Continued growth of portfolio
· 76% increase in profit before tax to £73.4 million (2016: £41.7 million)
· 8.3% increase in EPRA EPS to 1.3 pence (2016: 1.2 pence)
· 16.0% increase in investment property to £1.6 billion (March 2017: £1.3 billion)
· 7.7% growth in diluted EPRA NAV per share to 53.1 pence (March 2017: 49.3 pence)
· 11.7% increase in rent roll to £83.1 million (March 2017: £74.4 million)
Strong balance sheet enabling reduction in cost of debt
· £98 million, gross of expenses, raised from equity placing in June 2017
· Unsecured revolving credit facility increased to £250 million at initial margin of 150bps
· Weighted average cost of debt reduced by 28bps to 3.78% (March 2017: 4.06%)
· Further facilities secured post period end
Sector leader in a market that is in significant need of investment
· Consensus that primary care must play a bigger role in health provision
· Significant underinvestment in primary care space, many GP premises not currently fit for purpose
· The Naylor report released earlier this year highlighted a need for significant investment in the NHS estate with support from the private sector
Well positioned to help alleviate the pressures on primary care infrastructure
· Strong pipeline with £209 million of acquisitions and developments
· Current LTV of 36%
· Scalable, internally managed operating model, with in-house development model
· Group operates in a highly fragmented market: portfolio of 475 medical centres compares with a total UK market of approximately 9,000 surgery buildings
Jonathan Murphy, CEO, said: “Our unique business model and strong, diversified funding structure has allowed us to accelerate investment, grow our property portfolio and deliver a strong financial performance with growth in profit before tax, EPRA NAV and dividends. Primary care remains at the heart of the NHS agenda and this, together with our acquisitions and development pipeline, means Assura is well placed to continue improving and providing the primary health care estate of the future.”