TIDMAGR
RNS Number : 0378P
Assura PLC
09 October 2023
9 October 2023
Assura plc
Trading Update
For the first half ending 30 September 2023
Assura plc ("Assura"), the leading primary care property
investor and developer, today announces its Trading Update for the
first half of the year to 30 September 2023.
Jonathan Murphy, CEO, said:
"Assura has delivered another period of strong financial
performance and disciplined activity.
"We have continued our focus on areas of strategic expansion to
unlock value through several attractive portfolio additions. This
includes the completion of our state-of-the-art day case hospital
in Kettering for Ramsay Healthcare, moving on site with an
ambulance hub for the local NHS Trust in Bury St Edmunds which is
designed to be net zero carbon in operation, and the acquisition of
another high-quality asset in Ireland with a significant asset
enhancement opportunity.
"In addition, we made good operational progress in the period.
We settled 152 rent reviews to generate an uplift of GBP1.5
million, and - as separately announced today - we have refinanced
our revolving credit facility, increasing the facility size,
reducing the costs as a reflection of the strength of the business
and adding sustainability-linked KPIs.
"We continue to see growing and consistent demand for
high-quality healthcare buildings in a community setting. Our
leading market position, strong and sustainable balance sheet and
pipeline of growth opportunities will allow us to continue to
deliver against our proven strategy."
Strong progress in our areas of strategic focus
-- Portfolio of 612 properties with an annualised rent roll of GBP146.9 million
-- Two developments completed in the period (Kettering and
Wolverhampton) and one acquisition in Ireland that includes
opportunity for a significant asset enhancement project
-- Moved on site with an ambulance hub in Bury St Edmunds, which
is designed to be net zero carbon in operation
-- Completed five asset enhancement capital projects (total spend GBP3.3 million)
-- 152 rent reviews settled in the quarter, covering GBP19.0
million of existing rent and generating an uplift of GBP1.5
million
-- Quarterly dividend increased by 5% to 0.82 pence per share,
as announced at the full year results, with effect from the July
2023 payment
Development and asset enhancement pipelines provide future
growth opportunities
-- Currently on site with ten developments; these have a
remaining spend over the next 12 months of GBP55 million of a total
cost of GBP114 million (March 2023: 11 on site, GBP129 million
total cost)
-- Immediate development pipeline of four schemes, where we
would normally expect to be on site within 12 months; total cost of
GBP25 million (March 2023: 5, GBP37 million). We continue to
experience delays on pipeline schemes as we negotiate to ensure
rents appropriately reflect the current cost of construction.
-- 42 lease re-gears covering GBP8.2 million of existing rent roll in the current pipeline
-- On site with seven asset enhancement capital projects (total
spend of GBP6.9 million over the next 12 months); pipeline of 15
asset enhancement capital projects (projected spend GBP10 million)
over the next two years
Strong and sustainable financial position
-- Weighted average interest rate unchanged at 2.30% (March
2023: 2.30%); all drawn debt on fixed rate basis
-- Weighted average debt maturity of 6.5 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
-- As separately announced today, revolving credit facility has
been refinanced, increasing to GBP200 million, reducing the overall
cost and adding sustainability-linked KPIs
-- Net debt of GBP1,195 million on a fully unsecured basis with
cash and undrawn facilities of GBP259 million (including the
refinanced RCF)
Assura's interim results for the first half of the year will be
announced on Thursday 16th November 2023.
- ENDS -
Assura plc Tel: 016 1 515 2043
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
Grace Whelan
Anna Tabor
Notes to Editors
Assura plc is a national healthcare premises specialist and UK
REIT based in Altrincham, UK - caring for more than 600 primary
healthcare buildings, from which over six million patients are
served.
A constituent of the FTSE 250 and the EPRA* indices, as at 31
March 2023, Assura's portfolio was valued at GBP2.7 billion.
At Assura, we BUILD for health. Assura builds better spaces for
people and places, invests in skills and inspires new ways of
working, and unlocks the power of design and innovation to deliver
lasting impact for communities - aiming for six million people to
have benefitted from improvements to and through its healthcare
buildings by 2026.
Assura is leading for a sustainable future, targeting net zero
carbon across its portfolio by 2040.
Further information is available at www.assuraplc.com
Assura plc LEI code: 21380026T19N2Y52XF72
*EPRA is a registered trademark of the European Public Real
Estate Association.
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END
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