TIDMAGR
RNS Number : 2661A
Assura PLC
23 May 2023
23 May 2023
Assura plc
Good strategic progress and tenth consecutive year of dividend
growth
Assura plc ("Assura"), the leading primary care property
investor and developer, today announces its results for the year
ended 31 March 2023.
Jonathan Murphy, CEO, said:
"Assura has again demonstrated the strength and reliability of
its business model with another year of strategic progress and a
strong financial performance, which has enabled us to grow EPRA
earnings and deliver our tenth consecutive year of dividend
growth.
"Taking a disciplined approach to capital deployment, we grew
our net rental income by 9% to GBP138 million - adding 28 assets to
our portfolio during the period through carefully-targeted
acquisitions and completed developments, and also recycling capital
through GBP78 million of disposals. We continue to deliver on new
opportunities for growth - being on site with three schemes
directly with NHS Trusts and having secured our first two
forward-funding schemes in Ireland. Furthermore, we remain
committed to maintaining the quality of our growing income stream -
the majority of which is backed by the NHS - through
value-enhancing portfolio management.
"Assura's long-term growth platform is underpinned by our strong
financial position, with a secure balance sheet, recently
re-affirmed A- rating from Fitch and a debt book that is fully
fixed - at 2.3% and with a weighted average maturity of seven
years.
"As we embark on our 20(th) year of operation, the critical need
for investment in primary care infrastructure is as pronounced as
ever with hospitals under significant pressure - and it is
reassuring this requirement has cross-party political support. Our
vital role in relieving pressure on the health system through
providing high-quality community healthcare buildings is clear, and
our continued growth demonstrates that we remain a well-placed
long-term partner for health care providers.
"We remain confident in our strategy, attractive portfolio,
pipeline of opportunities, and market-leading capabilities to
continue providing compelling long-term returns for
shareholders."
Another year delivering strong growth in EPRA earnings and
dividend
-- Passing rent roll increased 6% to GBP143.4 million (March
2022: GBP135.7 million) with WAULT of 11.2 years
-- Net rental income up 9% to GBP138.0 million (2022: GBP126.5 million)
-- Portfolio value GBP2,738 million (March 2022: GBP2,752 million)
-- Net Initial Yield ("NIY") widened 39 basis points to 4.87% (March 2022: 4.48%)
-- EPRA earnings up 12% to GBP96.8 million (2022: GBP86.2
million) and EPRA EPS of 3.3p (2022: 3.1p)
-- IFRS loss before tax GBP119.2 million (2022: profit of
GBP155.8 million) and EPS (4.0)p (2022: 5.6p), reflecting valuation
decline driven by outward yield shift
-- Proposed 5% increase in the quarterly dividend to 0.82 pence
per share (3.28 pence on an annual basis)
Continuing to deliver critical new capacity for health care in a
community setting
-- Portfolio of 608 high-quality primary care properties serving
6.3 million people across the UK
-- Invested GBP200 million in additions (yield on cost 4.9%,
WAULT 14.5 years): 10 development completions, 18 acquisitions and
three assets in co-investment arrangements
-- 10 asset enhancement capital projects completed (total spend
GBP5.4 million) and on site with a further 8 (total spend GBP8.9
million)
-- 65 properties disposed of for GBP78 million at a premium to book value
-- Lease re-gears completed on GBP2.0 million of existing rent
roll with a further GBP8.2 million in the pipeline
-- Rent reviews generated a like-for-like increase of 7.2% on
rent roll reviewed (weighted average annual rent increase of
3.8%(1) )
-- Total contracted rental income stands at GBP1.77 billion (March 2022: GBP1.81 billion)
Disciplined investment activity with pipeline of attractive
opportunities
-- On site with 11 developments; total cost of GBP129 million
(March 2022: 17, GBP166 million) of which GBP54 million has been
spent to date
-- Immediate development pipeline of five schemes (total cost
GBP37 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 17 asset enhancement capital projects (projected
spend of GBP14 million) over the next two years
Good momentum from strategic expansion into emerging
opportunities
-- Additions include completion of West Midlands Ambulance Hub
development and three assets under co-investment arrangements (one
with an NHS Trust, and two with a leading provider of primary-care
at scale)
-- On site development projects include Genesis Cancer Care
facility in Guildford, Ramsay day surgery in Kettering and
Northumbria Training Academy for local NHS Trust in Cramlington
-- Two standing investments in Ireland, one with a significant
development opportunity, on site with two forward funding projects
and a further three in the immediate pipeline
We BUILD for Health; sustainability and social impact at the
heart of all decision-making
-- Moved on site with our first two net zero carbon developments at Fareham and Winchester
-- All development completions rated BREEAM Very Good or Excellent and EPC B or above
-- Assura Community Fund has deployed over GBP1.8 million since
2020 to community-health related projects
-- Today we publish our Net Zero Carbon Pathway, including
science-based energy intensity reduction targets for 2040 with
interim targets for 2030 and 2035
-- MSCI ESG Rating upgraded to "AA"
-- On track for EPC B ratings across our portfolio by March 2026, currently 53% at this level
Strong and sustainable financial position
-- Weighted average interest rate unchanged at 2.30% (March
2022: 2.30%); all drawn debt on fixed rate basis
-- Weighted average debt maturity of 7 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
-- Cash and undrawn facilities of GBP243 million
-- Net debt of GBP1,135 million on a fully unsecured basis; LTV
41%, net debt/EBITDA ratio of 9.1x
-- A- (stable outlook) rating from Fitch Ratings Ltd reaffirmed in January 2023
Summary results
Financial performance March 2023 March 2022 Change
Net rental income GBP138.0m GBP126.5m 9.1%
------------ ----------- ----------
IFRS (loss)/profit before GBP(119.2)m GBP155.8m
tax
------------ ----------- ----------
IFRS (loss)/earnings per share (4.0)p 5.6p
------------ ----------- ----------
EPRA earnings per share 3.3p 3.1p 6.5%
------------ ----------- ----------
Dividend per share 3.08p 2.93p 5.1%
------------ ----------- ----------
Property valuation and performance March 2023 March 2022 Change
------------ ----------- ----------
Investment property GBP2,738m GBP2,752m (0.5)%
------------ ----------- ----------
Diluted EPRA NTA per share 53.6p 60.7p (11.7)%
------------ ----------- ----------
Rent roll GBP143.4m GBP135.7m 5.7%
------------ ----------- ----------
Financing March 2023 March 2022 Change
------------ ----------- ----------
Net debt to EBITDA 9.1x 8.8x
------------ ----------- ----------
Undrawn facilities and cash GBP243m GBP369m (34.1)%
------------ ----------- ----------
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 hosted at the offices of CMS on 23 May 2023 at
9.00am GMT. The event will also be streamed live at the following
link, and shortly after the event a full recording will be
available.
Webcast link: https://brrmedia.news/AGR_FY
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 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
*EPRA is a registered trademark of the European Public Real
Estate Association.
Chairman's statement
Dear Shareholder,
This year marks a shared celebration for Assura and the NHS: we
will shortly celebrate 20 years of operation, whilst the country
will come together to pay tribute to 75 years of the NHS service in
July.
Aiming to be a partner of choice to the NHS, we are proud to
have supported the health service over our two decades of business
- using our expertise in investing, developing and managing
high-quality, sustainable premises that allow health professionals
to deliver fantastic health services in the communities they
serve.
The NHS is an incredible, albeit challenged, service that will
have, at some point in time, touched the lives of everyone in this
country. In honour of this, it's anniversary will be marked with a
series of events to celebrate outstanding stories of health
professionals and patients that showcase the best of the NHS as we
look to the future.
However, the NHS anniversary also provides time for reflection -
about where the NHS currently stands and the challenges ahead to
ensure it remains a health service of which we as citizens can be
proud and which other nations can admire.
The NHS faces persistent patient backlogs following the
pandemic, and an ageing population presents increasing demands on
the healthcare system. With a continued drive for hospital services
to be moved into a community setting, now more than ever, there is
a need for investment in the primary care and related estate to
increase the ability of GPs to serve the healthcare needs of
patients in the community, resulting in fewer of them needing to go
to hospital.
In this report, we celebrate some of our own long-term success
stories, in supporting the fantastic work that our NHS is
commissioned to do. From examples such as Wide Way Medical Centre
in Mitcham, part of our initial portfolio that we have supported
with a significant extension in 2018 to help the practice grow and
evolve; to Kelsall Medical Centre in Cheshire, which is our 99(th)
and most recent development completion. All properties in our
portfolio provide essential settings for the delivery of crucial
health services in our communities.
The theme of this report is long-term performance. Assura's
strong financial position, excellent portfolio, strategic expansion
into growth areas, and supportive market drivers mean we are primed
for sustainable growth.
Our execution to date, described in detail by Jonathan in his
CEO statement and Jayne in her CFO review, leaves us
well-positioned for the future - targeting long-term performance
for our customers, communities and our investors.
For these reasons, we are investing in our capabilities now and
for the future.
Investing in our credentials to meet our net zero carbon
ambitions. In Fareham, we are delivering our first net zero carbon
building for the local NHS Trust, which will provide a children's
therapy centre for the local area.
Investing in buildings that help the NHS clear the backlog. In
Guildford, we are developing for Genesis Care a cancer treatment
centre that uses cutting edge technology and will be used under a
contract with the local NHS Trust.
Investing in maximising social impact. Around our development in
Cramlington, we have worked with the local primary care network to
create a bespoke social impact plan to help support the health
needs of that community.
Investing in technology to advance the services we provide. We
have partnered with Mace Group to advance our facilities management
offering, using technology to improve the speed and efficiency of
our customer service offering.
Investing in health services for a digital future. In
Winchester, we have partnered with the local academic health
science network to fund a study of our how innovations and
technology could support the practice's goal of becoming a more
streamlined and efficient surgery.
All of these initiatives are expanding our offering, making us a
more attractive long-term partner for our customers - and the NHS -
allowing them to spend more time doing what they do best: provide
high-quality health services.
And just like the NHS, we wouldn't be who we are without our
people. I have been privileged to work across private and public
organisations for much of my career and I'm proud to say of my
Assura colleagues that they work tirelessly and with purpose to
help us achieve results that deliver for all stakeholders. So to
support our colleagues we are also investing in renewed learning
and development programmes led by our new Chief People Officer.
I look forward to reporting on our successes in the years to
come, as both Assura and the NHS work together to deliver critical
new capacity for health services in a community setting.
Ed Smith CBE
Non-Executive Chairman
22 May 2023
CEO statement
Assura is a business built for the long-term. We have again
demonstrated this with another successful year of progress and I'm
proud of how our team has delivered against our strategy.
We operate in a market that offers a significant opportunity,
with substantial investment required in the primary care estate,
offering attractive investment characteristics, with long leases
and a secure cash flow stream.
Our portfolio has strong fundamentals, having been carefully
constructed over the past 20 years through selective acquisitions
and completion of 99 development projects. Geographically spread
through the UK and now Ireland, it has a long remaining lease term
of over 11 years, 81% benefitting from an NHS-backed occupier
covenant and occupancy of 99%.
We have a strong financial position, with a secure balance
sheet, recently re-affirmed A- rating from Fitch and a debt book
that is fully fixed at a rate of 2.3% and with a maturity of seven
years. Our longest-dated debt, being our Social and Sustainability
Bonds representing approximately 50% of our outstanding debt, also
have the lowest rates, at 1.5% and 1.625% respectively.
These characteristics mean we are well positioned for the
future. But we are also investing in our capabilities to ensure we
remain best-placed to meet the needs of our customers for the
long-term. We place a heavy emphasis on social impact and
sustainability in everything we do - initiatives such as Design for
Everyone, the activities of the Assura Community Fund and the
launch of our Net Zero Carbon Pathway demonstrate this. Similarly,
partnering
with the right suppliers that can help us deliver more social
impact, building greater requirements into our tenders, or a better
technology-based solution, in our facilities management offering,
demonstrates the benefit of working collaboratively for the long
term.
Financial and operational performance
Assura's business is built on the reliability and resilience of
the long-term, secure cash flows from our high-quality GBP2.7
billion portfolio of 608 properties and our efficient capital
structure.
We strive to grow the rental income generated from our
portfolio...
While remaining resilient, Assura has consistently demonstrated
an ability to identify and secure new opportunities for growth,
building on our market-leading capabilities to manage, invest in
and develop outstanding spaces for health services in our
communities.
We have continued our strong track record of investing with
capital discipline. During the year, our net investment was GBP130
million, adding 28 assets to our portfolio through acquisitions and
completed developments, but also recycling capital through the
disposal of 65 assets for GBP78 million. This enabled us to deliver
9% growth in net rental income to GBP138 million, and our passing
rent roll stands at GBP143.4 million.
...whilst protecting the quality of our cash flows...
An essential part of our growth strategy is the careful review
of every asset for opportunities to increase its lifetime cash
flows and impact on the community. Our portfolio management team
seek to enhance the value of our assets through agreeing rent
reviews, completing lease re-gears, letting vacant space and
undertaking physical extensions.
This year, the team completed 352 rent reviews, 15 lease
re-gears, eight new tenancies for our vacant space, 10 capital
projects and 25 sustainability upgrades. Our total contracted
rental income, which is a combination of our passing rent roll and
lease length, stands at GBP1.77 million, our weighted average
unexpired lease term is 11.2 years and 81% of our income is backed
by the NHS or HSE.
...and carefully controlling our balance sheet and cost
base...
Despite the decline in valuation in the year, which has resulted
in us recording an IFRS loss of GBP119 million or 4.0 pence per
share, our balance sheet remains conservatively positioned with
strong debt metrics of net debt to EBITDA, interest cover and LTV.
Our investment grade rating of A- was re-affirmed by Fitch Ratings
Ltd in January 2023.
All of our drawn debt has fixed interest, at an average of 2.3%,
a weighted average maturity of seven years and we have no
significant refinancings due in the next five years.
...to deliver earnings growth that supports our dividend
policy.
The combination of these elements has enabled us to continue our
track record of growth year on year. Our EPRA earnings have
increased by 12% to GBP96.8 million which translates to an EPRA EPS
of 3.3 pence per share.
The resilience of our income and the growth we have delivered is
reflected in our fully covered dividend payments, which we have now
increased for ten consecutive years. Today, we announce a 5%
increase in the quarterly dividend payment to 0.82 pence with
effect from the July 2023 payment, equivalent to 3.28 pence per
share on an annualised basis.
Net zero carbon in focus
Alongside this report, we are launching our Net Zero Carbon
Pathway, which sets out the energy consumed in our portfolio, our
targets for reducing this and our strategy to achieve this.
To us, this is more than simply ticking an environmental box.
The easiest thing for us to do would be calculate our emissions and
buy some carbon offsets. However, alongside our social impact
ambition, we consider moving toward net zero carbon as being
fundamental to our long-term business model and strategy.
Our buildings need to meet the expectations of our customers and
all stakeholders. We aim to lead the way in designing buildings
that are efficient in their energy consumption and carbon
emissions, both embodied in the construction process and day-to-day
operational usage, to help the NHS meet its own net zero carbon
targets and to reduce the running costs of our buildings.
This means rolling out our Net Zero Carbon Design Guide to the
development projects in our pipeline. It means reducing our own
direct carbon footprint. But most importantly it means looking at
the operational emissions in our existing portfolio and working
with our occupiers to reduce energy used - both through occupier
engagement initiatives to improve energy consumption behaviours and
retrofitting our buildings with appropriate technological
improvements.
We do not underestimate the scale of this challenge over the
next 17 years to 2040. Our plans will involve investment over time
and our priority is ensuring that this investment has a suitable
return for investors.
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.
The market to expand our portfolio through acquisition in the UK
has been muted over the months since the turmoil in the bond
markets in reaction to the mini-budget in September 2022 and
remains the case today. Looking ahead we would expect the majority
of our growth in the short-term to come from maximising the returns
on our existing portfolio, focusing on developments and asset
enhancement opportunities as the areas in which we can generate
most value-add.
We are on site with 11 developments, with a total cost of GBP129
million that will complete over the next 18 months. These have a
remaining spend of GBP75 million and are fully funded from
available cash.
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. Whilst we are starting to see a
slowdown in the pace of tender price cost inflation in our
development pipeline, it takes time to flow the increased costs
into the negotiations with the District Valuer to set the rent on
these schemes. We only move on site when all aspects of a scheme
(NHS approval, fixed price construction contract, agreement for
lease in place) are agreed in full. We are seeing progress in our
areas of strategic expansion - working directly with NHS Trusts,
independent providers and stakeholders in Ireland. Each of these
areas are closely aligned with our existing portfolio, being
buildings that deliver health services in a community setting -
aiming to relieve some of the pressure on the NHS system - with a
strong underlying occupier covenant.
Our on-site developments include three schemes directly with NHS
Trusts (Shirley, Fareham and Cramlington), two schemes with
independent providers (Kettering and Guildford) and also our first
two forward funding projects in Ireland (Kilbeggan and Ballybay).
Similarly, our immediate pipeline of five schemes (total estimated
cost of GBP37 million) contains three schemes in Ireland and one
ambulance hub, building on the recent successes we have had in
these areas becoming meaningful contributors to our portfolio and
cash flow stream.
Having completed 10 asset enhancement projects (GBP5.4 million)
in the period, we are on site with eight more (total spend GBP8.9
million). The nature of each of these projects is different - for
example, 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 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 stronger
collaboration across health professionals, services and the
property estate.
Assura has a vital role as a partner to health providers to ease
the pressures faced by the system. By investing in our
capabilities, we are strategically placing ourselves as the partner
of choice for the long-term. We are best placed to provide
high-quality, sustainable new premises for delivery of health
services, to retrofit existing buildings to meet the net zero
carbon challenge, partnering with our supply chain to maximise the
social value that we create for the communities we operate in and
continually evolving our offering through adopting the latest
technologies.
Focusing on enhancing our expertise and delivering this into our
buildings, both physically and through the customer service we aim
to deliver, means that our customers can focus on what they do best
- delivering essential health services.
Jonathan Murphy
CEO
22 May 2023
CFO Review
This has very much been a year of two halves from an investment
perspective, with a significant change in capital markets and a
high inflationary environment impacting external growth activities.
We entered the year with a strong pipeline of acquisition,
development and asset enhancement activities, which we delivered,
mainly in the first quarter. Then, as the market conditions change
in the second half of the year, we responded quickly, pausing
acquisition activity as interest rates rose sharply.
What has remained consistent is the resilience of our assets in
generating high-quality cash flows, highlighting the strength of
our business model. Our asset class benefits from increasing
demand, long leases and a primarily government-backed occupier
base, and so it remains attractive regardless of the political or
economic backdrop.
This is then enhanced by our disciplined balance sheet
management, with long-term, fixed and sustainable financing in
place meaning the growth in rental income can efficiently flow
through to EPRA earnings and the dividend we pay.
All of this means we continue to have high confidence in our
future prospects and our ability to deliver attractive returns that
benefit all of our stakeholders.
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 measured normally in the Glossary, are included where
possible.
Portfolio as at 31 March 2023 GBP2,738.0 million (2022:
GBP2,751.9 million)
Our business is based on our investment portfolio of 608
properties (2022: 645).
This has a passing rent roll of GBP143.4 million (2022: GBP135.7
million), 81% of which is underpinned by the NHS. The WAULT is 11.2
years (2022: 11.6 years) and we have a total contracted rent roll
of GBP1.77 billion (2022: GBP1.81 billion).
At 31 March 2023 our portfolio of completed investment
properties was valued at a total of GBP2,677.4 million (2022:
GBP2,750.3 million including assets held for sale of GBP76.0
million), which produced a net initial yield ("NIY") of 4.87%
(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 5.09% (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 5.12% (2022: 4.74%).
Our EPRA NIY, based on our passing rent roll and latest annual
direct property costs, was 4.77% (2022: 4.42%).
2023 2022
GBPm GBPm
Net rental income 138.0 126.5
------- -----
Valuation movement (215.3) 69.4
------- -----
Total Property Return (77.3) 195.9
------- -----
Reflecting the recent unstable macroeconomic backdrop and
movement in gilt yields, we, like most real estate companies,
recorded a loss on valuation of GBP215.3 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 (2.6%) for the year (2022: 7.1%).
The net valuation loss represents a 6.4% movement on a
like-for-like basis. However, this was offset by the positive
actions we have taken in the year to improve the portfolio - with
15 lease regears, 10 capital projects and GBP2.8 million additional
rent from rent reviews settled in the year.
As a comparison, the 10-year and 15-year UK gilts moved
significantly in the year, now standing at 3.49% and 3.78%
respectively (2022: 1.61% and 1.81% respectively).
Portfolio additions
We have taken a disciplined approach to investment in 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:
2023
GBPm
Acquisitions 129.7
------
Completed developments 70.2
------
Additions 199.9
------
Disposals (77.8)
------
Asset enhancement & sustainability 15.2
------
Net investment 137.3
------
We have completed 18 acquisitions and 10 developments during the
year.
These additions were at a combined total cost of GBP200 million
with a combined passing rent of GBP9.9 million (yield on cost of
4.9%) and a WAULT of 14.5 years.
During the period, we disposed of 65 properties which no longer
met our investment criteria, generating proceeds of GBP78 million,
in line with their book values at March 2022, and this cash is now
being recycled into the on site pipeline of developments and asset
enhancement opportunities. We are continually reviewing our
portfolio for any indication that properties no longer meet our
investment criteria.
Development activity
We completed 10 developments during the year, adding an initial
GBP2.9 million to our rent roll and creating improved facilities to
serve 170,000 patients.
The development team has continued to have success in converting
schemes from the pipeline to live schemes, with five schemes moving
on site during the year meaning that 11 are on site at 31 March
2023.
Of the 11, seven are under forward funding arrangements
(including our first two developments in Ireland) and four are
in-house schemes. These have a combined development cost of GBP129
million, of which we had spent GBP54.7 million as at the year
end.
We continue to source additional schemes for our development
pipeline, but the pressures of both rising construction costs and
higher costs of finance have led us to proceed with discipline
before committing to schemes, ensuring all aspects are fixed before
we commence. We have an immediate pipeline of five properties
(estimated cost GBP37 million, which we would hope to be on site
within 12 months) and an extended pipeline of 49 properties
(estimated cost GBP446 million, appointed exclusive partner and
awaiting NHS approval).
We recorded a revaluation loss of GBP4.8 million in respect of
investment property under construction (2022: gain of GBP4.0
million) reflecting the valuation movement during the year.
Live developments and forward funding arrangements
Forward fund/ in Principal occupier Estimated completion Total development Costs Size
house date costs to date sq.m
GBPm GBPm
Ballbay FF HSE Q2 24 4.3 0.6 1,695
-------------------- -------------------- -------------------- ------------------- -------- -----
Brighton FF GPs Q1 24 4.9 2.0 948
-------------------- -------------------- -------------------- ------------------- -------- -----
Cramlington In house NHS Trust Q1 24 25.3 11.8 6,500
-------------------- -------------------- -------------------- ------------------- -------- -----
Fareham In house NHS Trust Q2 24 4.9 1.5 950
-------------------- -------------------- -------------------- ------------------- -------- -----
Guildford FF Independent provider Q4 23 30.8 10.3 2,818
-------------------- -------------------- -------------------- ------------------- -------- -----
Kettering FF Independent provider Q2 23 21.6 13.3 3,500
-------------------- -------------------- -------------------- ------------------- -------- -----
Kilbeggan FF HSE Q1 24 5.4 1.7 1,740
-------------------- -------------------- -------------------- ------------------- -------- -----
Kings Lynn FF GPs Q2 24 10.1 2.8 1,702
-------------------- -------------------- -------------------- ------------------- -------- -----
Southampton In house GPs Q3 23 7.5 4.3 1,385
-------------------- -------------------- -------------------- ------------------- -------- -----
Winchester In house GPs Q3 24 8.4 1.9 1,353
-------------------- -------------------- -------------------- ------------------- -------- -----
Wolverhampton FF GPs Q3 23 5.9 4.5 1,325
-------------------- -------------------- -------------------- ------------------- -------- -----
Portfolio management
Our rent roll grew by GBP7.7 million during the year to GBP143.4
million. The growth came from acquisitions (GBP6.9 million),
development completions (GBP2.9 million) and portfolio management
activity including rent reviews (GBP2.8 million), offset by the
rent relating to disposals (GBP4.9 million).
During the year we successfully concluded 352 rent reviews
(2022: 308 reviews) to generate a weighted average annual rent
increase of 3.8% (2022: 1.9%) on those properties, which is a
figure that includes 16 reviews we chose not to instigate in the
year. These 352 reviews covered GBP38.7 million or 29% of our rent
roll at the start of the year and, on a like-for-like basis, the
absolute increase of GBP2.8 million is a 7.2% increase on this
rent. Our portfolio benefits from a 33% weighting in fixed, RPI and
other uplifts which generated an average uplift of 5.7% during the
period. The majority of our portfolio is subject to open market
reviews and these have generated an average uplift of 1.5% (2022:
1.4%) during the period.
Our total contracted rental income is a function of the 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 15 lease re-gears in the year covering GBP2.0
million of current annual rent and adding 13.2 years to the WAULT
for those particular leases (2022: 22 re-gears, GBP1.3 million of
rent). We have also agreed terms on a pipeline of 35 re-gears
covering GBP8.2 million of rent roll and these are currently in
legal hands.
We have completed 10 capital projects in the year (total spend
GBP5.4 million) and are currently on site with a further eight
(total spend of GBP8.9 million). These schemes increase the WAULT
on those properties by 15.6 years and improve the sustainability
performance of those buildings. In addition, we have a further 17
asset enhancement projects we hope to complete in the next two
years with estimated spend of GBP14.1 million.
Our EPRA Vacancy Rate was 1.0% (March 2022: 1.2%).
Our current contracted annual rent roll is GBP143.4 million and,
on a proforma basis, would increase to in excess of GBP159 million
once on site developments, asset enhancement projects and rent
reviews are completed.
Administrative expenses
Administrative expenses in the year were GBP13.3 million (2022:
GBP11.7 million).
The Group analyses cost performance by reference to our EPRA
Cost Ratios (including and excluding direct vacancy costs) which
were 13.5% and 12.3% respectively (2022: 13.1% and 12.1%).
We also measure our operating efficiency as the ratio of
administrative costs to the average gross investment property
value. This ratio during the period equated to 0.48% (2022:
0.45%).
Financing
Our balance sheet and financing position remains strong. We have
cash reserves and committed undrawn facilities totalling GBP243
million, and our long-term, drawn facilities have fixed rates in
place.
Growth during the period, with net investment of GBP130 million,
has been primarily funded by cash reserves, in addition to the
capital recycled from the 65 properties disposed in the year.
Financing statistics 2023 2022
Net debt (Note 11) GBP1,134.6m GBP1,006.4m
----------- -----------
Weighted average debt maturity 7.0 years 8.0 years
----------- -----------
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
----------- -----------
Net debt to EBITDA 9.1x 8.8x
----------- -----------
LTV (Note 11) 41% 36%
----------- -----------
Our LTV ratio currently stands at 41% and will increase in the
short term as we utilise cash to fund the pipeline of development
and asset enhancement opportunities. We generally operate with an
LTV in and around 40%, and our policy allows us to reach the range
of 40-50% should the need arise.
100% of our drawn 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 7.0 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 GBP27.3 million (2022: GBP28.0 million).
IFRS loss before tax
IFRS loss before tax for the period was GBP119.2 million (2022:
profit of GBP155.8 million).
This has reduced compared with the prior year due to revaluation
movements, as described above.
EPRA earnings
2023 2022
GBPm GBPm
Net rental income 138.0 126.5
------ ------
Administrative expenses (13.3) (11.7)
------ ------
Net finance costs (27.3) (28.0)
------ ------
Share-based payments and other (0.6) (0.6)
------ ------
EPRA earnings 96.8 86.2
------ ------
The movement in EPRA earnings can be summarised as follows:
GBPm
Year ended 31 March 2022 86.2
-----
Net rental income 11.5
-----
Administrative expenses (1.6)
-----
Net finance costs 0.7
-----
Year ended 31 March 2023 96.8
-----
EPRA earnings has grown 12.3% to GBP96.8 million in the year to
31 March 2023 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 an
increase in administrative expenses.
Earnings per share
The basic earnings per share ("EPS") on loss for the period was
(4.0) pence (2022: 5.6 pence).
EPRA EPS, which excludes the net impact of valuation movements
and gains on disposal, was 3.3 pence (2022: 3.1 pence).
Based on calculations completed in accordance with IAS 33,
share-based payment schemes are currently expected to be dilutive
to EPS, with 1.1 million new shares expected to be issued. The
dilution is not material with no impact on EPS figures.
Dividends
Total dividends settled in the year to 31 March 2023 were
GBP91.0 million or 3.08 pence per share (2022: 2.93 pence per
share). GBP2.1 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 EPRA earnings. Three dividends paid
during the year were PIDs and one was a normal dividend (non-PID).
It is expected that the majority of future dividends will be
PIDs.
The table below illustrates our cash flows over the period:
202 3 2 022
GBPm GBPm
Opening cash 243.5 46.6
------- -------
Net cash flow from operations 94.1 94.6
------- -------
Dividends paid (88.9) (75.4)
------- -------
Investment:
------- -------
Property and other acquisitions (150.3) (245.3)
------- -------
Development expenditure (57.9) (63.7)
------- -------
Sale of properties 77.8 15.1
------- -------
Financing:
------- -------
Net proceeds from equity issuance - 177.9
------- -------
Net borrowing movement (0.3) 293.7
------- -------
Closing cash 118.0 243.5
------- -------
Net cash flow from operations differs from EPRA earnings due to
movements in working capital balances, but remains the cash earned
that is used to support dividends paid.
The investment activity in the period has been funded from cash
reserves and the disposals during the period.
Diluted EPRA NTA movement
Pence per
GBPm share
Diluted EPRA NTA at 31 March 2022 (Note 5) 1,789.0 60.7
------- ---------
EPRA earnings 96.8 3.3
------- ---------
Capital (revaluations and capital gains) (216.0) (7.3)
------- ---------
Dividends (91.0) (3.1)
------- ---------
Equity issuance 5.1 -
------- ---------
Other 3.0 -
------- ---------
Diluted EPRA NTA at 31 March 2023 (Note 5) 1,586.9 53.6
------- ---------
Our Total Accounting Return per share for the year ended 31
March 2023 is (6.6)% (2022: 11.2%) of which 3.1 pence per share
(5.1%) has been distributed to shareholders, offset by the 7.1
pence per share (11.7%) reduction in EPRA NTA.
Jayne Cottam
CFO
22 May 2023
Consolidated income statement
For the year ended 31 March 2023
2023 2022
------------------------------- ---- ------------------------------ -----------------------------
Capital Capital
EPRA and non-EPRA Total EPRA and non-EPRA Total
Note GBPm GBPm GBPm GBPm GBPm GBPm
------------------------------- ---- ------ ------------- ------- ------ ------------- ------
Gross rental and related
income 144.4 6.0 150.4 132.2 4.7 136.9
Property operating expenses (6.4) (6.0) (12.4) (5.7) (4.7) (10.4)
------------------------------- ---- ------ ------------- ------- ------ ------------- ------
Net rental income 2 138.0 - 138.0 126.5 - 126.5
Administrative expenses (13.3) - (13.3) (11.7) - (11.7)
Revaluation (deficit)/gain 6 - (215.3) (215.3) - 69.4 69.4
Gain on sale of property - 0.1 0.1 - 0.3 0.3
Share-based payment charge (0.7) - (0.7) (0.7) - (0.7)
Share of losses from
investments 0.1 (0.8) (0.7) - - -
Finance income 1.6 - 1.6 0.4 - 0.4
Finance costs 3 (28.9) - (28.9) (28.4) - (28.4)
------------------------------- ---- ------ ------------- ------- ------ ------------- ------
(Loss)/profit before
taxation 96.8 (216.0) (119.2) 86.1 69.7 155.8
------------------------------- ---- ------ ------------- ------- ------ ------------- ------
Taxation - - - 0.1 - 0.1
------------------------------- ---- ------ ------------- ------- ------ ------------- ------
(Loss)/profit for the
year attributable to
equity holders of the
parent 96.8 (216.0) (119.2) 86.2 69.7 155.9
------------------------------- ---- ------ ------------- ------- ------ ------------- ------
Other comprehensive income:
Exchange gain arising
on translation of foreign
operations - 0.4 0.4 - - -
------------------------------- ---- ------ ------------- ------- ------ ------------- ------
Total comprehensive
(loss)/income 96.8 (215.6) (118.8) 86.2 69.7 155.9
------------------------------- ---- ------ ------------- ------- ------ ------------- ------
EPS - basic & diluted 4 (4.0)p 5.6p
EPRA EPS - basic & diluted 4 3.3p 3.1p
---------- ------------------- ---- ------ ------------- ------- ------ ------------- ------
All income arises from continuing operations in the UK and
Ireland.
Consolidated balance sheet
As at 31 March 2023
2023 2022
Note GBPm GBPm
----------------------------------------- ---- ------- -------
Non-current assets
Investment property 6 2,738.0 2,751.9
Property work in progress 6 13.9 15.2
Property, plant and equipment 0.3 0.5
Investments 18.3 3.8
Deferred tax asset 0.6 0.6
----------------------------------------- ---- ------- -------
2,771.1 2,772.0
----------------------------------------- ---- ------- -------
Current assets
Cash, cash equivalents and restricted
cash 118.0 243.5
Trade and other receivables 33.1 28.6
Property assets held for sale 0.4 76.4
----------------------------------------- ---- ------- -------
151.5 348.5
----------------------------------------- ---- ------- -------
Total assets 2,922.6 3,120.5
----------------------------------------- ---- ------- -------
Current liabilities
Trade and other payables 46.8 44.9
Head lease liabilities 0.4 0.1
Deferred revenue 7 30.6 30.1
----------------------------------------- ---- ------- -------
77.8 75.1
----------------------------------------- ---- ------- -------
Non-current liabilities
Borrowings 8 1,246.4 1,244.4
Head lease liabilities 5.8 5.4
Deferred revenue 7 5.1 6.0
----------------------------------------- ---- ------- -------
1,257.3 1,255.8
----------------------------------------- ---- ------- -------
Total liabilities 1,335.1 1,330.9
----------------------------------------- ---- ------- -------
Net assets 1,587.5 1,789.6
----------------------------------------- ---- ------- -------
Capital and reserves
Share capital 9 296.1 294.8
Share premium 924.5 918.5
Merger and other reserve 9 231.6 231.2
Retained earnings 135.3 345.1
----------------------------------------- ---- ------- -------
Total equity 1,587.5 1,789.6
----------------------------------------- ---- ------- -------
NAV per Ordinary Share - basic & diluted 5 53.6p 60.7p
EPRA NTA per Ordinary Share - basic &
diluted 5 53.6p 60.7p
----------------------------------------- ---- ------- -------
The financial statements were approved at a meeting of the Board
of Directors held on 22 May 2023 and signed on its behalf by:
Jonathan Murphy Jayne Cottam
CEO CFO
Consolidated statement of changes in equity
For the year ended 31 March 2023
Merger
Share Share reserve Retained Total
capital premium and other earnings 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 - - - 155.9 155.9
-------- -------- ---------- --------- -------
Total comprehensive income - - - 155.9 155.9
Issue of Ordinary Shares 9 26.9 155.7 - - 182.6
Issue costs 9 - (4.7) - - (4.7)
Dividends 10 0.6 4.4 - (80.4) (75.4)
Employee share-based incentives 0.1 - - 0.4 0.5
-------------------------------- ---- -------- -------- ---------- --------- -------
31 March 2022 294.8 918.5 231.2 345.1 1,789.6
-------------------------------- ---- -------- -------- ---------- --------- -------
Loss attributable to equity
holders - - - (119.2) (119.2)
-------- -------- ---------- --------- -------
Other comprehensive income:
Exchange gain on translation
of foreign balances 9 - - 0.4 - 0.4
-------------------------------- ---- -------- -------- ---------- --------- -------
Total comprehensive loss - - 0.4 (119.2) (118.8)
-------------------------------- ---- -------- -------- ---------- --------- -------
Issue of Ordinary Shares 9 0.8 4.3 - - 5.1
Dividends 10 0.4 1.7 - (91.0) (88.9)
Employee share-based incentives 0.1 - - 0.4 0.5
-------------------------------- ---- -------- -------- ---------- --------- -------
31 March 2023 296.1 924.5 231.6 135.3 1,587.5
-------------------------------- ---- -------- -------- ---------- --------- -------
Consolidated cash flow statement
For the year ended 31 March 2023
2023 2022
Note GBPm GBPm
---------------------------------------------- ---- ------- -------
Operating activities
Rent received 138.1 139.3
Interest paid and similar charges (29.0) (25.0)
Fees received 1.4 1.4
Interest received 1.6 0.4
Cash paid to suppliers and employees (18.0) (21.5)
---------------------------------------------- ---- ------- -------
Net cash inflow from operating activities 94.1 94.6
---------------------------------------------- ---- ------- -------
Investing activities
Purchase of investment property (135.1) (241.8)
Development expenditure (57.9) (63.7)
Proceeds from sale of property 77.8 15.1
Other investments and property, plant and
equipment (15.2) (3.5)
---------------------------------------------- ---- ------- -------
Net cash outflow from investing activities (130.4) (293.9)
---------------------------------------------- ---- ------- -------
Financing activities
Issue of Ordinary Shares 9 - 182.6
Issue costs paid on issuance of Ordinary
Shares 9 - (4.7)
Dividends paid (88.9) (75.4)
Repayment of loan/borrowings 8 - (20.0)
Long-term loans drawn down 8 - 315.9
Interest on head lease liabilities (0.2) (0.1)
Loan issue costs 8 (0.1) (2.1)
---------------------------------------------- ---- ------- -------
Net cash (outflow)/inflow from financing
activities (89.2) 396.2
---------------------------------------------- ---- ------- -------
(Decrease)/increase in cash, cash equivalents
and restricted cash (125.5) 196.9
---------------------------------------------- ---- ------- -------
Opening cash, cash equivalents and restricted
cash 243.5 46.6
---------------------------------------------- ---- ------- -------
Closing cash, cash equivalents and restricted
cash 118.0 243.5
---------------------------------------------- ---- ------- -------
Notes to the accounts
For the year ended 31 March 2023
1. Corporate information and operations
The Company is a public limited company, limited by shares,
incorporated and domiciled in England and Wales, whose 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.
Basis of preparation
The financial information set out in this preliminary
announcement is derived from but does not constitute the Group's
statutory accounts for the years ended 31 March 2023 and 31 March
2022, and as such, does not contain all information required to be
disclosed in the financial statements prepared in accordance with
UK-adopted international accounting standards (IFRSs). The
financial information has been extracted from the Group's audited
consolidated statutory accounts. The auditor has reported on those
accounts: their reports were unqualified, did not draw attention to
any matters by way of emphasis, and did not contain statements
under s498(2) or (3) of the Companies Act 2006.
In concluding that the going concern basis of preparation is
appropriate for the period to 31 May 2024, the Board of Directors
have had reference to financial forecasts (including a number of
sensitivities and scenarios) showing that borrowing facilities are
adequate, the Group can operate within these facilities and meets
its obligations when they fall due. All investment in the financial
forecasts is at management's discretion, with the exception of
committed development spend (see Note 12). The Group has adequate
headroom in its banking covenants and has been in compliance
throughout the previous 12 months. In reaching its conclusion, the
Directors have considered the specific impact of Brexit, COVID-19,
war in Ukraine and climate change, concluding that none of these
are significant risks to the Group based on the current
position.
The Annual Report will be posted to Shareholders on or before 31
July 2023.
The Preliminary Announcement was approved by the Board of
Directors on 22 May 2023.
The Announcement and Annual Report can also be accessed on the
internet at www.assuraplc.com .
2. Net rental income
2023 2022
GBPm GBPm
-------------------------------- ----- -----
Rental revenue 143.0 130.8
Service charge income 6.0 4.7
Other related income 1.4 1.4
-------------------------------- ----- -----
Gross rental and related income 150.4 136.9
-------------------------------- ----- -----
Finance revenue
Bank and other interest 1.6 0.4
-------------------------------- ----- -----
Total revenue 152.0 137.3
-------------------------------- ----- -----
2023 2022
GBPm GBPm
-------------------------------- ----- -----
Gross rental and related income 150.4 136.9
Direct property expenses (6.4) (5.7)
Service charge expenses (6.0) (4.7)
-------------------------------- ----- -----
Net rental income 138.0 126.5
-------------------------------- ----- -----
During the year, GBP0.7 million of rental revenue was generated
from operations in Ireland (2022: GBP0.2 million).
3. Finance costs
2023 2022
GBPm GBPm
------------------------------------- ----- -----
Interest payable 28.9 28.0
Interest capitalised on developments (2.3) (1.6)
Amortisation of loan issue costs 2.1 1.9
Interest on head lease liability 0.2 0.1
------------------------------------- ----- -----
Total finance costs 28.9 28.4
------------------------------------- ----- -----
Interest was capitalised on property developments at the
appropriate cost of finance at commencement. During the year this
ranged from 4% to 5% (2022: 4% to 5%).
4. Earnings per Ordinary Share
EPRA EPRA
Earnings earnings Earnings earnings
2023 2023 2022 2022
GBPm GBPm GBPm GBPm
---------------------------- -------- --------- -------- ---------
(Loss)/profit for the year (119.2) (119.2) 155.9 155.9
---------------------------- -------- --------- -------- ---------
Revaluation deficit/(gains) 215.3 (69.4)
Share of revaluation losses
from investments 0.8 -
Gain on sale of property (0.1) (0.3)
---------------------------- -------- --------- -------- ---------
EPRA earnings 96.8 86.2
---------------------------- -------- --------- -------- ---------
EPS - basic & diluted (4.0p) 5.6p
EPRA EPS - basic & diluted 3.3p 3.1p
---------------------------- -------- --------- -------- ---------
2023 2022
--------------------------------------------------- ------------- -------------
Weighted average number of shares in issue 2,958,384,509 2,780,731,947
Potential dilutive impact of share options 1,055,291 1,225,519
--------------------------------------------------- ------------- -------------
Diluted weighted average number of shares in issue 2,959,439,800 2,781,957,466
--------------------------------------------------- ------------- -------------
The current number of potentially dilutive shares relates to
nil-cost options under the share-based payment arrangements and is
1.1 million (2022: 1.2 million).
The EPRA measures set out above are in accordance with the Best
Practices Recommendations of the European Public Real Estate
Association dated February 2022.
5. NAV per Ordinary Share
2023
GBPm IFRS EPRA NRV EPRA NTA EPRA NDV
--------------------------- ------- -------- -------- --------
IFRS net assets 1,587.5 1,587.5 1,587.5 1,587.5
--------------------------- ------- -------- -------- --------
Deferred tax (0.6) (0.6) -
Fair value of debt - - 226.5
Real estate transfer tax 174.5 - -
--------------------------- ------- -------- -------- --------
EPRA adjusted NAV 1,761.4 1,586.9 1,814.0
--------------------------- ------- -------- -------- --------
Per Ordinary Share - basic 53.6p 59.5p 53.6p 61.3p
- diluted 53.6p 59.5p 53.6p 61.2p
--------------------------- ------- -------- -------- --------
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 179.3 - -
--------------------------- ------- -------- -------- --------
EPRA adjusted 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
--------------------------- ------- -------- -------- --------
2023 2022
Number of shares in issue 2,960,594,138 2,948,359,637
Potential dilutive impact of share options 1,055,291 1,225,519
------------------------------------------- ------------- -------------
Diluted number of shares in issue 2,961,649,429 2,949,585,156
------------------------------------------- ------------- -------------
For definitions of the above EPRA NAV metrics, see glossary.
Mark to market adjustments have been provided by the
counterparty or by reference to the quoted fair value of financial
instruments.
6. Property assets
Investment property and investment property under construction
("IPUC").
Properties are stated at fair value as at 31 March 2023. 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.
Investment IPUC Total Investment IPUC Total
2023 2023 2023 2022 2022 2022
GBPm GBPm GBPm GBPm GBPm GBPm
----------------------------- ---------- ------ ------- ---------- ------ -------
Opening market value 2,682.8 69.1 2,751.9 2,409.8 43.5 2,453.3
Additions:
---------- ------ ------- ---------- ------ -------
- acquisitions 126.5 - 126.5 233.5 - 233.5
- improvements 15.0 - 15.0 8.5 - 8.5
---------- ------ ------- ---------- ------ -------
141.5 - 141.5 242.0 - 242.0
Development costs - 58.9 58.9 - 62.1 62.1
Transfers 72.5 (72.5) - 42.1 (42.1) -
Transfer to assets held
for sale - - - (76.0) - (76.0)
Capitalised interest - 2.3 2.3 - 1.6 1.6
Disposals (1.8) - (1.8) (0.5) - (0.5)
Foreign exchange gain 0.5 - 0.5 - - -
Unrealised (deficit)/surplus
on revaluation (210.5) (4.8) (215.3) 65.4 4.0 69.4
----------------------------- ---------- ------ ------- ---------- ------ -------
Closing fair value of
investment property 2,685.0 53.0 2,738.0 2,682.8 69.1 2,751.9
----------------------------- ---------- ------ ------- ---------- ------ -------
Investment property includes a GBP6.2 million head lease
liability (2022: GBP5.5 million).
2023 2022
GBPm GBPm
--------------------------------------------------- ------- -------
Market value of investment property as estimated
by valuer 2,677.4 2,674.3
Add IPUC 53.0 69.1
Add capitalised lease premiums and rental payments 1.4 3.0
Add head lease obligations recognised separately 6.2 5.5
--------------------------------------------------- ------- -------
Fair value for financial reporting purposes 2,738.0 2,751.9
--------------------------------------------------- ------- -------
Completed investment property held for sale - 76.0
Land held for sale 0.4 0.4
--------------------------------------------------- ------- -------
Total property assets 2,738.4 2,828.3
--------------------------------------------------- ------- -------
2023 2022
GBPm GBPm
------------------------------------ ------- -------
Investment property 2,677.4 2,647.3
Investment property held for sale - 76.0
------------------------------------ ------- -------
Total completed investment property 2,677.4 2,750.3
------------------------------------ ------- -------
2023
GBPm
--------------------------------------- ------
Assets held for sale at 1 April 76.4
Disposals during the year (76.0)
Net transfers from investment property -
--------------------------------------- ------
Assets held for sale at 31 March 0.4
--------------------------------------- ------
At March 2023, there is one asset held as available for sale
(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 IPUC as at 31 March 2023 was Level 3 - Significant unobservable
inputs (2022: Level 3). There were no transfers between Levels 1, 2
or 3 during the year.
Descriptions and definitions relating to valuation techniques
and key unobservable inputs made in determining fair values are as
follows:
Valuation techniques used to derive Level 3 fair values
The valuations have been prepared on the basis of fair market
value which is defined in the Red Book as "the estimated amount for
which an asset or liability should exchange on the valuation date
between a willing buyer and a willing seller in an arms-length
transaction after proper marketing and where the parties had each
acted knowledgeably, prudently and without compulsion".
Unobservable inputs
The key unobservable inputs in the property valuation are the
net initial yield, the equivalent yield and the ERV, which are
explained in more detail below. It is also worth noting that the
properties are subject to physical inspection by the valuers on a
rotational basis (at least once every three years).
In respect of 96% of the portfolio by value, the net initial
yield ranges from 3.5% to 8.5% (2022: 3.5% to 8.7%) and the
equivalent yield ranges from 3.8% to 8.5% (2022: 3.3% to 8.5%). A
decrease in the net initial or equivalent yield applied to a
property would increase the market value. Factors that affect the
yield applied to a property include the weighted average unexpired
lease term, the estimated future increases in rent, the strength of
the occupier covenant and the physical condition of the property.
Lower yields generally represent properties with index-linked
reviews, 100% NHS tenancies and longer unexpired lease terms,
ranging from 3.8% to 4.5%. Higher yields (range 5.5% to 8.5%) are
applied for a weaker occupier mix and leases approaching expiry.
Our properties have a range of occupier mixes, rent review basis
and unexpired terms. A 0.25% shift in either net initial or
equivalent yield would have approximately a GBP124 million (2022:
GBP153 million) impact on the investment property valuation.
The ERV ranges from GBP100 to GBP669 per sq.m (2022: GBP100 to
GBP669 per sq.m), in respect of 97% of the portfolio by value. An
increase in the ERV of a property would increase the market value.
A 2% increase in the ERV would have approximately a GBP53.2 million
(2022: GBP54.8 million) increase in the investment property
valuation. The nature of the sector we operate in, with long
unexpired lease terms, low void rates, low occupier turnover and
upward only rent review clauses, means that a significant fall in
the ERV is considered unlikely.
Property work in progress
2023
GBPm
---------------------------- -----
At 1 April 15.2
Additions during the period 1.8
Transfers (3.1)
---------------------------- -----
At 31 March 13.9
---------------------------- -----
7. Deferred revenue
2023 2022
GBPm GBPm
------------------------------------------------- ----- -----
Arising from rental received in advance 30.1 29.5
Arising from pharmacy lease premiums received in
advance 5.6 6.6
------------------------------------------------- ----- -----
35.7 36.1
------------------------------------------------- ----- -----
Current 30.6 30.1
Non-current 5.1 6.0
------------------------------------------------- ----- -----
35.7 36.1
------------------------------------------------- ----- -----
8. Borrowings
2023 2022
GBPm GBPm
--------------------------------- ------- -------
At 1 April 1,244.4 948.7
Amount drawn down in year - 315.9
Amount repaid in year - (20.0)
Loan issue costs (0.1) (2.1)
Amortisation of loan issue costs 2.1 1.9
At 31 March 1,246.4 1,244.4
================================= ======= =======
Due within one year - -
Due after more than one year 1,246.4 1,244.4
At 31 March 1,246.4 1,244.4
============================= ======= =======
The Group has the following bank facilities:
1. 10-year senior unsecured bond of GBP300 million at a fixed
rate of 3% 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 31 March 2023, the facility was undrawn (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 on 13 October 2016. An additional
GBP107 million of notes were issued in two series, GBP47 million in
August 2019 and GBP60 million in October 2019, with maturities of
10 and 15 years respectively and a weighted average fixed interest
rate of 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 unsecured privately placed notes in two
tranches with maturities of eight and ten years drawn on 20 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 a 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 year. Debt
instruments held at year-end have prepayment options that can be
exercised at the sole discretion of the Group. As at the year end
no prepayment option has been exercised. Borrowings are stated net
of unamortised loan issue costs and unamortised bond pricing
adjustments totalling GBP10.6 million (2022: GBP12.6 million).
9. Share capital and other reserves
Number Share capital Number Share capital
of shares 2023 of shares 2022
2023 GBPm 2022 GBPm
============================= ============= ============= ============= =============
Ordinary Shares of 10 pence
each issued and fully paid
============================= ============= ============= ============= =============
At 1 April 2,948,359,637 294.8 2,671,853,938 967.2
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 - scrip 1,659,620 0.2 - -
Issued 12 October 2022 -
scrip 52,001 - - -
Issued 11 January 2023 -
scrip 1,343,429 0.2 - -
Total share capital 2,960,594,138 296.1 2,948,359,637 294.8
============================= ============= ============= ============= =============
There is no difference between the number of Ordinary Shares
issued and authorised. At the AGM each year, approval is sought
from shareholders giving the Directors the ability to issue
Ordinary Shares, up to 10% of the Ordinary Shares in issue at the
time of the AGM.
The Ordinary Shares issued in April 2021, July 2021, October
2021, January 2022, April 2022, July 2022, October 2022 and January
2023 were issued to shareholders who elected to receive Ordinary
Shares in lieu of a cash dividend under the Company scrip dividend
alternative. In the year to 31 March 2023 this increased share
capital by GBP0.4 million and share premium by GBP1.7 million
(2022: GBP0.6 million and GBP4.4 million respectively).
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 GBP182.0 million which has been
allocated appropriately between share capital (GBP26.8 million) and
share premium (GBP155.2 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.
The Ordinary Shares issued in July 2021 and July 2022 relate to
employee share awards under the Performance Share Plan. A portion
of the shares issued on 7 July 2021 (230,934) and on 13 July 2022
(383,194) were issued to the EBT on behalf of employees under the
PSP.
The share capital relates to the Group and Company.
Other reserves
The merger reserve GBP231.2 million (2022: GBP231.2 million)
relates to the capital restructuring in January 2015 whereby Assura
plc replaced Assura Group Limited as the top company in the Group
and was accounted for under merger accounting principles.
The other reserve relates to the foreign exchange translation
reserve GBP0.4 million (2022: GBPnil).
10. Dividends paid on Ordinary Shares
Pence per Number of 2023 2022
Payment date share Ordinary 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 October 2021 0.74 2,676,915,938 - 19.8
12 January 2022 0.74 2,945,072,700 - 21.8
13 April 2022 0.74 2,951,691,176 21.8 -
13 July 2022 0.78 2,957,539,088 23.0 -
12 October 2022 0.78 2,959,198,708 23.1 -
11 January 2023 0.78 2,959,250,709 23.1 -
================ ========= ================ ===== =====
91.0 80.4
================ ========= ================ ===== =====
The April dividend for 2023/24 of 0.78 pence per share was paid
on 12 April 2023 and the July dividend for 2023/24 of 0.82 pence
per share is currently planned to be paid on 12 July 2023 with a
record date of 8 June 2023.
A scrip dividend alternative was introduced with effect from the
January 2016 quarterly dividend. Details of shares issued in lieu
of dividend payments can be found in Note 9.
The April 2021, October 2021, April 2022, July 2022 and October
2022 dividends were PIDs as defined under the REIT regime. Future
dividends will be a mix of PID and normal dividends as
required.
The dividends paid disclosure relates to both the Group and
Company.
11. Financial instruments
The Group manages its capital structure and makes adjustments to
it in light of changes in economic conditions. To maintain or
adjust the capital structure, the Group may make disposals, adjust
the dividend payment to shareholders, return capital to
shareholders or issue new shares.
The Group monitors capital structure with reference to LTV,
which is calculated as net debt divided by total property. The LTV
percentage on this basis is 41% at 31 March 2023 (31 March 2022:
36%).
2023 2022
GBPm GBPm
======================================= ======= =======
Investment property 2,685.0 2,682.8
Investment property under construction 53.0 69.1
Held for sale 0.4 76.4
Total property 2,738.4 2,828.3
======================================= ======= =======
2023 2022
GBPm GBPm
======================= ======= =======
Borrowings 1,246.4 1,244.4
Head lease liabilities 6.2 5.5
Cash (118.0) (243.5)
Net debt 1,134.6 1,006.4
======================= ======= =======
LTV 41% 36%
==== === ===
12. Commitments
At the year end the Group had 11 (2022: 17) committed
developments which were all on site with a contracted total
expenditure of GBP129 million (2022: GBP166.4 million) of which
GBP54.7 million (2022: GBP65.2 million) had been expended. The
remaining commitment is therefore GBP74.3 million (2022: GBP101.2
million).
In addition, the Group is on site with 8 asset enhancement
capital projects (2022: seven) with a contracted total expenditure
of GBP8.9 million (2022: GBP7.4 million) of which GBP5.0 million
(2022: GBP1.0m million) had been expended. The remaining commitment
is therefore GBP3.9 million (2022: GBP6.4 million).
The Group is committed to invest up to GBP5 million in PropTech
investor PI Labs III LP, which can be requested on demand to cover
investments that the fund makes in qualifying, selected PropTech
businesses. GBP1.9 million had been invested as at 31 March
2023.
Glossary
AGM is the Annual General Meeting.
AHSP is air source heat pump.
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.
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 GBP124.1 million, calculated as net rental
income (GBP138.0 million) plus income from investments (GBP0.1
million), less administrative expenses (GBP13.3 million) and
share-based payment charge (GBP0.7 million).
European Public Real Estate Association ("EPRA") is the industry
body for European REITs. EPRA is a registered trademark 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 4.
EPRA EPS is EPRA earnings, calculated on a per share basis. See
Note 4.
EPRA Loan to Value ("EPRA LTV") is debt dividend by the market
value of the property, differing from our usual LTV by the
inclusion of net current payables or receivables and the
proportionate share of co-investment arrangements.
EPRA Net Disposal Value ("EPRA NDV") is the balance sheet net
assets adjusted to reflect the fair value of debt and derivatives.
See Note 5. This replaces the previous EPRA NNNAV metric.
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 5.
EPRA Net Tangible Assets ("EPRA NTA") is the balance sheet net
assets excluding deferred taxation. See Note 5. This replaces the
previous EPRA NAV metric.
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. The "topped-up" yield adjusts this
for the expiration of rent-free periods and other un-expired lease
incentives.
EPRA Vacancy Rate is the ERV of vacant space divided by the ERV
of the whole portfolio.
Equivalent Yield 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.
EUI is energy usage intensity, being a measure of how much
energy is used by a building per square meter.
GMS is General Medical Services.
Gross Rental Income is the gross accounting rent receivable.
Group is Assura plc and its subsidiaries.
HSE is the Health Service Executive, being the body which
provides public health and social care services to everyone living
in Ireland.
IFRS is UK-adopted international accounting standards.
Interest Cover is the number of times net interest payable is
covered by EBITDA. In the current period net interest payable is
GBP27.3 million, EBITDA is GBP124.1 million, giving interest cover
of 4.5 times.
KPI is a Key Performance Indicator.
kWh is kilowatt-hour, being a unit of energy.
Like-for-like represents amounts calculated based on properties
owned at the previous year end.
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.
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 0.48%. This is calculated as administrative
expenses of GBP13.3 million divided by the average property balance
of GBP2,745 million (opening GBP2,752 million plus closing GBP2,738
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.
PV is photo-voltaic panels, commonly referred to as
solar-panels.
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 March 2023 the rent roll was GBP143.4 million
(March 2022: GBP135.7 million) and the growth in the year was
GBP7.7 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.
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 5) 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 53.6 pence per share, and dividends paid total
3.08 pence per share giving a return of (6.6)% in the year.
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 March 2023, 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 year to
March 2023, the calculation is net rental income of GBP138.0
million plus revaluation of GBP215.3 million giving a return of
GBP(77.3) million, divided by GBP2,943.8 million (opening
investment property GBP2,674.3 million and IPUC GBP69.1 million
plus additions of GBP141.5 million and development costs of GBP58.9
million). This gives a Total Property Return in the year of
2.6%.
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 31 March 2023 it was 48.9 pence,
and dividends paid during the period were 3.08 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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END
FR EANSAASKDEFA
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May 23, 2023 02:00 ET (06:00 GMT)
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