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RNS Number : 1490Z
Assura PLC
10 January 2024
10 January 2024
Assura plc
Trading Update
For the third quarter ending 31 December 2023
Assura plc ("Assura"), the leading primary care property
investor and developer, today announces its Trading Update for the
third quarter to 31 December 2023.
Jonathan Murphy, CEO, said:
"Assura has delivered another quarter of disciplined activity to
further enhance our growing portfolio, with our market-leading
position and strong balance sheet seeing us well-placed for the
long-term.
"Alongside completing two asset enhancement projects in the
period, we continued to leverage our proven track record and market
expertise to respond to distinct challenges and provide quality
capacity for services in a community setting. We see opportunities
to respond to this healthcare challenge by developing for private
providers, working directly with NHS Trusts and mental health
services as well as bringing our expertise to the Irish market.
"We completed a state-of-the-art cancer treatment centre in
Guildford which will provide highly advanced oncology treatments to
both NHS and private patients; and moved on site to double the size
of our community care centre in Castlebar, Ireland - a market for
which we have three schemes in our immediate development
pipeline.
"The need for high-quality, sustainable healthcare buildings in
a community setting is unabated, and Assura remains best-placed to
meet the demands of an ageing population and growing pressures on
the health system at a time when one-third of the UK's current GP
estate is in need of replacement."
Disciplined investment activity further enhancing our attractive
and resilient portfolio
-- Portfolio of 612 properties across the UK and Ireland with an
annualised rent roll of GBP148.6 million
-- Successful completion of GBP30 million state-of-the-art
cancer care facility in Guildford, increasing capacity for
treatment of NHS and private patients in the area
-- Moved on site with significant development project in
Castlebar, Ireland doubling the size of the facility to create an
Enhanced Community Care Centre as well as substantially improving
sustainability performance targeting operational energy usage
intensity of 55 kWh/m(2)
-- Disposed of one property for GBP1.2 million
-- Completed two asset enhancement capital projects (total spend
GBP4.9 million), including large extension project at Wantage
Health Centre (increasing capacity, refurbishing the existing space
and upgrading the building to EPC B)
-- 46 rent reviews settled in the quarter, covering GBP3.8
million of existing rent and generating an uplift of GBP0.6
million
-- EPC improvement programme continues: 17 properties upgraded
to EPC B in the quarter, 58% of portfolio now at EPC B or
better
Pipeline of emerging opportunities for strategic expansion and
further growth
-- Currently on site with nine developments; these have a
remaining spend over the next 18 months of GBP36 million of a total
cost of GBP91 million (September 2023: 10 on site, GBP114 million
total cost)
-- Immediate development pipeline of four schemes (UK: one,
Ireland: three), where we would normally expect to be on site
within 12 months; total cost of GBP28 million (September 2023:
four, GBP25 million). We continue to experience delays on pipeline
schemes in the UK as we negotiate to ensure rents appropriately
reflect the current cost of construction.
-- On site with five asset enhancement capital projects (total
spend of GBP2.7 million over the next 12 months); pipeline of 17
asset enhancement capital projects (projected spend GBP10.6
million) over the next two years
-- 43 lease re-gears covering GBP8.1 million of existing rent roll in the current pipeline
Robust financial position and strong balance sheet
-- A- (stable outlook) credit rating from Fitch Ratings affirmed in January 2024
-- Weighted average interest rate unchanged at 2.30% (September
2023: 2.30%); all drawn debt on fixed rate basis
-- Weighted average debt maturity of 6.25 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
-- Revolving credit facility refinanced as previously announced,
increasing to GBP200 million, reducing the overall cost and adding
sustainability-linked KPIs
-- Net debt of GBP1,214 million on a fully unsecured basis with
cash and undrawn facilities of GBP238 million
- 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
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 30
September 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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