Assura, the primary healthcare property company, today provides an update on the Group's performance for the period to 8 February 2012.
Highlights of trading performance for the third quarter to 31 December 2011:
· 48% increase in annualised rent roll to £34.4 million as at 31 December 2011 (31 December 2010: £23.2 million), including £8.0 million from the acquisition of AH Medical Properties in February 2011. The annualised rent roll is up by 4.2% from the previous quarter (30 September 2011: £33.0m).
· 37% increase to £25.3 million in Group revenues from continuing operations for the nine months to 31 December 2011, compared to £18.5 million in the same period last year.
· 4.2% weighted average annual rent increase from 72 reviews agreed in the first ten months of the year.
· Eight new developments completed since 1 April 2011 with a value of £38.7 million, contributing £2.4 million of annualised revenue to the Group.
· Five developments currently under construction with an estimated value at completion of £17.8 million, which will be completed in the new financial year.
· Sale of LIFT consultancy business completed in December 2011. Assura retains £8.5 million of loan stock, earning on average 12% interest pa, and approximately 26% of the equity in six LIFT Cos.
· 84.0% of the Group's rent roll is now received from or reimbursed by the NHS (83.8% at 31 March 2011).
· 16.3 years weighted average lease length across the Group's property portfolio.
· 12.5 years average maturity of Assura's debt;
o £110 million 4.75% 10 year Bond issued, replacing maturing £120 million floating rate loan from National Australia Bank.
o £31 million increase agreed in Aviva and Santander loan facilities, with £10 million additional development facility granted by Santander.
· 2 for 7 fully sub-underwritten rights issue raised approximately £35.3 million (before expenses) in December 2011, issuing 117.7 million new shares at 30 pence per share to facilitate balance sheet restructuring and close out of interest rate swap.
As previously announced the Board intends to resume dividend payments and expects to declare a final dividend at the year- end.
Commenting on the period Simon Laffin,Chairman of Assura, said;
"The transformation of Assura to a well funded, pure play primary healthcare property company is now complete. We are focused on delivering both a secure and rising income stream and growth in property value. The continued strong property performance of the Group reflects the sound fundamentals of this business as well as the attractiveness of the primary healthcare market underpinned by its stable, long-term, government-backed income."
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