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48 percent increase in rent roll

Assura, the primary healthcare property company announced a 48% increase in its annualised rent roll in an interim management statement released this morning.

In the last quarter of 2011 it increased its rent roll by 4.2% to £34.4m. At the end of 2010 the rent roll stood at £23.2m. 84% of the company’s rent roll is received from or reimbursed by the NHS. Its portfolio has a weighted average unexpired lease length of 16.3 years. It has also completed eight new developments since 1 April 2011 with a value of £38.7 m, with a revenue of £2.4m. It has five developments currently under construction with an estimated value at completion of £17.8 m.

The company’s board intends to resume dividend payments and declare a final dividend at the year- end.

The company’s strong statement comes at a time when the healthcare sector continues to outperform the rest of the property market.

Simon Laffin, chairman of Assura, said:
“The transformation of Assura to a well funded, pure play primary healthcare property company is now complete. We are focused on delivering both a secure and rising income stream and growth in property value. The continued strong property performance of the group reflects the sound fundamentals of this business as well as the attractiveness of the primary healthcare market underpinned by its stable, long-term, government-backed income.”

Source: Property Week