Assura is readying for another growth spurt as values and rents hold firm.
The primary care investor saw its 612-property investment portfolio slip by just 0.5% over the period, to £2.725bn. Although EPRA earnings were up 4% to £50.8m, the valuation shift turned last year’s £30.9m profit into a £17.8m pretax loss.
Passing rent increased by 2% to £146.9m, with net rental income up 1% to £70.8m.
Assura said it was on site with 10 developments, at a total cost of £114m, down from 11 in March at £129m. It has £55m left to spend.
The group has an immediate development pipeline of four schemes, at a total cost of £25m, and expects to be on site within 12 months “notwithstanding delays currently being experienced in construction timetables and start dates”.
Chief executive Jonathan Murphy said: “As we ready for our next phase of growth, we are focused on leveraging our proven track record and market expertise to further expand our efforts in areas of emerging opportunities. Each of these areas respond to a distinct healthcare challenge to provide additional, quality capacity for services in a community setting. These include developing for private providers, working directly with NHS trusts and mental health services as well as bringing our expertise to the Irish market.”
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