7th Oct 2020 09:59
(Alliance News) - Assura PLC on Wednesday said rent collections in the first half of financial 2021 have been in line with normal patterns, as it hailed its strong financial position aided by an oversubscribed social bond issue.
The FTSE 250-listed primary care property investor stated that rent collection from its portfolio for the six months ended September 30 were normal, adding that some rents from pharmacy and ancillary services are being paid in monthly instalments along with some short term deferrals. It noted that rental concessions totalling less than GBP100 million have been agreed.
Assura said during the first half, it completed 20 acquisitions for a total of GBP80 million and disposed of 20 assets for GBP23 million total. Its portfolio is currently comprised of 576 properties with an annualised rent roll of GBP113.3 million.
Looking ahead, the Warrington-based company said it is currently on site with 15 developments with a total cost of GBP77 million, adding that its immediate development pipeline totals a further GBP65 million of schemes which are expected to be on site in the next twelve months. Its immediate acquisitions pipeline stands at GBP90 million and a pipeline of 19 capital asset enhancement projects - with a projected spend GBP14 million - are planned over the next two years.
Assura highlighted a strong financial position, noting that its oversubscribed social bond raised GBP300 million at a coupon of 1.5%. As at September 30, its net debt stood at GBP1.07 billion with undrawn facilities of GBP300 million and cash of GBP310 million.
"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," said Chief Executive Jonathan Murphy.
Shares in Assura were trading 0.5% lower at 76.90 pence each on Wednesday morning in London.
By Ife Taiwo; [email protected]
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