TIDMAGR
RNS Number : 1029F
Assura PLC
06 July 2023
6 July 2023
Assura plc
Trading Update
For the first quarter ending 30 June 2023
Assura plc ("Assura"), the leading primary care property
investor and developer, today announces its Trading Update for the
first quarter to 30 June 2023.
Jonathan Murphy, CEO, said:
"Assura has delivered another quarter of strong financial
performance and disciplined activity.
"Our on-site activities progressed well, with two developments
and one asset enhancement project reaching practical completion,
providing high quality premises and enabling an improved range of
health services for patients.
"We made good progress with rent reviews over the period,
settling a further 55 reviews to generate an uplift of GBP0.6
million.
"We continue to see many opportunities to work with the NHS in
providing critical primary care infrastructure. Our leading market
position, strong and sustainable financial position and pipeline of
growth opportunities will allow us to continue to deliver against
our proven strategy."
Continued strong track record of disciplined activity through
first quarter
-- Portfolio of 610 properties with an annualised rent roll of GBP145.3 million
-- Two developments completed; our 100(th) development in
Wolverhampton (as announced 29 June 2023) and our GBP22 million
scheme in Kettering
-- Completed one asset enhancement capital project (total spend
GBP1.1 million); on site with a further nine (total spend GBP8.2
million)
-- 55 rent reviews settled in the quarter, covering GBP5.5
million of existing rent and generating an uplift of GBP0.6
million
-- Quarterly dividend increased by 5% to 0.82 pence per share,
as announced at the full year results, with effect from the July
2023 payment
Development and asset enhancement pipelines provide growth
opportunities
-- Currently on site with nine developments; total cost of
GBP103 million (March 2023: 11, GBP129 million) of which GBP45
million has been spent to date
-- Immediate development pipeline of five schemes, where we
would normally expect to be on site within 12 months; total cost of
GBP35 million (March 2023: 5, GBP37 million). We continue to
experience delays on pipeline schemes as we negotiate to ensure
rents appropriately reflect the current cost of construction.
-- 36 lease re-gears covering GBP8.4 million of existing rent roll in the current pipeline
-- Pipeline of 17 capital asset enhancement projects (projected
spend GBP11 million) over the next two years
Strong and sustainable financial position
-- Weighted average interest rate unchanged at 2.30% (March
2023: 2.30%); all drawn debt on fixed rate basis
-- Weighted average debt maturity of 6.8 years, no refinancing
on drawn debt due until October 2025. Over 50% of drawn debt
matures beyond 2030, with our longest maturity debt at our lowest
rates
-- Net debt of GBP1,144 million on a fully unsecured basis with
cash and undrawn facilities of GBP234 million
- 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 Altrincham, UK - caring for more than 600 primary
healthcare buildings, from which over six million patients are
served.
A constituent of the FTSE 250 and the EPRA* indices, as at 31
March 2023, Assura's portfolio was valued at GBP2.7 billion.
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.
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END
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