Assura PLC (LON:AGR) said its rental income grew during the first half of 2018 and that the outlook for the remainder of the year was positive.
The healthcare property investor on Monday said it had completed the acquisition of 39 medical centres and two developments for a combined £108.2mln in the six months to the end of September. Assura added that the new acquisitions have a combined rent of £5.5mln and an average unexpired lease length of 13.3 years.
READ: Assura sees rent income jump in full-year results but profits drop by nearly a quarter
The FTSE 250 group also said it had continued to replenish its pipeline of acquisitions and developments, which currently stands at £107mln and £82mln, respectively. Assura added that it now owns 556 medical centres with a total annualised rent roll of £96.9mln – up from £91.0mln at the end of March - with growth in the financial year to date driven primarily by acquisitions.
The company, which earlier this year raised £300mln through a senior unsecured bond, said it borrowings stood at £660mln at the end of September, with a weighted average cost of debt of 3.28% over eight years. Assura added that it has committed undrawn facilities of £300mln with which to fund the pipeline of acquisitions and developments.
“We continue to expand the portfolio, having invested £108mln in the first half of the year, and maintained the pipeline of future opportunities,” CEO Jonathan Murphy said in a statement.
"We have good momentum in the business, with a strong pipeline of opportunities. We remain confident in the outlook for the business.”