9th Feb 2016 07:56
LONDON (Alliance News) - Assura PLC on Tuesday said Chief Executive Graham Roberts remains "actively involved" in running the business, despite receiving treatment after a cancer diagnosis.
"We have a clear strategy, and Graham is well-supported in delivering this by the first-class management team that he has developed. I shall be available to provide executive oversight if required. We all wish Graham well in his treatment and recovery," Chairman Simon Laffin said.
Assura is "ideally placed" amid "renewed emphasis" from the UK's National Health Service and politicians recently on addressing the "chronic shortage" of primary care space, Roberts said.
The FTSE 250 healthcare real estate investment trust's comments came in an update for the period from October 1 to date.
Since completing a GBP300.0 million equity fundraising on October 11, Assura said it has used the proceeds to reduce its long-term debt by GBP181 million, as well as for the "temporary repayment" of its revolving credit facility of GBP35 million and 12 property additions with a gross value on completion of GBP39 million.
"New acquisition and development opportunities continue to be identified at a faster pace than the conversion of heads of terms into contractual completion. As a result the immediate pipeline of such opportunities has risen to GBP135 million from the GBP125 million announced in October," the REIT said.
Assura's annualised rent roll now stands at GBP61.8 million, versus GBP59.6 million in September, mainly driven by acquisitions.
The weighted average annual rent increase was 1.40% on the basis of 111 reviews settled in the financial year to date, which includes an average annual rental growth of 0.89% arising from settled open market rent reviews.
Currently, the REIT's loan-to-value ratio is below 30%, allowing for "significant" further investment, given its targeted range of 40% to 50%.
By Samuel Agini; [email protected]; @samuelagini
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