ASSURA PLC - Trading update for the third quarter ended 31 December 2024

Assura plc
(Incorporated in England and Wales)
(Company Number: 09349441)
LEI number: 21380026T19N2Y52XF72
LSE Share Code: AGR
JSE Share Code: AHR
ISIN Code: GB00BVGBWW93
("Assura")



Trading update for the third quarter ended 31 December 2024


Assura plc ("Assura"), the UK's leading diversified healthcare REIT, today announces its
Trading Update for the third quarter to 31 December 2024.

Jonathan Murphy, CEO, said:


"We have maintained momentum in the third quarter continuing to deliver against our strategic
objectives. The recently acquired 14 private hospitals are now fully embedded into our portfolio
and are performing as we anticipated. Our asset disposal programme, announced at the time
of our private hospital acquisition, raised #48 million during the period and active discussions
are underway on a further #110 million. We are on track to hit our target net debt to EBITDA
below 9 times and LTV below 45% over the next 12 to 18 months.


"There is ongoing national recognition that improved health outcomes can be delivered by
investment in community healthcare and through utilising capacity within the private sector.
We have seen this recognition backed up by policy actions: #900 million of funding for GPs
announced in December; an additional #100 million of committed investment to upgrade the
GP estate; and this month a new partnership agreement between NHS England and the
independent sector to work together for the benefit of patients. Assura is uniquely positioned
to support this shift through the delivery of high-quality, modern and sustainable facilities.


"As the UK's leading diversified healthcare REIT, our progress in the third quarter, and a
dividend yield of over 9%, strengthens our position as an attractive long-term investment that
is underpinned by stable trends in the UK healthcare sector."

Delivery against our strategic objectives

-   Disposal programme progressing strongly with 17 properties sold in the quarter for net
    proceeds #48.4 million, in line with book value, in addition:

       - #110 million of disposals in active discussions

       - #90 million further pipeline identified for potential disposal
-   Positive progress on rent reviews, 59 settled in the quarter, covering #8.5 million of
    existing rent and generating an uplift of #0.6 million (7.2% uplift on previous passing rent)
-   Well positioned to take advantage of the strong growth in the UK private hospitals market
       - Early discussions on several asset enhancement opportunities on existing sites
       - Growing pipeline of further development opportunities

-   Completed one asset enhancement capital project (total spend #1.2 million) and 5 lease
    regears (existing rent #1.2 million); on site with a further two capital projects (total spend
    #4.0 million)

-   Current quarterly dividend 0.84 pence per share, or 3.36 pence per share on an
    annualised basis (equivalent to 9.3% dividend yield on last night's share price)


Pipeline of opportunities for strategic expansion and further growth

-   #35 million of rent (20% of rent roll) due to be reviewed to RPI or CPI in Q1 2025
-   Currently on site with five developments; total cost of #44 million with #22 million
    remaining to be spent

       - Two net zero carbon buildings in the UK (one GP medical centre, one NHS
         children's therapy centre) both of which are due to be completed and fully rent
         producing in the next quarter

       - Three on site schemes in Ireland progressing well

-   Pipeline of 12 capital asset enhancement projects (projected spend #8.3 million) over the
    next two years

-   29 lease re-gears covering #2.8 million of existing rent roll in the current pipeline

Strong and sustainable financial position

-   Portfolio now stands at 608 properties with an annualised rent roll of #176.9 million
    (September 2024: #179.1 million)

-   Net debt reduced by #46 million with disposal proceeds used to reduce the drawn revolving
    credit facility

-   Weighted average interest rate 2.93% (September 2024: 3.0%); all drawn debt on fixed
    rate basis

-   Weighted average debt maturity of 4.9 years, limited refinancing on drawn debt over the
    next 3 years. Over 40% of drawn debt matures beyond 2030, with our longest maturity
    debt at our lowest rates

-   A- rating reaffirmed by Fitch in August following private hospital portfolio acquisition
-   Net debt of #1,529 million (September 2024: #1,575 million) on a fully unsecured basis
    with cash and undrawn facilities of #190 million


                                             ' Ends '


For more information, please contact:


Assura plc                                     Tel: 0161 515 2043

Jayne Cottam, CFO                              Email: Investor@assura.co.uk
David Purcell, Investor Relations Director


FGS Global                                     Tel: 0207 251 3801

Gordon Simpson                                 Email: Assura@fgsglobal.com
Grace Whelan

Notes to Editors


Assura plc is the UK's leading diversified healthcare REIT. Assura enables better health
outcomes through its portfolio of more than 600 healthcare buildings, from which over six
million patients are served.

A UK REIT based in Altrincham, Assura is a constituent of the FTSE 250 and the EPRA*
indices and has a secondary listing on the Johannesburg Stock Exchange. As at 30
September 2024, Assura's portfolio was valued at #3.2 billion and has a strong track record
of growing financial returns and dividends for shareholders.


At Assura we BUILD for health and as the first FTSE 250 certified B Corp we are committed
to keeping ESG at the heart of our strategy, creating Healthy Environments (E) and Healthy
Communities (S) and maintaining a Healthy Business (G).


Further information is available at www.assuraplc.com


*EPRA is a registered trademark of the European Public Real Estate Association

9 January 2025

Corporate Advisor and JSE Sponsor

Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 09-01-2025 09:00:00

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