Assura Share News (AGR)

(Alliance News) - Assura PLC on Thursday reported steady progress in the third quarter ended December 31, citing strong performance from its newly acquired private hospital portfolio.

The Altrincham, England-based property business said it raised GBP48 million through the sale of 17 properties during the quarter, with discussions ongoing for an additional GBP110 million in disposals and a further GBP90 million identified for potential sale.

The proceeds helped reduce net debt by GBP46 million, with the company saying it is on track to achieve its target of net debt-to-earnings before interest, taxes, depreciation, and amortisation below nine times and loan-to-value below 45% over the next 12 to 18 months.

Chief Executive Officer Jonathan Murphy highlighted Assura's role in addressing the UK's growing demand for improved healthcare infrastructure.

He said: "We have seen this recognition backed up by policy actions: GBP900 million of funding for GPs announced in December; an additional GBP100 million of committed investment to upgrade the GP estate; and this month a new partnership agreement between NHS England and the independent sector to work together for the benefit of patients.

"Assura is uniquely positioned to support this shift through the delivery of high-quality, modern and sustainable facilities."

During the quarter, Assura completed rent reviews on 59 leases, generating a 7.2% uplift worth GBP600,000 million. Development work is ongoing on five projects with a total value of GBP44 million, including two net-zero carbon buildings in the UK, expected to be fully rent-producing in the next quarter.

The company also noted early-stage discussions for asset enhancements at private hospital sites and a growing pipeline of development opportunities.

Assura's portfolio now includes 608 properties, with an annualized rent roll of GBP76.9 million. Its weighted average interest rate improved slightly to 2.9% as of December 31 from 3.0% on September 30, with all drawn debt fixed. Over 40% of its debt matures beyond 2030.

The company maintained its quarterly dividend of 0.84 pence per share, equating to an annualised yield of 9.3% based on Wednesday's closing share price of 36.04 pence.

Shares in Assura were down 0.2% at 36.04 pence each in London on Thursday morning.

By Eva Castanedo, Alliance News reporter

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