Assura Regulatory News (AGR)

7 October 2020

Assura plc

Trading Update

For the first half of the year ending 30 September 2020

Assura plc ("Assura"), the leading primary care property investor and developer, today announces its Trading Update for the first half of the year to 30 September 2020.

Jonathan Murphy, CEO, said:

"Over the last six months as a whole we have been focused on working closely with the NHS in its response to the pandemic and ensuring that primary care buildings of today and the future are more fit for purpose. With the combined challenges of winter flu season and COVID-19 on the horizon, we are speaking to our occupiers about how we can best support the services in our communities, while listening to patients to understand how our spaces can help them feel confident in accessing these services. We are also engaging Government on the clear role investment in community health infrastructure will play as part of the country's recovery.

"We are making good progress on our recently-launched social impact strategy and launched our first social bond and finance framework to fund eligible social projects and deliver against our development pipeline last month. This will further support our work in our communities through our new Assura Community Fund, which ran its first national grant round to support community health projects during this half.

"It's clear that flexible, fit-for-purpose capacity for health services in our communities will be key in the NHS's efforts to address waiting lists and pent-up demand moving through and beyond this winter. Our strong strategic progress across all areas and resilient business model continues to position us well as the NHS's partner of choice in these uncertain times and beyond."

Continued to enhance the portfolio in an active first half

· Growing portfolio of 576 properties with current annualised rent roll of £113.3 million

· 6 developments at Stafford, Netherfield, Cinderford, Great Barr, Stourbridge and St Leonards completed (combined cost £38 million); Cinderford is the UK's first ever dementia-friendly space

· 6 schemes moved onto site

· 20 acquisitions completed for combined £80 million

· 26 assets disposed for £23 million

· 13 lease regears completed (£1.1 million of existing rent)

· 1 capital asset enhancement project completed and 3 currently on site (combined spend £0.6 million)

· Rent collections in line with normal patterns. Some rents from pharmacy and ancillary services are being paid in monthly instalments along with some short term deferrals. Rental concessions totalling less than £0.1 million have been agreed

Developments and acquisition pipeline provide significant growth opportunities

· Currently on-site with 15 developments with a total cost of £77 million

· Immediate development pipeline totalling a further £65 million: schemes which we expect to be on site within 12 months

· Immediate acquisitions pipeline stands at £90 million, which we would normally expect to complete in 3-6 months

· 42 lease re-gears covering £5.5 million of existing rent roll in the current pipeline

· Pipeline of 19 capital asset enhancement projects (projected spend £14 million) over the next 2 years

Strong financial position boosted by Social Bond

· At 30 September 2020 net debt stood at £1,067 million with undrawn facilities of £300 million and cash of £310 million

· Oversubscribed Social Bond raised £300 million at a coupon of 1.5%

· The RCF facility will be reduced from £300 million to £225 million during October following the successful Social Bond

· 10 year 4.75% £110 million secured bond maturing in December 2021 to be repaid in October 2020

ENDS

For further information, please contact:

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.

Notes to Editors

Assura plc, a constituent of the FTSE 250 and the EPRA* indices, is a UK REIT and long-term investor in and developer of primary care property. The company, headquartered in Warrington, works with GPs, health professionals and the NHS to create outstanding spaces for health services in our communities. At 31 March 2020, Assura's property portfolio was valued at £2,139 million.

Further information is available at www.assuraplc.com

*EPRA is a registered trademark of the European Public Real Estate Association.