Assura interim profits grow as rent collections remain in line
Primary care property investor and developer Assura reported a rise in interim profit on Tuesday as it said rent collections have remained in line with normal patterns despite the Covid-19 pandemic.
In the six months to the end of September, pre-tax profit was up 20.3% to £43.8m as net rental income grew 7.5% to £54.4m and following portfolio additions and positive valuation movement.
The company’s portfolio increased 6% to £2.3bn and its passing rent roll ticked up 4% to £113.3m.
Assura said rent collections have remained in line with its normal patterns and it has agreed payment plans where appropriate with a small number of pharmacy and ancillary service tenants for quarter rent due at March and June.
Chief executive officer Jonathan Murphy said: "The first six months of the year was a period of significant activity across the group, reflecting Assura's ongoing resilience and strong market positioning. In April, we raised £185m from our shareholders, and since then we have been deploying that capital on a number of exciting opportunities to strengthen our portfolio.
"In the half year, we have delivered ahead of expectations. We made strong progress with developments, completing six schemes with a further 15 on site, and replenishing the pipeline. In addition, we closed 20 acquisitions, the pipeline is another £90m and our asset enhancement activities continue to generate value."