(Alliance News) - Assura PLC on Tuesday reported an annualised rent roll increase of 13% since last year as it continued working with the NHS to offer primary care buildings for the large number of patients accelerated by the pandemic.
In a trading update, the Warrington-based primary care property investor and developer said its annualised rent roll in the six months to September 30 was GBP127.5 million. Annualised rent roll was GBP113.3 million in the same period last year and GBP123.5 million at the end of the first quarter this year.
Assura's rent roll is now generated by 625 properties, compared to 576 a year prior and 610 in the first quarter.
It added 27 properties to its portfolio in the first half for GBP117 million, seven of which were from completed developments and 20 from acquisitions.
At September 30, Assura's net debt was GBP1.02 billion with a weighted average interest rate of 2.3%. Net debt at the same time a year prior was GBP741.9 million with a weighted average interest rate of 2.7%.
Looking ahead, Assura's development pipeline totals GBP480 million, while its immediate acquisitions pipeline totals GBP102 million. In the first quarter, its immediate acquisitions pipeline was only GBP46 million, meaning the property investor more than doubled activity in the second quarter.
"Assura has been extremely active so far this financial year. We have made good progress with our investment and development strategy, demonstrating our capabilities and building on our market leading position," said Chief Executive John Murphy.
The property company has a GBP263 million extended development pipeline, which comprises schemes that it is the exclusive developer on but awaiting NHS approval.
Murphy commented that Assura has invested over GBP1 billion into primary care properties since 2017.
"Assura's experience, built up through years of close engagement with the NHS, means we are well positioned to deliver the future innovative community buildings this country needs and support the NHS through key emerging trends including digitalisation, the integration of healthcare systems and mental health support," he added.
Assura shares were up 0.8% at 72.35 pence in London on Tuesday morning.
By Josie O'Brien; josieobrien@alliancenews.com
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Assura (AGR)