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Started: blackfriars1, 30 May 2024 12:11
Last post: TheGreyMonk, 14 Jun 2024 16:02
Debt on balance sheet as at March 2024 - £1,212,000,000 approx
Interest payable in year to March 2024 - £27,200,000
Turnover - £157.8 million
With debt at 6% interest rate rather than less than 2.5% interest bill will be £70 odd million - thats why I assume they say an equity injection is needed -
Jeffries has been very harsh with their note on Assura, saying Assura needs equity injection, curtailing development or asset disposal to allay a risk of a credit cut. Also added Assura risks to be priced out and the dividend risks being uncovered.
The note is not very detailed an does not give any additional info. Resembles to scaremongering for how it was written.
It seems a good one to be in, nice divi all the time. Price currently seems to me to be ridiculously low.
CFO buys shares for the second time in as many weeks
Started: Freedom4Uall, 11 Jun 2024 16:21
Last post: Freedom4Uall, 11 Jun 2024 16:21
Increased their holdings 9.66 to 10.25.
Started: Rojen3, 11 Jun 2024 14:40
Last post: Rojen3, 11 Jun 2024 15:40
Haha noice :) we should hopefully be glad we did in years to come
Yessir I'm with you!
Anyone else loading up on this? I am, it has been and looks like a great long term income payer to me
Started: PeterWalmsley, 23 May 2024 10:40
Last post: kentio, 24 May 2024 11:24
With all of my REITS in only ever receve. 80% of the dividend
Peter, I had the same issue with Barclays. I called them. They advised that they will claim the REIT income tax from HMRC and will credit the capital on my account in 8 weeks. I am skeptical I won't have to make further follow up calls. However, I was told they will claim the 20% back from HMRC for every dividend payment and I won't have to do any thing for it to happen. I am skeptical on this as well. I will give them 12 weeks and if nothing happened I will call them again.
It is a pain in the backside.
Peter, I hold shares in ASLI, another REIT that splits its payout in two. You should receive two dividend credits and as you hold your shares in an ISA, there will be no tax implications whatsoever.
This is what was stated on the RNS with its results:
The April dividend for 2024/25 of 0.82 pence per share was paid on 10 April 2024 and the July dividend for 2024/25 of 0.84 pence per share is currently planned to be paid on 10 July 2024 with a record date of 7 June 2024.
A scrip dividend alternative was introduced with effect from the January 2016 quarterly dividend. Details of shares issued in lieu of dividend payments can be found in Note 11.
The April 2022, July 2022, October 2022, April 2023, July 2023 and October 2023 dividends were PIDs as defined under the REIT regime. Future dividends will be a mix of PID and normal dividends as required.
Hi
Does anyone have any knowledge on the tax treatment of dividends from AGR ?
I hold these shares in an AJ Bell ISA. Income from AGR is paid in the form of Property Income Distribution (as opposed to dividends) and according to AGR's website, tax of 20% is withheld and paid to HMRC. Income can be paid gross to certain organisations, including ISA managers, but only if they notify AGR. The implication is that shareholders can claim back the tax from HMRC on their tax return
I am trying to get a definitive answer from AJ Bell but it is proving difficult, i'm not sure they fully understand the issue.
Does anyone have any knowledge of this ? Does anyone hold these shares outside of an ISA/SIPP ? If so, could you confirm the latest payment was 82p. This is what what i received from from ISA holding which will at least confirm that the payment is not gross.
I also hold SUPR who also pay Property Income Distributions so i'll post this on their chat
Started: Roymunna, 21 May 2024 07:17
Last post: N0mad, 22 May 2024 22:18
Yes it's fear of the unknown and they were reluctant to give out figures. I opened a position here yesterday and saw it drop today and so bought more today. I will increase my holding over the coming weeks as more funds become available.
GLA
No not too brilliant on the share price, however it's always good to see director buys isn't it.
The share price did not respond well.
Why would it be good to in effect sell property marked down to a low level already, due to market conditions, for a further discount when it is already funded with relatively low interest? Owning a 20% stake seems low. Sounds like AGR will be doing all the work with only management fees for that work. Even though there is a management fee, I doubt that equates to the same as 100% ownership, or why would the pension fund bother. Sounds like an unnecessary deal.
Started: dalius, 15 May 2024 10:16
Last post: Offgrid, 15 May 2024 11:43
Thats a good sign, obviously why its tracking higher this morning, hopefully next weeks update is a good one, i noticed Blackrock upped there holding earlier in the month
- Assura: We initiated a new holding in Assura, the primary healthcare property group. We last owned this stock in the portfolio in 2021, selling the stock at a large premium to its NAV, since which time the share price slipped below its NAV as a result of higher interest rates. Operationally the business remains strong, with evidence of attractive rental growth and a pipeline of new developments.
Started: Alessandro, 13 Mar 2024 08:12
Last post: Nosurr, 15 Apr 2024 09:41
You live in hope!
Plus, average debt maturity is in 5.5years. Hopefully part of the debt will be paid off and hopefully rates will start to come down. Markets obviously have a cautionary view on that
A company with a Flitch rating A- would get a better rate than that. Mortgages are just above 4% at the moment. Or business rates are higher than rates for residential mortgages?
Come 2023 assuming debt of 1.25b on average interest rate 5.5%, interest cost 68m versus current 28m.
How much are lenders charging companies with a similar credit rating? I would like to know how much earnings could be affected. 2030 is not that far out in the future (although rates may come down by then!)
Started: blackfriars1, 12 Apr 2024 15:59
Last post: blackfriars1, 12 Apr 2024 15:59
Jefferies raises Assura Group price target to 52 (51) pence - 'buy'
Started: blackfriars1, 15 Feb 2024 09:04
Last post: Alessandro, 10 Mar 2024 21:49
Why did Assura added the losses from revaluation of asset to the operating profits?
The operating profit should be the cash inflow from operations, not from asset revaluation.
A lot of REITs are struggling due the accelerated adoption of WFH since the pandemic lockdowns.
Offices just don't need to be as big now as hot desking can be implemented to save companies rent, rates and all the services charges, thats a problem for landlords and the income seekers that invest in office commercial property.
None of that applies to Assura who i am convinced will pick up when interest rates get cut hopefully back to ~3% in 2025
Picking out hot properties……..Assura mentioned as potential takeover candidate from todays’s Times.
Mergers between landlords are all the rage at the moment. Shaftesbury and Capital & Counties, which own a chunk of London’s West End, did it last year; LondonMetric and LXi Reit struck a deal last month; and now it is the turn of Tritax Big Box and UK Commercial Property Reit, the pair of warehouse owners.
The reasoning is fairly simple: to get bigger, which is what investors increasingly are demanding. Debt is much more expensive now and tapping shareholders for more money is a no-no, given that most landlords’ shares are trading at sizeable discounts to their net asset values. Merging with a peer is seen as the quickest and easiest way to add scale
There is an expectation that more deals will be done over the coming months, but who might be next? Andrew Saunders, a real estate analyst at Shore Capital, has had a stab. He thinks Warehouse Reit and Urban Logistics Reit, which between them own almost £2 billion of sheds, “could be in play in 2024”.
Most of the merger activity so far has focused on companies run by external managers, but Saunders reckons that does not mean “internally managed ones will remain exempt”. Among the “obvious candidates” here, he says, are Assura and Primary Health Properties, which own dozens of doctors’ surgeries and medical centres nationwide.
Perhaps the standout tie-up that Saunders thinks is possible is between Derwent London and Great Portland Estates, the two big London office developers.
Started: Freedom4Uall, 27 Feb 2024 18:41
Last post: Freedom4Uall, 27 Feb 2024 18:41
Hi All, comparing Assura to Primary Health Properties over 5 year period, they are very similar in terms of numbers i prefer Assura but are there any significant differences in terms of business model / strategy between the two, also can anyone explain the loss/write down Assura took in FY23?
Started: gwm121, 12 Dec 2023 21:03
Last post: Pedrobull, 18 Dec 2023 21:10
I have never looked at PHP, relatively happy with Assura as a steady dividend payer.
All REIT investments have been hammered in the last 2 years.
However looking at 1, 3 & 5 year returns with dividends included PHP is a clear winner;
ASSURA -16.2% -30.98% 3.45%
PRIMARY HEALTH -6.89% -21.08% 13.47%
No harm in owning both I'd say if you wanted healthcare covered.
I don't think there is a great deal of difference PHP debt as of Sept.23 was £1277.1 million AGR as of Nov.23 was £1,195 million. They each have a mkt cap of around £1.35b
Rent roll PHP just shy of £150 million ; AGR £147 million. There are many other factors to consider though, so quite which is the better investment is up for discussion.
I'm not in PHP but have a decent holding in AGR.
Good luck with your choice gwm121.
Now that's a good question been thinking the same thing myself......Looks like Assure have more debt so I would lean more towards PHP
Any thoughts on which is better php primary health or assura pls and why.. chat not advice
Started: blackfriars1, 12 Dec 2023 16:07
Last post: blackfriars1, 12 Dec 2023 16:07
Sue Noffke Fund Manager commentary on Assura……..
I'll start with a property company, and that's Assura And you won't know it from walking around in the streets, but it does GP patient practices. So, the facilities for NHS healthcare, the tenant is effectively the government and we know that there is huge demand for healthcare services in the community. They've got round about 600 or so practices in the UK, [they have] got a lot of development opportunities as well.
Now property has come under pressure as interest rates have gone up, but Assura has been fleet of foot in terms of its financing. So, it's got a strong balance sheet and it's not exposed to the rising interest rates. It doesn't have refinancing really until towards the end of this decade and it locked in some of the lower-cost financing that was available in recent years. So, I think that one, which is yielding 8% with good prospects, it's growing its dividends sustainably at 5%. Not super-exciting, but good enough. That is a really good holding to have in our portfolio.
Started: nimshy6, 14 Nov 2023 16:03
Last post: nimshy6, 14 Nov 2023 16:03
AGR will benefit from falling inflation so here's to decent numbers tomorrow. GLA
Started: blackfriars1, 31 Oct 2023 15:19
Last post: Alessandro, 10 Nov 2023 11:14
49p is not that far off 44p (current price)
Berenberg reinitiates Assura with 'buy' - price target 49 pence
Started: confluence, 6 Jul 2023 09:29
Last post: Pedrobull, 18 Sep 2023 08:43
Build more properties?
its in the Trading Update 6th July
Continued strong track record of disciplined activity through first quarter
· Portfolio of 610 properties with an annualised rent roll of £145.3 million
· Two developments completed; our 100th development in Wolverhampton (as announced 29 June 2023) and our £22 million scheme in Kettering
· Completed one asset enhancement capital project (total spend £1.1 million); on site with a further nine (total spend £8.2 million)
· 55 rent reviews settled in the quarter, covering £5.5 million of existing rent and generating an uplift of £0.6 million
· Quarterly dividend increased by 5% to 0.82 pence per share, as announced at the full year results, with effect from the July 2023 payment
Does Assura have plans to build more properties?
Interest rate concerns have abated so risk on pop to 49p.
GLA
Net debt of GBP1.44 billion
And Primary care struggling?
Thoughts welcome.
Started: Pedrobull, 23 May 2023 15:19
Last post: Alessandro, 6 Jun 2023 09:12
Did Assura swing into loss just because of the decline in asset? I don't get how earnings are affected by declining asset valuation. What is the outward yield shift?
· EPRA earnings up 12% to £96.8 million (2022: £86.2 million) and EPRA EPS of 3.3p (2022: 3.1p)
· IFRS loss before tax £119.2 million (2022: profit of £155.8 million) and EPS (4.0)p (2022: 5.6p), reflecting valuation decline driven by outward yield shift
8 consecutive down days.
Popped by my surgery this morning, didn't look that it was worth less than it did last week. Property is only ever worth what someone will pay for it, so this latest "valuation" is quite interesting.
(Alliance News) - Assura PLC on Tuesday said it swung to an annual loss, due to a reduced property valuation, but it raised its dividend and remained positive looking forward.
The Warrington, England-based care property investor and developer reported a pretax loss of GBP119.2 million for the financial year that ended March 31 from a profit of GBP155.8 million the year before.
The loss was caused by a revaluation deficit of GBP215.3 million, down from a revaluation gain of GBP69.4 million the previous year. Assura said this sharp valuation movement reflected "the recent unstable macroeconomic background and movement in gilt yields".
This valuation loss resulted in the company's total property return swinging to negative GBP77.3 million in financial 2023 from positive GBP195.9 million in financial 2022. Total property return takes into account valuation movement and net rental income. This was GBP138.0 million, a 9.1% rise from GBP126.5 million the previous year.
Assura had a portfolio of 608 properties at the end of March, down from 645 the previous year. It said these properities served 6.3 million people across the UK.
Assura's portfolio value at March 31 stood at GBP2.74 billion, down 0.5% from GBP2.75 billion a year before.
Diluted net tangible assets per share fell 12% to 53.6 pence per share, versus 60.7p the year prior.
Assura declared a full year dividend of 3.08 pence per share, up 5.1% from 2.93p the year prior.
Looking forward, Assuara noted the challenges facing the construction industry with cost inflation and delays in the supply chain continued to impact it, but said it had a strong immediate pipeline with five schemes at an estimated cost of GBP37.0 million in development.
Chief Executive Officer Jonathan Murphy said: "We are best placed to provide high-quality, sustainable new premises for delivery of health services, to retrofit existing buildings to meet the net zero carbon challenge, partnering with our supply chain to maximise the social value that we create for the communities we operate in and continually evolving our offering through adopting the latest technologies."
Shares in Assura were down 1.2% at 50.80 pence in London on Tuesday.
By Will Neill, Alliance News reporter
Started: dalius, 7 Mar 2023 20:34
Last post: my2penneth, 18 Apr 2023 17:05
Yes you can ( hold a REIT) in your ISA and it is best if you do!
Can I hold a REIT in my ISA?
Importantly, REIT shares can be held within a SIPP or ISA where the PID will be paid gross and higher rate taxpayers and additional rate taxpayers will not be liable to further tax.
Started: BrightSun, 14 Apr 2023 10:26
Last post: BrightSun, 14 Apr 2023 14:46
Thanks Adv11. They are normally really good. I'll keep an eye out.
Got mine on the day, although waiting for several others.
Payment date was 12.04.23. Has anyone else not received a dividend payment? Thanks.
Started: dalius, 7 Mar 2023 20:28
Last post: dalius, 7 Mar 2023 20:28
I hold Assura in my ISA you do not have taxed deducted from the dividends in the ISA wrapper regardless of dividend or PID in a normal investment account you would . Holding this share long term in my dividend income portfolio as well as PHP and THRL .
Started: DramChart, 7 Mar 2023 10:55
Last post: DramChart, 7 Mar 2023 15:31
#softcell, roofer61
Thanks for your info.
I've now been informed that the regulations oblige REITs to distribute at least 90% of their "exempt rental income" as PID, which is subject to withholding tax. That is a significant inconvenience because although basic rate tax payers have no further liability, higher rate and additional rate payers need to declare the PID and are liable for tax at the relevant rate (i.e. another 20% or 25%). Similarly, those with no taxable income because of allowances will have to claim the withholding tax back from HMRC.
Makes me wonder whether this faffing about with REITs is worth it!
AGR straight dividend on my last payment
Dram....I've recently purchased Agr since last Sept , just checked last Dividend payment, no tax was taken off with Iweb , cash payment was .0078p.... atb
I'm not yet in AGR but am considering changing from PHP.
I see that last May, Quizzer was concerned about an apparent 20% tax deduction on expected dividend payment. I was similarly surprised by a deduction on PHP, which I discovered was because the payment was a Property Income Distribution (PID), not a dividend, which is classed akin to income and so is taxed as income not a dividend.
Can shareholders kindly confirm that they receive only dividends and not PIDs from AGR?
Many thanks.
Started: Alessandro, 12 Feb 2023 09:27
Last post: Alessandro, 12 Feb 2023 09:27
How would Assura, or any other property stock for that matter, fare in a residential or commercial property downturn?
Assura has a share of debt secured on its properties. Will they be able to secure good deal in re-financing in such environment? Maturity period of loans is about 7.5 years and currently, interest payment is around 2.5%. Not overly concerned but putting the question out there.
55.9p today so all's well and inflation will drop steadily no-one will ring a bell
Yes the income here is recession proof , but the issue is what margin over the risk free rate or bond yields is necessary to compensate holding risk assets? I’ve sold all my bond proxies for now but looking at buying back when the yield is 6-7%, or when interest rate expectations start falling.
Surely healthcare is recession proof, this yields 5.7% at 50.5p
its a strong hold or buy from me but what do i know!
Its recession fears old boy....markets spooking, took a few ....but missed dividend date .....tally-ho must dash now.....ATB
Am I missing something,why are we tumbling like a stone?
Quizer
Best bet just contact Taxman n explain the situation, i guessing you have already veiwed Gov.uk :Tax on Dividends , n checked out the your circumstances
Yes that's what I got at the last payment but only £244 this time.divis are tax free up to 2 grand so I can't understand what's gone wrong
Quizer
I calculate on that number of shares your dividend payment should be £305.07
presume you held them in an ISA last time and still do ? Seems you have been deducted 20% tax wrongly.
Thanks for confirming that roofer.i hold 41,225 shares yet only recieved a divi of 244 pounds instead of the 300 it works out.The divi before that was o.74 and I did recieve just over 300.Im confused and I think short.Does anyone know who I'd contact over this please?
.
No my shares aren't in an isa,the divi is just gets sent to my interactive investor account.However I know that you can have 2 grand a year ofdividends before you pay tax on them and I was nowhere near that. Would hrmc have taken that automatically,do you know and is it them I should contact?
Last post: Roofer61, 26 Apr 2022 20:45
0.74p dividend , payment date was on 13th Apr ,
Could someone please confirm that the dividend was 0.74 pence please