Assura PLC Trading Update (5416D)
February 01 2018 - 1:00AM
UK Regulatory
TIDMAGR
RNS Number : 5416D
Assura PLC
01 February 2018
1 February 2018
Assura plc
Trading Update
For the third quarter to 31 December 2017
GBP310m capital raised and promptly deployed
Assura plc ("Assura"), the UK's leading primary care property
investor and developer, today publishes a trading update for the
third quarter to 31 December 2017.
Value enhancing investment and development activity
We continued to make good progress in the third quarter,
completing the acquisition of 22 medical centres and one
development under a forward funding agreement at a combined cost of
GBP84 million. These additions have a combined passing rent roll of
GBP4.1 million and a weighted average unexpired lease length of
13.5 years.
Rental income increased
Assura now owns 498 medical centres with a total annualised rent
roll of GBP87.4 million (30 September 2017: GBP83.1 million), with
growth in the financial year to date driven primarily by
acquisitions.
Secure and growing dividend
A key part of Assura's strategy is providing a secure, fully
covered and growing dividend stream for investors. The quarterly
dividend was increased by 9% for the January 2018 payment to 0.655
pence per share, equivalent to 2.62 pence per share on an
annualised basis.
Financial position strengthened and capital deployed
In October 2017, Assura issued GBP150 million of unsecured eight
and ten-year notes at a fixed rate of 3.04% and extended the
Revolving Credit Facility by a further GBP50 million to GBP300
million.
In December 2017, Assura successfully raised a further GBP310
million from both existing and new investors, reflecting the strong
support for our growth strategy. This capital has been swiftly
deployed with GBP84 million of assets purchased by the end of
December 2017 and in January 2018, we redeemed the Aviva secured
debt of GBP211 million plus early repayment costs of GBP56
million.
Following this, gross debt stood at GBP430 million with undrawn
facilities of GBP230 million.
Further details will be provided with the financial results for
the year ended 31 March 2018, which are due to be released on 23
May 2018.
Market Background
GPs continue to highlight the challenges associated with a lack
of space, poor layout and maintaining older buildings which are not
fit for 21(st) century healthcare. As hospitals struggle to cope
this winter, creating the infrastructure to allow more patients to
be treated in the community is a key part of the solution. The
autumn budget set out plans to invest GBP10 billion to make NHS
buildings fit for the future, in line with the recommendations
outlined in the Naylor Review, and we remain committed to playing
our part. Assura joined with sector colleagues last summer to set
out the potential for investment in primary care buildings through
third party development, flagging that GBP3 billion could be
invested over five years in the 'Primary Care Buildings
Pledge'.
Jonathan Murphy, CEO, commented:
"Assura continued to make good progress in the third quarter,
further diversifying its funding structure and investing in primary
health care real estate. We remain confident in the outlook for the
business for the full-year."
- Ends -
For more information, please contact:
Assura plc Tel: 01925 420660
Jonathan Murphy
Jayne Cottam
Orla Ball
Edelman Tel: 0203 047 2546
John Kiely
Mav Wynn
Rob Yates
Notes to Editors
Assura plc, a constituent of the FTSE 250 and the EPRA* indices,
is a UK REIT and long-term investor in and developer of primary
care property. The company, headquartered in Warrington, works with
GPs, health professionals and the NHS to create innovative property
solutions in order to facilitate delivery of high quality patient
care in the community. At 30 September 2017, Assura's property
portfolio was valued at GBP1,560 million.
Further information is available at www.assuraplc.com
*EPRA is a registered trademark of the European Public Real
Estate Association
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTLLFIDLLILVIT
(END) Dow Jones Newswires
February 01, 2018 02:00 ET (07:00 GMT)
Assura (LSE:AGR)
Historical Stock Chart
From Apr 2024 to May 2024
Assura (LSE:AGR)
Historical Stock Chart
From May 2023 to May 2024