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LONDON - Assura PLC, a leading UK healthcare real estate investment trust (REIT), has released an unaudited trading update for the fiscal year ending March 31, 2025, detailing significant portfolio growth and financial performance. The company’s strategic property transactions, including acquisitions and development projects, have bolstered its portfolio to 603 properties, marking an increase in the annualized rent roll to £177.9 million.
The REIT’s active recycling strategy has led to the acquisition of 14 private hospitals for a total of £500 million and the completion of five development projects, costing £61.5 million. In a notable joint venture with USS, Assura has seeded 13 properties valued at £159 million and completed an additional property for £13 million in the first quarter. The company also disposed of 17 properties for £28 million, aligning with book values.
This strategic maneuvering has resulted in an investment property value of £3.1 billion, up from £2.7 billion the previous year, and a net initial yield of 5.21%. The weighted average unexpired lease term (WAULT) has extended to 12.7 years, indicating a stable long-term income stream for the REIT.
Operational performance has remained strong, with portfolio rent reviews consisting of approximately 53% open market rent (OMR) and 47% indexed, fixed, or other types. The rent reviews have generated a weighted average annual uplift of 3.2%, with a like-for-like increase of 6.1% on £79.9 million of rent roll reviewed.
Assura’s balance sheet reflects a robust financial position, with expected consolidated net assets of approximately £1,640 million, equating to 50.4 pence per share on a diluted EPRA NTA basis. The company’s net debt stands at £1,487 million on a fully unsecured basis, with cash reserves of £58.1 million and undrawn facilities of £174 million, resulting in a loan-to-value (LTV) ratio of 46.9%.
The trading update indicates Assura’s continued focus on enhancing its healthcare property portfolio and financial performance through strategic acquisitions, developments, and partnerships. This information is based on a press release statement from Assura PLC.
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