Assura (AGR) Trading Update summary

Strategic and operational highlights

• 14 private hospitals acquired are fully integrated and performing as expected, supporting portfolio diversification.

• Disposal programme yielded £48.4 million from 17 properties, with £110 million in active discussions and £90 million in the pipeline.

• Rent reviews on 59 leases resulted in a 7.2% uplift, and asset enhancement projects and lease regears are progressing.

• Five developments are on site, including two net zero carbon buildings due for completion next quarter.

• Dividend yield stands at 9.3%, with a quarterly dividend of 0.84p per share.

Financial position and capital management

• Net debt reduced by £46 million to £1,529 million, aided by disposal proceeds.

• Weighted average interest rate is 2.93%, with all drawn debt on a fixed rate and 4.9 years average maturity.

• Over 40% of drawn debt matures beyond 2030, minimizing near-term refinancing risk.

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

• Cash and undrawn facilities total £190 million, supporting ongoing development and expansion.

Market and policy environment

• National policy support includes £900 million for GPs, £100 million for GP estate upgrades, and a new NHS-private sector partnership.

• Assura is positioned to benefit from increased investment in community healthcare and private sector capacity.

• Pipeline includes £35 million of rent due for review to RPI or CPI in Q1 2025.

• Ongoing asset enhancement and development opportunities identified across the portfolio.

• Portfolio now comprises 608 properties with an annualised rent roll of £176.9 million.