Headline profits at GP landlord Assura (AGR) were boosted by a £50.4m valuation uplift in the six months to September 2017, and there was also a 16 per cent jump in net rental income. Overall, the developer's adjusted net asset value per share moved up from 47.2p six months earlier to 53.1p.
A total of £164m was spent on property additions and developing existing assets, funded by a £98m placing and an increase in the revolving credit facility. Since the half-year-end, a further £150m has been raised through an issuance of eight and 10-year notes, the credit facility has been further increased, and the company has raised £300m (gross) via a share placing. After expected asset purchases, analysts at Peel Hunt expect a loan-to-value rate of around 30 per cent, below the medium-term target range of 40-50 per cent.
The investment portfolio comprises 475 properties, and 86 per cent of the rent roll is underpinned by the NHS. There were a further five developments being built, all under forward funding agreements, and a further 12 sites where work is expected to start shortly.
Analysts at Peel Hunt expect to lift their adjusted net asset value (NAV) per share forecast for the end of March to between 54p and 55p, from 49.3p a year earlier.
| ASSURA (AGR) | ||||
| ORD PRICE: | 57.90p | MARKET VALUE: | £1.06bn | |
| TOUCH: | 57.85-57.9p | 12-MONTH HIGH: | 67p | LOW: 51p |
| DIVIDEND YIELD: | 4.1% | TRADING PROP: | £4.8m | |
| PREMIUM TO NAV: | 9% | |||
| INVESTMENT PROP: | £1.56bn | NET DEBT: | 59% | |
| Half-year to 30 Sep | Net asset value (p) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p)* |
| 2016 | 47.3 | 41.7 | 2.5 | 1.1 |
| 2017 | 53.1 | 73.4 | 4.2 | 1.2 |
| % change | +12 | +76 | +68 | +9 |
| Ex-div: | 14 Dec | |||
| Payment: | 24 Jan | |||
| *Dividends paid quarterly. XD and paydate refer to second-quarter dividend of 0.655p | ||||
