
Directors consider the Group to be well-positioned, having operated
the balance sheet in a conservative manner over recent years.
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 11.5
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 GBP159.0 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 to 31 March
2024. 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. The directors consider the fall in
valuations of reverse stress test to be implausible as this
includes assumptions, which are more extreme than previously
experienced economic events. 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. In reaching our conclusion, management have
referenced the ongoing situation in Ukraine and the current
macroeconomic background.
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 2022 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 21 November 2022.
Jonathan Murphy Jayne Cottam
CEO CFO
21 November 2022
Interim condensed consolidated income statement
For the six months ended 30 September 2022
Six months ended Six months ended
30 Sep 2022 30 Sep 2021
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 72.9 2.9 75.8 63.9 2.4 66.3
Property operating expenses (2.9) (2.9) (5.8) (2.8) (2.4) (5.2)
---------------------------- ---- ------ ------------- ------ ------ ------------- ------
Net rental income 70.0 - 70.0 61.1 - 61.1
Administrative expenses (6.6) - (6.6) (6.3) - (6.3)
Revaluation (loss)/gain
- property 9 - (19.0) (19.0) - 28.1 28.1
Share-based payment charge (0.4) - (0.4) (0.4) - (0.4)
(Loss)/gain on sale of
property - (0.1) (0.1) - 0.4 0.4
Finance income 0.4 - 0.4 - - -
Finance costs 5 (14.4) - (14.4) (13.6) - (13.6)
Gain on investments - 0.6 0.6 - - -
Foreign exchange gain - 0.4 0.4 - - -
---------------------------- ---- ------ ------------- ------ ------ ------------- ------
Profit before taxation 49.0 (18.1) 30.9 40.8 28.5 69.3
---------------------------- ---- ------ ------------- ------ ------ ------------- ------
Taxation 6 - - - 0.1 - 0.1
---------------------------- ---- ------ ------------- ------ ------ ------------- ------
Profit for the period
attributable to equity
holders of the parent 40.9 (18.1) 30.9 40.9 28.5 69.4
---------------------------- ---- ------ ------------- ------ ------ ------------- ------
EPS - basic & diluted 7 1.0p 2.6p
EPRA EPS - basic & diluted 7 1.7p 1.5p
---------------------------- ---- ------ ------------- ------ ------ ------------- ------
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 2022
30 Sep 2022 31 Mar 2022
Unaudited Audited
Note GBPm GBPm
-------------------------------------- ------ ----------- -----------
Non-current assets
Investment property 9 2,878.7 2,751.9
Property work in progress 14.7 15.2
Property, plant and equipment 0.5 0.5
Investments 19.2 3.8
Deferred tax asset 0.6 0.6
-------------------------------------- ------ ----------- -----------
2,913.7 2,772.0
-------------------------------------- ------ ----------- -----------
Current assets
Cash, cash equivalents and restricted
cash 159.0 243.5
Trade and other receivables 28.4 28.6
Property assets held for sale 9 3.4 76.4
-------------------------------------- ------ ----------- -----------
190.8 348.5
-------------------------------------- ------ ----------- -----------
Total assets 3,104.5 3,120.5
-------------------------------------- ------ ----------- -----------
Current liabilities
Trade and other payables 35.8 44.9
Head lease liabilities 0.3 0.1
Deferred revenue 10 29.8 30.1
-------------------------------------- ------ ----------- -----------
65.9 75.1
-------------------------------------- ------ ----------- -----------
Non-current liabilities
Borrowings 11 1,245.4 1,244.4
Head lease liabilities 5.5 5.4
Deferred revenue 10 5.2 6.0
-------------------------------------- ------ ----------- -----------
1,256.1 1,255.8
-------------------------------------- ------ ----------- -----------
Total liabilities 1,322.0 1,330.9
-------------------------------------- ------ ----------- -----------
Net assets 1,782.5 1,789.6
-------------------------------------- ------ ----------- -----------
Capital and reserves
Share capital 12 295.9 294.8
Share premium 924.0 918.5
Merger reserve 231.2 231.2
Reserves 331.4 345.1
-------------------------------------- ------ ----------- -----------
Total equity 1,782.5 1,789.6
-------------------------------------- ------ ----------- -----------
NAV per Ordinary Share - basic 8 60.2p 60.7p
- diluted 8 60.2p 60.7p
EPRA NTA per Ordinary Share - basic 8 60.2p 60.7p
- diluted 8 60.2p 60.7p
-------------------------------------- ------ ----------- -----------
The Interim Condensed Consolidated Financial Statements were
approved at a meeting of the Board of Directors held on 21 November
2022 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 2022
Share Share Merger Total
capital premium reserve Reserves equity
Note GBPm GBPm GBPm GBPm GBPm
-------------------------------- ---- -------- -------- -------- -------- -------
1 April 2021 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 13 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
-------------------------------- ---- -------- -------- -------- -------- -------
Profit attributable to equity
holders - - - 86.5 86.5
-------------------------------- ---- -------- -------- -------- -------- -------
Total comprehensive income - - - 86.5 86.5
Issue of Ordinary Shares 12 26.8 155.3 - - 182.1
Issue costs 12 - (4.7) - - (4.7)
12,
Dividend 13 0.3 2.2 - (41.6) (39.1)
Employee share-based incentives - - - 0.2 0.2
-------------------------------- ---- -------- -------- -------- -------- -------
31 March 2022 (audited) 294.8 918.5 231.2 345.1 1,789.6
-------------------------------- ---- -------- -------- -------- -------- -------
Profit attributable to equity
holders - - - 30.9 30.9
-------------------------------- ---- -------- -------- -------- -------- -------
Total comprehensive income - - - 30.9 30.9
Issue of Ordinary Shares 12 0.8 4.4 - - 5.2
12,
Dividend 13 0.2 1.1 - (44.8) (43.5)
Employee share-based incentives 0.1 - - 0.2 0.3
-------------------------------- ---- -------- -------- -------- -------- -------
30 September 2022 (unaudited) 295.9 924.0 231.2 331.4 1,782.5
-------------------------------- ---- -------- -------- -------- -------- -------
Interim condensed consolidated statement of cash flow
For the six months ended 30 September 2022
Six months Six months
ended ended
30 Sep 2022 30 Sep 2021
Unaudited Unaudited
GBPm GBPm
---------------------------------------------------- ------------ ------------
Operating activities
Rent received 68.5 66.8
Interest paid and similar charges (23.7) (18.3)
Fees received 0.7 0.7
Interest received 0.4 -
Cash paid to suppliers and employees (13.0) (14.1)
---------------------------------------------------- ------------ ------------
Net cash inflow from operating activities 32.9 35.1
---------------------------------------------------- ------------ ------------
Investing activities
Purchase of investment property (106.4) (84.2)
Development expenditure (28.3) (28.1)
Proceeds from sale of property 73.3 15.1
Other investments and property, plant and equipment (14.9) (0.8)
---------------------------------------------------- ------------ ------------
Net cash outflow from investing activities (76.3) (98.0)
---------------------------------------------------- ------------ ------------
Financing activities
Dividends paid (41.1) (36.3)
Long-term loans drawn down - 295.9
Loan issue costs - (1.7)
---------------------------------------------------- ------------ ------------
Net cash (outflow)/inflow from financing activities (41.1) 257.9
---------------------------------------------------- ------------ ------------
(Decrease)/increase in cash, cash equivalents
and restricted cash (84.5) 195.0
---------------------------------------------------- ------------ ------------
Opening cash, cash equivalents and restricted
cash 243.5 46.6
---------------------------------------------------- ------------ ------------
Closing cash, cash equivalents and restricted
cash 159.0 241.6
---------------------------------------------------- ------------ ------------
Notes to the interim condensed consolidated financial
statements
For the six months ended 30 September 2022
1. Corporate information
The Interim Condensed Consolidated Financial Statements of the
Group for the six months ended 30 September 2022 were authorised
for issue in accordance with a resolution of the Directors on 21
November 2022.
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 2022 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 2022 to 30 September
2022 with comparatives for the six-month accounting period from 1
April 2021 to 30 September 2021, or 31 March 2022 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 2022 which were prepared in accordance
with UK-adopted international accounting standards.
The accounts are prepared on a going concern basis (see page 11
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 2022 and to 30
September 2021 are unaudited. The interim accounts do not
constitute statutory accounts. The financial information for the
year ended 31 March 2022 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 2022 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 the same as
those followed in the preparation of the Group's Annual Report for
the year ended 31 March 2022.
The Group is not expecting any other new and proposed changes in
accounting standards to have a material impact on reported numbers
in future periods.
5. Finance costs
Six months ended Six months ended
30 Sep 2022 30 Sep 2021
GBPm GBPm
------------------------------------- ---------------- ----------------
Interest payable 14.9 13.8
Interest capitalised on developments (1.2) (0.8)
Amortisation of loan issue costs 0 .7 0.6
------------------------------------- ---------------- ----------------
Total finance costs 14.4 13.6
------------------------------------- ---------------- ----------------
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
2022/23 (2021/22: 19%). An increase in the main rate of corporation
tax from 19% to 25%, effective from April 2023, was substantively
enacted on 24 May 2021.
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
and July 2022 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
2022.
7. Earnings per Ordinary Share
EPRA EPRA
Earnings earnings Earnings earnings
2022 2022 2021 2021
GBPm GBPm GBPm GBPm
-------------------------------------- -------- ---------- -------- ----------
Profit for the period from continuing
operations 3 0.9 30.9 69.4 69.4
-------------------------------------- -------- ---------- -------- ----------
Revaluation & fair value adjustments 18.0 (28.1)
Loss/(profit) on sale of property 0.1 (0.4)
-------------------------------------- -------- ---------- -------- ----------
EPRA earnings 49.0 40.9
-------------------------------------- -------- ---------- -------- ----------
EPS - basic & diluted
EPRA EPS - basic & diluted 1.0p 1.7p 2.6p 1.5p
30 Sep 2022 30 Sep 2021
------------------------------------------- ------------- -------------
Weighted average number of shares in
issue 2,956,938,876 2,675,927,670
Potential dilutive impact of share options 1,220,518 1,284,588
------------------------------------------- ------------- -------------
Diluted weighted average number of shares
in issue 2,958,159,394 2,677,212,258
------------------------------------------- ------------- -------------
The current estimated number of potentially dilutive shares
relates to nil-cost options under the share-based payment
arrangements and is 1.2 million (Sep-21: 1.3 million; Mar-22: 1.2
million).
8. NAV per Ordinary Share
30 Sep 2022
GBPm IFRS EPRA NRV EPRA NTA EPRA NDV
--------------------------- ------- -------- -------- --------
IFRS net assets 1,782.5 1,782.5 1,782.5 1,782.5
--------------------------- ------- -------- -------- --------
Deferred tax (0.6) (0.6) -
Fair value of debt - - 301.1
Real estate transfer tax 183.5 - -
--------------------------- ------- -------- -------- --------
EPRA adjusted NAV 1,965.4 1,781.9 2,083.6
--------------------------- ------- -------- -------- --------
per Ordinary Share - basic 60.2p 66.4p 60.2p 70.4p
- diluted 60.2p 66.4p 60.2p 70.4p
--------------------------- ------- -------- -------- --------
31 Mar 2022
GBPm IFRS EPRA NRV EPRA NTA EPRA NDV
--------------------------- ------- -------- -------- --------
IFRS net assets 1,789.6 1,789.6 1,789.6 1,789.6
--------------------------- ------- -------- -------- --------
Deferred tax (0.6) (0.6) -
Fair value of debt - - 59.4
Real estate transfer tax 1 79.3 - -
--------------------------- ------- -------- -------- --------
EPRA adjusted NAV 1,968.3 1,789.0 1 ,849.0
--------------------------- ------- -------- -------- --------
per Ordinary Share - basic 60.7p 66.8p 60.7p 62.7p
- diluted 60.7p 66.7p 60.7p 62.7p
--------------------------- ------- -------- -------- --------
30 Sep 2022 31 Mar 2022
------------------------------------------- ------------- -------------
Number of shares in issue 2,959,198,708 2,948,359,637
Potential dilutive impact of share options
(Note 7) 1,220,518 1,225,519
------------------------------------------- ------------- -------------
Diluted number of shares in issue 2,960,419,226 2,949,585,156
------------------------------------------- ------------- -------------
The EPRA measures set out above are in accordance with the Best
Practices Recommendations of the European Public Real Estate
Association dated February 2022.
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
Properties are stated at fair value as at 30 September 2022. The
fair value has been determined by the Group's external valuers,
CBRE, Cushman & Wakefield and Jones Lang LaSalle. The
properties have been valued individually and on the basis of open
market value (which the Directors consider to be the fair value) in
accordance with RICS Valuation - Professional Standards 2020 ("the
Red Book"). Valuers are paid on the basis of a fixed fee
arrangement, subject to the number of properties valued.
Property assets comprises investment property and investment
property under construction ("IPUC").
30 Sep 2022 31 Mar 2022
----------------------------- --------------------------- ---------------------------
Investment Investment
property IPUC Total property IPUC Total
GBPm GBPm GBPm GBPm GBPm GBPm
----------------------------- ---------- ------ ------- ---------- ------ -------
Opening market
value 2,677.3 69.1 2,746.4 2,404.3 43.5 2,447.8
Additions:
---------- ------ ------- ---------- ------ -------
- acquisitions 110.1 - 110.1 233.5 - 233.5
- improvements 5.9 - 5.9 8.5 - 8.5
---------- ------ ------- ---------- ------ -------
116.0 - 116.0 242.0 - 242.0
Development costs - 28.3 28.3 - 6 2.1 62.1
Transfers 33.1 (33.1) - 42.1 (42.1) -
Transfer to assets
held
for sale - - - (76.0) - (76.0)
Capitalised interest - 1.2 1.2 - 1.6 1.6
Disposals (0.4) - (0.4) (0.5) - (0.5)
Foreign exchange
gain 0.4 - 0.4 - - -
Unrealised (deficit)/surplus
on revaluation (22.6) 3.6 (19.0) 65.4 4.0 69.4
----------------------------- ---------- ------ ------- ---------- ------ -------
Closing market
value 2,803.8 69.1 2,872.9 2,677.3 69.1 2,746.4
Add head lease
liabilities
recognised separately 5.8 - 5.8 5.5 - 5.5
----------------------------- ---------- ------ ------- ---------- ------ -------
Closing fair value
of investment property 2,809.6 69.1 2,878.7 2,682.8 69.1 2,751.9
----------------------------- ---------- ------ ------- ---------- ------ -------
30 Sep 2022 31 Mar 2022
GBPm GBPm
------------------------------------------------- ----------- -----------
Market value of investment property as estimated
by valuer 2,802.2 2,674.3
Add IPUC 6 9.1 69.1
Add capitalised lease premiums and rental
payments 1 .6 3.0
Add head lease liabilities recognised separately 5.8 5.5
------------------------------------------------- ----------- -----------
Fair value for financial reporting purposes 2,878.7 2,751.9
------------------------------------------------- ----------- -----------
Completed investment property held for sale 3 .0 76.0
Land held for sale 0.4 0.4
------------------------------------------------- ----------- -----------
Total property assets 2,882.1 2,828.3
------------------------------------------------- ----------- -----------
30 Sep 2022 31 Mar 2022
GBPm GBPm
------------------------------------ ----------- -----------
Investment property 2,802.2 2,674.3
Investment property held for sale 3.0 76.0
------------------------------------ ----------- -----------
Total completed investment property 2,805.2 2,750.3
------------------------------------ ----------- -----------
30 Sep 2022
GBPm
------------------------------------------ -----------
Assets held for sale at 1 April 2022 76.4
Disposals during the period (73.0)
------------------------------------------ -----------
Assets held for sale at 30 September 2022 3.4
------------------------------------------ -----------
As at 30 September 2022, 5 assets are held as available for sale
(31 March 2022: 63 assets). These properties are either being
actively marketed for sale or have a negotiated sale agreed which
is currently in legal hands.
Fair value hierarchy
The fair value measurement hierarchy for all investment property
and investment property under construction ("IPUC") as at 30
September 2022 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 2022 continues to apply to
the portfolio as at 30 September 2022.
10. Deferred revenue
30 Sep 2022 31 Mar 2022
GBPm GBPm
----------------------------------------------- ----------- -----------
Arising from rental income received in advance 29.2 29.5
Arising from pharmacy lease premiums received
in advance 5 .8 6.6
----------------------------------------------- ----------- -----------
3 5.0 36.1
----------------------------------------------- ----------- -----------
Current 29.8 30.1
Non-current 5 .2 6.0
----------------------------------------------- ----------- -----------
35.0 36.1
----------------------------------------------- ----------- -----------
11. Borrowings
30 Sep 2022 31 Mar 2022
GBPm GBPm
------------------------------------------- ----------- -----------
At beginning of the period/year 1,244.4 9 48.7
Amount issued or drawn down in period/year - 315.9
Amount repaid in period/year - (20.0)
Loan issue costs (0.1) (2.1)
Amortisation of loan issue costs 1.1 1.9
At the end of the period/year 1,245.4 1,244.4
------------------------------------------- ----------- -----------
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 SONIA 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 2022, the facility was undrawn (31 March 2022:
undrawn).
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 2022 31 Mar 2022
Net debt and LTV GBPm GBPm
--------------------------------------- ----------- -----------
Investment property 2,809.6 2,682.8
Investment property under construction 69.1 6 9.1
Held for sale 3.4 7 6.4
--------------------------------------- ----------- -----------
Total property 2,882.1 2 ,828.3
--------------------------------------- ----------- -----------
Loans 1,245.4 1,244.4
Head lease liabilities 5.8 5.5
Cash (159.0) (243.5)
--------------------------------------- ----------- -----------
Net debt 1,092.2 1,006.4
--------------------------------------- ----------- -----------
LTV 38% 36%
--------------------------------------- ----------- -----------
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 2,948,359,637 294.8 2,671,853,938 267.2
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 -
Issued 13 October 2021
- scrip - - 362,022 -
Issued 26 October 2021 - - 240,000 0.1
Issued 11 November 2021 - - 267,554,740 26.7
Issued 12 January 2022
- scrip - - 3 ,286,937 0.3
Issued 7 April 2022 3,331,539 0.3 - -
Issued 13 April 2022 -
scrip 317,384 - - -
Issued 27 April 2022 4,556,283 0.5 - -
Issued 13 July 2022 974,245 0.1 - -
Issued 13 July 2022 -
scrip 1,659,620 0.2 - -
------------------------- ------------- ------------- ------------- -------------
Total at 30 September/31
March 2,959,198,708 295.9 2,948,359,637 294.8
Own shares held - - - -
------------------------- ------------- ------------- ------------- -------------
Total share capital 2,959,198,708 295.9 2,948,359,637 294.8
------------------------- ------------- ------------- ------------- -------------
The Ordinary Shares issued in April 2021, July 2021, October
2021, January 2022, April 2022 and July 2022 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 2022, this increased share capital by
GBP0.2 million and share premium by GBP1.1 million.
In November 2021, a total of 267,554,740 new Ordinary Shares
were placed at a price of 68 pence per share. The equity raise
resulted in gross proceeds of GBP182.1 million which has been
allocated appropriately between share capital (GBP26.8 million) and
share premium (GBP155.3 million). Issue costs totalling GBP4.7
million were incurred and have been allocated against share
premium.
The Ordinary Shares issued on 9 April 2021, 26 October 2021, 7
April 2022 and 27 April 2022 were issued as part consideration for
the acquisition of medical centres. In the six months to 30
September 2022, this increased share capital by GBP0.8 million and
share premium by GBP4.4 million.
The Ordinary Shares issued in July 2021 and July 2022 relate to
employee share awards under the Performance Share Plan.
13. Dividends paid on Ordinary Shares
Six months
ended Six months ended
Pence per Number of Ordinary 30 Sep 2022 30 Sep 2021
Payment date share Shares GBPm GBPm
-------------- --------- ------------------ ------------ ----------------
14 April 2021 0.71 2,671,853,938 - 19.0
14 July 2021 0.74 2,675,547,484 - 19.8
13 April 2022 0.74 2,948,359,637 21.8 -
13 July 2022 0.78 2,956,564,843 23.0 -
-------------- --------- ------------------ ------------ ----------------
4 4.8 38.8
-------------- --------- ------------------ ------------ ----------------
A dividend of 0.78 pence per share was paid to shareholders on
12 October 2022.
14. Commitments
At the period end the Group had 13 committed developments on
site (31 March 2022: 17) with a contracted total expenditure of
GBP153.6 million (31 March 2022: GBP166.4 million) of which GBP65.4
million (31 March 2022: GBP65.2 million) had been expended. The
remaining commitment is therefore GBP88.2 million (31 March 2022:
GBP101.2 million).
In addition, the Group is on site with six asset enhancement
capital projects (31 March 2022: seven) with a contracted total
expenditure of GBP8.9 million (31 March 2022: GBP7.4 million) of
which GBP2.3 million (31 March 2022: GBP1.0 million) had been
expended. The remaining commitment is therefore GBP6.6 million (31
March 2022: GBP6.4 million).
Independent review report to Assura plc
For the six months ended 30 September 2022
Conclusion
We have been engaged by the Group to review the condensed set of
financial statements in the half-yearly financial report for the
six months ended 30 September 2022 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 2022 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) "Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity" (ISRE) issued by the Financial Reporting Council. 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 are 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".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than
those performed in an audit as described in the Basis of Conclusion
section of this report, nothing has come to our attention to
suggest that management have inappropriately adopted the going
concern basis of accounting or that management have identified
material uncertainties relating to going concern that are not
appropriately disclosed.
This conclusion is based on the review procedures performed in
accordance with this ISRE, however future events or conditions may
cause the entity to cease to continue as a going concern.
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.
In preparing the half-yearly financial report, the directors are
responsible for assessing the Group's ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the
directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the review of the financial
information
In reviewing the half-yearly report, we are responsible for
expressing to the Group a conclusion on the condensed set of
financial statements in the half-yearly financial report. Our
conclusion, including our Conclusions Relating to Going Concern,
are 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 Group in accordance with
guidance contained in International Standard on Review Engagements
2410 (UK) "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity" issued by the Financial
Reporting Council. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the Group,
for our work, for this report, or for the conclusions we have
formed.
Ernst & Young LLP, Leeds
21 November 2022
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 GBP63.0 million, calculated as net rental
income (GBP70.0 million) less administrative expenses (GBP6.6
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 Loan to Value ("EPRA LTV") is debt divided by the market
value of property, differing from our usual LTV by the inclusion of
net current payables or receivables and the proportionate share of
co-investment arrangements.
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 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 UK.
Interest Cover is the number of times net interest payable is
covered by EBITDA. In the current period net interest payable is
GBP14.0 million, EBITDA is GBP63.0 million, giving interest cover
of 4.5 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 to the
average gross investment property value. This ratio during the
period equated to 0.23%. This is calculated as administrative
expense of GBP6.6 million divided by the average property balance
of GBP2,816 million (opening GBP2,752 million plus closing GBP2,879
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 2022 the rent roll was GBP139.3
million (March 2021: GBP135.7 million) and the growth in the six
months was GBP3.6 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 2022) was 60.7 pence per share,
closing EPRA NTA was 60.2 pence per share, and dividends paid total
1.52 pence per share giving a return of 1.7% 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 2022, the total
contracted rental income was GBP1.77 billion (March 2022: GBP1.81
billion).
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 2022, the calculation is net rental income of GBP70.0
million less revaluation loss of GBP19.0 million giving a return of
GBP51.0 million, divided by GBP2,887.7 million (opening investment
property GBP2,674.3 million and IPUC GBP69.1 million plus additions
of GBP116.0 million and development costs of GBP28.3 million). This
gives a Total Property Return in the six months of 1.8%.
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 2022 was 66.9 pence, at 30 September 2022 it was 53.6
pence, and dividends paid during the period were 1.52 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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