Assura Plc · OTC:ARSSF
Assura — Investor Presentation (March 2025)
25 slides from Assura's investor presentation, March 2025
Slide 1: Assura plc Investor slides March 2025
Assura plc The UK’s leading diversified healthcare REIT Investor slides March 2025 Image: Northumbria Health and Care Academy 1
Slide 2: Agenda
Investor presentation March 2025 Agenda ▪ Well-positioned for healthcare opportunity ahead Assura plc: a unique ▪ Growth levers Slide 3 portfolio and platform ▪ Converting to earnings & dividend ▪ The UK healthcare system is under immense and growing pressure Why UK healthcare ▪ Healthcare cannot be
Slide 3: Assura plc: a unique portfolio and platform
Investor presentation March 2025 Assura plc: a unique portfolio and platform >90% 7.7% >£3bn 13-year rent from NHS or current portfolio WAULT tier 1 healthcare dividend yield operators Based on share price of 43p at 24/2/25 7% A- dividend investment 99% >100% CAGR over 10 occupancy dividend cover gr
Slide 4: Well-positioned for healthcare opportunity ahead
Investor presentation March 2025 Well-positioned for healthcare opportunity ahead Leading diversified Structurally Positioned to health platform supported growth capture growth Attractive rental mix Ageing population with more Unique mix of public and private 51% OMR: reversionary potential complex
Slide 5: Growth levers
Investor presentation March 2025 Growth levers Growth lever Opportunity Inflation beating returns in long-term growth market Rental growth Mix of OMR (reversionary potential) and index-linked/fixed uplifts Development and Relationships and property skills creating opportunities asset management Stro
Slide 6: Converting to earnings & dividend
Investor presentation March 2025 Converting to earnings & dividend Rental EPRA Cost Capital Cost of EPRA Dividend growth Ratio recycling debt EPS Scope for OMR greater £200m Lowering efficiency developments leverage & Earnings 95% payout + from Funded from net debt to growth ratio Indexation diversi
Slide 7: Why UK healthcare
Investor presentation March 2025 Why UK healthcare Image: Bury St Edmunds Ambulance Hub 7
Slide 8: The UK health system is under immense and growing pressure
Investor presentation March 2025 The UK health system is under immense and growing pressure Ageing Increasing cost to the population healthcare system Proportion of UK population Average healthcare cost per capita over 70 by age range(£000s) 17% 14% 4 times 4 12.9m more costly +3.5m 9.4m 37% 2 1 202
Slide 9: Healthcare cannot be delivered in spaces which are not fit for purpose
Investor presentation March 2025 Healthcare cannot be delivered in spaces which are not fit for purpose Cost to eradicate NHS maintenance backlog (£bn, 2023/24 prices) £bn High Significant Moderate Low 14.0 NHS maintenance backlog has more than 12.0 doubled over the past decade, and the level of inv
Slide 10: Improving community healthcare key to affordable delivery
Investor presentation March 2025 Improving community healthcare key to affordable delivery Sustained growth in private sector Push for services to be moved revenues, across payor mix, out of hospital and into & forecast to grow further the community Providers looking for opportunities to Moving serv
Slide 11: Why now
Investor presentation March 2025 Why now Image: St James Medical Practice, King’s Lynn 11
Slide 12: National imperative to reduce wait times for treatment
Investor presentation March 2025 National imperative to reduce wait times for treatment Which flows into longer wait Well publicised increase in times and therefore more waiting lists complex cases Total waiting list Median wait (weeks) 9,000,000 25 8,000,000 20 7,000,000 6,000,000 15 5,000,000 4,00
Slide 13: Political backdrop is ideal for this market
Investor presentation March 2025 Political backdrop is ideal for this market 3 clear political Greater use of priorities private sector NHS 10-year plan A market which Assura now All of which are supported by Assura buildings has a strong foothold in expected soon 1. From hospital to Recently announ
Slide 14: Assura offers strong return over gilts, before rental growth
Investor presentation March 2025 Assura offers strong return over gilts, before rental growth % Assura dividend yield UK 10-year gilt yields 10 9 8 7 Spread c.440bps 6 5 Spread c.200bps 4 3 2 10-year index linked gilt - 1% yield 1 (spread of c.800bps) 0 14
Slide 15: Why Assura
Investor presentation March 2025 Why Assura Image: Prestbury Medical Practice, Wolverhampton 15
Slide 16: Assura is uniquely diversified in attractive healthcare markets
Investor presentation March 2025 Assura is uniquely diversified in attractive healthcare markets GP medical centres & Independent NHS facilities hospitals Current portfolio c.£2.3bn c.£0.7bn Estimated market share 10% 10% Sector investment characteristics Sustained growth in demand for facilities ✓
Slide 17: Assura's unique platform allows us to access these markets
Investor presentation March 2025 Assura’s unique platform allows us to access these markets Long term Development & Active portfolio relationships in asset enhancement management healthcare capabilities Capital recycling A specialist market Full property through access to with barriers to offering v
Slide 18: Strong balance sheet with low & fixed cost of debt
Investor presentation March 2025 Strong balance sheet with low & fixed cost of debt Robust financial metrics Fixed for the long-term Interest cover 4.8 £m Debt maturity profile 4.5 700 Private placements Unsecured bond Term loan* RCF* 4.1 3.9 600 3.6 500 +5p 400 value of debt MTM2 300 200 2020 2021
Slide 19: A strong track record
Investor presentation March 2025 A strong track record Image: Glendon Wood Hospital, Kettering 19
Slide 20: History of quality portfolio additions
Investor presentation March 2025 History of quality portfolio additions Developments as standard Ability to deliver portfolio throughout our 20+ year acquisitions history >100 development completions £500m private hospital August 2024 Majority GP surgeries History of managing accretive addition of R
Slide 21: Rent roll doubled since 2018
Investor presentation March 2025 Rent roll doubled since 2018 Rent roll by tenant £m GPs NHS Private Pharmacy & other 200 180 Substantial growth 9% 160 in private tenant 140 weighting 25% 120 100 17% 5% 11% 80 16% 60 40 49% 68% 20 0 2018 Today 21
Slide 22: Sustained growth in earnings and dividend
Investor presentation March 2025 Sustained growth in earnings and dividend pence EPRA EPS Dividend per share 4 CAGR since 2015 3.5 EPS: 6.2% 3 DPS: 7.3% 2.5 2 1.5 1 0.5 0 22
Slide 23: Accretive capital recycling at scale
Investor presentation March 2025 Accretive capital recycling at scale Disposals Recycled into 30 assets Private hospital £200m portfolio acquisition 5.9% yield on cost 4.8% yield 23
Slide 24: Efficient flow of rental growth to earnings & dividends
Investor presentation March 2025 Efficient flow of rental growth to earnings & dividends - >90% from NHS or tier 1 Passing rent £177m Jan-25 trading update healthcare providers - Upward only rent reviews - Consistently low cost base EPRA Cost Ratio 12% Sep-24 interim results - Scope for greater effi
Slide 25: Disclaimer
Investor presentation March 2025 Disclaimer Disclaimer This presentation contains certain statements that are neither financial results nor other historical information. These statements are forward-looking in nature and are subject to risks and uncertainties. Actual future results may differ materi