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Assura plc (AGR)

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Monday 13 January, 2020

Assura plc

Trading update

RNS Number : 5048Z
Assura PLC
13 January 2020
 

13 January 2020

Assura plc

 

Trading Update

For the third quarter ending 31 December 2019

 

Continued strong performance

 

Assura plc ("Assura"), the leading primary care property investor and developer, today announces its Trading Update for the third quarter ending 31 December 2019.

 

Jonathan Murphy, CEO, said:

 

"Assura continued to make strong progress in the third quarter. We expanded our market-leading portfolio with the acquisition of six high-quality assets and completed our third development of the year in Stow-on-the-Wold. We also grew our immediate pipeline of acquisition and development opportunities, reinforcing what was already our strongest in 10 years, to £252 million including 13 developments currently on site."

 

"With the new Government enshrining in law increased funding for the NHS and taking forward the Health Infrastructure Plan, better primary care facilities for patients, staff and services are at the heart of the agenda. In this context, Assura is well positioned to deliver high-quality assets and value for money for the NHS."

 

Building the portfolio

·   Current portfolio of 563 properties.

·  Development completed at Stow-on-the-Wold, taking total to three completed year to date at a total cost of £11.8 million.

·   Currently on site with 13 developments at the period end with a total development cost of £66 million.

·  Six acquisitions completed in the period at a cost of £31.1 million; four disposals made for cash proceeds of £1.0 million.

 

Expanding the pipeline

·    Immediate development pipeline further increased to £90 million, up from £72 million at September 2019.

·    Immediate acquisitions pipeline further increased to £96 million, up from £65 million at September 2019.

·   Total immediate pipeline, including on site developments, worth £252 million, up from £206 million at September 2019.

 

Growing the rent roll

·    Five lease re-gears completed in the quarter taking cumulative year-to-date re-gears to 18. These leases represent £1.7 million of the Group's rent roll, adding a weighted average of 10.2 years WAULT to those 18 leases.

·   Annualised rent roll at £105.8 million taking account of additions, disposals and rent reviews.

 

Robust balance sheet

·    As at 31 December 2019 gross debt stood at £787 million with undrawn facilities of £280 million.

 

As previously announced, the quarterly dividend has been increased to 0.697 pence per share with effect from January 2020. This is equivalent to 2.788 pence per share on an annualised basis.

 

ENDS

 

 

For further information, please contact:

 

Assura plc:

Jayne Cottam, CFO

David Purcell, Head of Financial Reporting

 

Tel: 01925 420 660

 

Finsbury:

Gordon Simpson

James Thompson

 

Tel: 0207 251 3801

 

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, a constituent of the FTSE 250 and the EPRA* indices, is a UK REIT and long-term investor in and developer of primary care property. The company, headquartered in Warrington, works with GPs, health professionals and the NHS to create outstanding spaces for health services in our communities. At 30 September 2019, Assura's property portfolio was valued at £2,039 million.

 

Further information is available at www.assuraplc.com

 

*EPRA is a registered trademark of the European Public Real Estate Association.

 


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