Assura (AGR) Trading Update summary

Strategic progress and portfolio expansion

• Acquired 14 UK private hospitals for £500 million, adding £29.4 million in day-one rental income and increasing exposure to private healthcare markets.

• Portfolio now totals 625 properties with an annualised rent roll of £179.1 million, up from £150.6 million in March 2024.

• Entered a £250 million joint venture with USS, diversifying funding sources and enabling capital recycling for growth.

• Completed three developments and seven asset enhancement projects, with further projects and lease regears in the pipeline.

• Certified as the first FTSE 250 B Corp, highlighting high social and environmental standards.

Financial performance and position

• Net debt increased to £1,575 million, with cash and undrawn facilities of £143 million.

• Weighted average interest rate rose to 3.0%, with all drawn debt on a fixed-rate basis and 5.1 years average debt maturity.

• Over 40% of drawn debt matures beyond 2030, with the longest maturity at the lowest rates.

• Fitch reaffirmed A- rating in August following the private hospital acquisition.

• Quarterly dividend increased by 2.4% to 0.84p per share, effective from July 2024.

Growth pipeline and operational highlights

• Five developments underway with a total cost of £44 million, including two net zero carbon buildings in the UK and three in Ireland.

• Pipeline includes 14 capital asset enhancement projects (£8.8 million projected spend) and 32 lease regears (£3.9 million rent roll).

• Advanced discussions for the disposal of 12 assets to further optimize the portfolio.

• Positive rent review progress: 129 reviews settled, covering £20.4 million of rent and generating an uplift of £1.7 million.