LONDON: Assura plc, the UK-based specialist healthcare property investor and developer, reported a robust financial performance for the year ended March 31, 2025, underscoring its commitment to long-term growth and sustainable infrastructure.
The company’s investment property value rose to £3.1 billion, marking a 14.4% increase from the prior year. A valuation gain of £58 million was recorded in the period, reflecting uplift across its independent hospital portfolio and from rent reviews completed during the year. The net initial yield stood at 5.21%, slightly higher than the 5.17% recorded in March 2024.
Net rental income climbed 17% to £167.1 million, while EPRA earnings rose 9% to £111.8 million. IFRS profit before tax swung to £166 million, recovering from a loss of £28.7 million the previous year. Shareholders received 3.34 pence per share in dividends, representing the 11th consecutive year of dividend growth.
“Our strong performance reflects the quality of our portfolio and our track record of delivery and consistent growth,” said CEO Jonathan Murphy. “I’m grateful to our dedicated teams who work tirelessly to support communities through modern, sustainable healthcare facilities that improve health outcomes across the UK and Ireland.”
Assura’s portfolio now comprises 603 high-quality healthcare assets, serving over six million people. The passing rent roll reached £177.9 million, and the weighted average unexpired lease term (WAULT) improved to 12.7 years from 10.8 years in the prior year. More than 90% of its rent roll is derived from GPs, NHS bodies and Tier 1 independent healthcare providers, ensuring stable and resilient income streams.
Rent reviews across the portfolio delivered an average annual uplift of 3.2%, with a like-for-like increase of 6.1% on £79.9 million of reviewed rent roll. Open market reviews yielded an equivalent annual uplift of 2.2%, while indexed, fixed and other reviews averaged higher gains.
Disciplined investment activity remained a cornerstone of strategy. Assura acquired 14 independent hospitals for £500 million and completed five development projects with a total investment of £61.5 million. A £250 million joint venture was established with the Universities Superannuation Scheme (USS), seeding it with 13 properties and one further asset during the first quarter of FY26. The group also disposed of 16 assets for £28 million as part of its active portfolio recycling strategy.
Assura made marked progress on ESG objectives under its “The Bigger Picture” initiative, which integrates health into all aspects of decision-making. It became the first FTSE 250 company to receive B-Corp certification, emphasizing its commitment to social responsibility. Two new net-zero carbon developments were completed at Winchester and Fareham, while 66% of the portfolio now holds an EPC rating of B or better. Solar panel installations are slated for rollout in the 2025/26 financial year.
The Assura Community Fund has committed over £2.5 million to health-focused community initiatives since 2020. For every £1 donated, £8.91 of social value was generated, and team volunteering hours increased significantly.
Assura’s balance sheet remains solid, with all drawn debt at fixed rates and a weighted average cost of debt of 2.90%. Net debt stood at £1.49 billion, supported by cash reserves of £58.1 million and £174 million in undrawn facilities, equating to a loan-to-value ratio of 46.9%.
The company reiterated its focus on delivering sustainable growth through strategic investment, strong tenant relationships and a steadfast commitment to improving community health infrastructure across its footprint.