Assura plc

Annual results for the year ended 31 March 2024

21 May 2024

Image: St James Medical Practice, King's Lynn

1

Results for the year ended 31 March 2024

Overview

Jonathan Murphy - CEO

Image: GenesisCare, Guildford (image courtesy of Prime plc)

2

Results for the year ended 31 March 2024

Delivering growth

Strong operational &

High quality cash

strategic progress

flows

Live schemes

Attractive opportunities

progressing well,

across broader

discipline in pipeline

healthcare markets

Image: Glendon Wood Hospital, Kettering

3

Results for the year ended 31 March 2024

New £250m joint venture announced

Joint venture overview

  • New £250m long-term joint venture with USS to support investment in essential NHS infrastructure
  • Assura to contribute initial seed portfolio valued at £107m
  • Targeting acquisition-led growth to £250 million over the next three years, with potential to grow to £400 million
  • Assura to retain a 20% equity interest and receive fees for its role as property and asset manager to the JV

Joint venture represents important milestone for Assura

  • Diversifies funding sources by accessing institutional private capital
  • Recycles capital out of low yielding stabilised assets while retaining management control
  • Further strengthens balance sheet and improves Assura's investment capacity
  • USS is a highly complementary partner for Assura given its investment philosophy, time horizon and financial capacity

Image: West Midlands Ambulance Hub, Oldbury

4

Results for the year ended 31 March 2024

Strong earnings and dividend growth

3yr

5yr

10yr

Cumulative total

1.8%

20.5%

84.8%

accounting return

Cumulative total

4.7%

17.3%

75.6%

property return

  • Sustained growth in total property return and accounting return over the long term
  • Track record in sourcing attractive additions to our portfolio, across acquisitions and developments
  • Efficient flow through to earnings, supported by
    • asset enhancement capabilities
    • steady rental growth
    • close cost control
    • long term, fixed rate debt book

pence

4

EPRA EPS

Dividend per share

3.5

CAGR since 2015

3

EPS: 6.2%

DPS: 7.3%

2.5

2

1.5

1

0.5

0

5

Results for the year ended 31 March 2024

Delivering for better patient outcomes

Development: Cramlington

Acquisition: Wicklow

£25m

€14m,

6,500m2

4,375m

Index-linked

Index-linked

rent reviews

rent reviews

Net zero carbon development: Fareham

Sustainability-linked asset enhancement: Eccles

£5m

£1.5m

950m2

extension

Index-linked

Index-linked

rent reviews

rent reviews

6

Results for the year ended 31 March 2024

The Bigger Picture

A lens through which to frame our strategy

Healthy

Environment

PRIORITIES

  • Reduced energy usage intensity
  • NZC developments
  • EPC ratings

2023/2024 HIGHLIGHTS

45 projects delivered

1.9m kWh saved

66% EPC B or better

Healthy

Communities

PRIORITIES

  • Social value generated
  • Sustainable supply chain
  • Team volunteering

2023/2024 HIGHLIGHTS

5 new buildings delivered to benefit communities

£3.40 of social value generated from every £1 donated

Healthy

Business

PRIORITIES

  • Customer satisfaction
  • Employee engagement
  • Equality, Diversity & Inclusivity

2023/2024 HIGHLIGHTS

11th consecutive year of dividend growth

Top 10 FTSE Women in Business

Image: 3 Barrington Road, Altrincham

7

Results for the year ended 31 March 2024

Assura's skills & USPs

Ability to capture opportunities in our chosen markets

The Bigger Picture -

Innovative approach in

development & asset

Building long-term

social impact &

enhancement

relationships

sustainability

capabilities

Healthcare providers seeking specialist landlord-developer

Long-term growth opportunities across acquisitions, developments and asset enhancement

Our advanced ESG offering can unlock lower running costs

Image: Prestbury Medical Centre, Wolverhampton

8

Results for the year ended 31 March 2024

Financial review

Jayne Cottam - CFO

Image: Glendon Wood Hospital, Kettering

9

Results for the year ended 31 March 2024

Continued strong performance

2024

2023

Net rental income (£m)

143.3

138.0

4%

EPRA Cost Ratio (%)

13%

13%

-

Net finance costs (%)

2.3%

2.3%

-

EPRA earnings (£m)

102.3

96.8

6%

EPRA EPS (p)

3.44

3.27

5%

Dividend paid (p)

3.24

3.08

5%

Passing rent roll £151m, up 5% in the year

EPRA Cost Ratio maintained at 13%

Debt costs fixed at 2.3%

Earnings efficiently flow into covered

dividend

Increase to 0.84p per quarter (3.36p annual

basis) from July 2024 distribution

10

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Disclaimer

Assura plc published this content on 21 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 May 2024 07:30:09 UTC.