TIDMAGR
RNS Number : 7367M
Assura PLC
16 January 2023
16 January 2023
Assura plc
Trading Update
For the third quarter of the year ending 31 December 2022
Assura plc ("Assura"), the leading primary care property
investor and developer, today announces its Trading Update for the
third quarter of the year to 31 December 2022.
Jonathan Murphy, CEO, said:
"Assura has delivered another period of good progress and
disciplined activity. Three developments and three asset
enhancement projects reached practical completion, providing
high-quality new or improved premises for nearly 100,000 patients.
Our on-site activities progressed well, with a further 11
developments and seven asset enhancement projects on track to
complete in the coming months. This includes initiating our first
forward-funding deal in Ireland.
"We have a strong market position, balance sheet and pipeline of
growth opportunities and will continue to deploy capital in a
disciplined manner.
"The NHS continues to face tremendous pressure and the need to
invest in high-quality primary care to help alleviate this position
has never been greater. Assura remains committed to working closely
with the NHS to provide crucial primary care infrastructure, while
continuing to progress its proven strategy and deliver attractive
returns for shareholders."
Disciplined activity during the quarter
-- Portfolio of 607 properties with an annualised rent roll of GBP141.6 million
-- Seven additions completed for a total of GBP47 million: four
acquisitions for GBP11 million and three development completions
for GBP36 million, including the GBP23 million West Midlands
Ambulance Hub
-- One development started on site: a EUR6 million primary care centre in Kilbeggan, our first forward-funding deal in Ireland
-- Completed disposal of four properties for GBP3 million at
prices in line with September book values
-- Three lease re-gears completed (GBP0.3 million of existing rent)
-- Completed three asset enhancement capital projects (total
spend GBP0.7 million); on site with a further seven (total spend
GBP9.3 million)
-- EPC improvement programme continues: nine properties upgraded
to EPC B in the quarter, 48% of portfolio now at EPC B or
better
Development and asset enhancement pipelines provide growth
opportunities
-- Currently on site with 11 developments; total cost of GBP121
million (September 2022: 13, GBP153 million) of which GBP48 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 GBP82
million (September 2022: 10, GBP83 million). We continue to
experience some delays to construction timetables and start
dates
-- 37 lease re-gears covering GBP8.3 million of existing rent roll in the current pipeline
-- Pipeline of 18 capital asset enhancement projects (projected
spend GBP14.3 million) over the next two years
Portfolio valuation
-- Net initial yield 4.86% at December 2022, an outward movement
of 34 basis points since September 2022
-- This represents a 7% reduction in portfolio value to GBP2.7
billion; EPRA NTA approximately 53.6 pence per share at 31 December
2022
Strong and sustainable financial position
-- At 31 December 2022 net debt stood at GBP1,122 million with
cash and undrawn facilities of GBP255 million
-- All drawn facilities are unsecured with fixed interest
(weighted average interest rate of 2.3%) and weighted average
maturity 7.25 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
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
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
December 2022, 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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