Continuing outward yield shifts stopped healthcare property specialist Assura recording any uplift in portfolio valuation in the 12 months to 31 March 2024, but both rental income and losses moved in the right direction.
The value of the group’s 614-asset portfolio stayed largely flat at £2.7bn during the period, aided by the completion of five development projects adding £72m of value to the portfolio and eight asset enhancement projects.
Net rental income increased by 4% to £143.3m, up from £138m in 2023, with rent reviews across the portfolio generating a like-for-like increase of 8.9% on 24% of all rent roll reviewed.
Assura also managed to reduce its IFRS pretax losses from £119.2m in 2023 to £28.7m in 2024.
Chief executive Jonathan Murphy said: “We have continued our track record of growth to deliver another period of increased EPRA earnings and dividend, driven by our disciplined approach to investment, extensive sector expertise, and ability to identify new market opportunities.
“It is these capabilities, underpinned by our strong financial position and secure balance sheet, that make Assura best placed to meet the critical need for new and enhanced healthcare capacity in a community setting.”
Assura published its results as it announced a new £250m joint venture with USS to develop a portfolio of assets let directly to the NHS or GP tenants in a bid to help reduce waiting lists.
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