Assura PLC Trading Update (6551T)

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RNS Number : 6551T

Assura PLC

05 July 2018

5 July 2018

Assura plc

Trading Update

For the first quarter to 30 June 2018

Continued progress on deployment of capital

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 2018.

Value enhancing investment and development activity

We continued to make progress in the first quarter, increasing the size of the pipeline by GBP73 million to GBP225 million, made up of acquisitions of GBP162 million and GBP63 million of developments. In addition to growing the pipeline we completed the acquisition of six medical centres and two developments at a combined cost of GBP23.0 million. The additions have a combined passing rent of GBP1.2 million and a weighted average unexpired lease length of 19.9 years.

Rental income increased

Assura now owns 525 medical centres with a total annualised rent roll of GBP92.3 million (31 March 2018: GBP91.0 million), with growth in the financial year to date driven primarily by acquisitions.

Strong financial position

In the period we have agreed an additional GBP100 million unsecured revolving facility with Barclays Bank plc and HSBC plc on the same terms as the existing facility, taking our overall revolving facilities to GBP400 million.

As at 30 June 2018, gross debt stood at GBP510 million with undrawn facilities of GBP250 million.

Jonathan Murphy, CEO, commented:

"We have continued to deploy capital in the first quarter and identify new opportunities to grow the pipeline which can all be funded from current facilities.

We remain confident in the outlook for the year."

- Ends -

For more information, please contact:

 
 
  Assura plc       Tel: [phone] 
Jonathan Murphy 
 Jayne Cottam 
 Orla Ball 
 
  Edelman          Tel: [phone] 
John Kiely 
 Brett Jacobs 
 Rob Yates 
 

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 in order to facilitate delivery of high quality patient care in the community. At 31 March 2018, Assura's property portfolio was valued at GBP1,733 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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