Rents hold up for confident Assura

The listed healthcare developer has reported pre-tax profit up 20% to £43.8m in its interim results, as rent roll climbed 4% year-on-year to £113.3m.

Assura raised £185m from shareholders in April at the start of its new financial year, and then looked to the debt markets in September with a £300m bond.

Since April, the Warrington-headquartered group has completed six schemes with a further 15 on site. Chief executive Jonathan Murphy said that in the half-year, the business has completed 20 further acquisitions. It also made 26 disposals, bringing in £23m.

Total contracted rental income increased to £1.47bn, up from £1.43n in March this year. An asset enhancement project has seen one project completed with a further three on site.

Thirteen leases have been re-geared, and 129 rent reviews completed in the portfolio of 576 properties, with Assura reporting a 1.7% weighted annual uplift. The group’s loan-to-value ratio is reported at 33%, set against 38% in March.

Murphy said: “Assura’s predictable business model was again demonstrated by consistent rent collection. Our delivery of ongoing growth during these unprecedented times means we are best placed to support both the immediate and long-term interests of the NHS, which has been under immense pressure for the last six months.

“As we move into the winter season, we are engaging very closely to ensure we continue to support local NHS systems, the clinicians and patients uing our buildings, and the communities our buildings serve.”

Murphy added that it is “essential” that Government opens up funding for medical infrastructure, repeating the British Medical Association’s call for at least £1bn to be committed in the Spending Review.

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