Assura PLC Trading Update (3424L)
July 18 2017 - 2:00AM
UK Regulatory
TIDMAGR
RNS Number : 3424L
Assura PLC
18 July 2017
Assura plc
Trading Update
For the first quarter to 30 June 2017
Continued strong growth
Assura plc ("Assura"), the UK's leading primary care property
investor and developer, today publishes a trading update for the
first quarter to 30 June 2017.
Value enhancing investment activity
Assura continued to make good progress in the first quarter,
completing the acquisition of 24 medical centres for a gross
consideration of GBP48.9 million with an aggregate passing rent
roll of GBP2.5 million and a weighted average unexpired lease
length of 13.1 years.
Assura has a further pipeline of individual asset acquisitions
and developments currently in solicitors' hands worth approximately
GBP146 million, of which GBP76 million represent acquisitions and
GBP70 million are developments.
Rental income increased
Assura now owns 422 medical centres with a total annualised rent
roll of GBP76.9 million (31 March 2017: GBP74.4 million), with
growth in the financial year to date driven primarily by
acquisitions.
The weighted average annual rent increase was 2.07% based on 36
reviews settled in the three months to 30 June 2017, of which the
average annual rent increase derived from open market rent reviews
was 1.25%.
Strong financing and debt position
On 20 June 2017, the Company raised GBP98 million gross of
expenses in an equity placing equivalent to approximately 9.9% of
the pre-existing ordinary share capital. Following this equity
issuance, as at 30 June 2017 Assura's undrawn facilities were
GBP160 million and proforma net loan to value ratio was 33%.
Jonathan Murphy, CEO, commented:
"We were pleased with the investor support for our recent equity
issue, which was significantly oversubscribed, and this allows us
to build on our leading position in the sector by taking advantage
of the opportunities in the market while also maintaining a strong
balance sheet. Despite the uncertain political landscape there
remains support across the UK political spectrum for further
investment in primary care premises, and Assura is well placed to
help plans become reality in a market that is in critical need of
investment."
For more information, please contact:
Assura plc Tel: 01925 420660
Jonathan Murphy
Finsbury Tel: 0207 251 3801
Gordon Simpson
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 innovative property
solutions to facilitate delivery of high quality patient care in
the community. At 31 March 2017, Assura's property portfolio was
valued at GBP1,345 million.
Further information is available at www.assuraplc.com
*EPRA is a registered trademark of the European Public Real
Estate Association
This information is provided by RNS
The company news service from the London Stock Exchange
END
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