RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017 OVERVIEW - - PowerPoint PPT Presentation

RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017

OVERVIEW

2

Jonathan Murphy – CEO

Results for the six months ended 30 September 2017

OPERATIONAL HIGHLIGHTS

Results for the six months ended 30 September 2017 3

Accelerated growth

Investment property up 16% EPRA EPS up 8%

Scalable model

Cost of debt down by 28 bps EPRA Cost Ratio reduced to 12%

Strong and refreshed pipeline

Acquisitions £126m Developments £83m

Strong valuation gains

EPRA NAV up 8%

12% GROWTH IN ANNUALISED RENT ROLL

Acquisitions driving rental growth

4

74.4 83.1 0.2 0.3 0.5 7.7

50 55 60 65 70 75 80 85 Mar-17 Asset management Rent reviews Development completions Acquisitions Sep-17 £m

Results for the six months ended 30 September 2017

18% GROWTH IN EPRA EARNINGS

Continued growth through acquisitions and positive rent reviews

5

19.8 23.3 (0.2) (0.2) (1.5) 5.4

5 10 15 20 25 Six months to Sep-16 Admin expenses Tax and other Net finance costs Net rental income Six months to Sep-17 £m

Results for the six months ended 30 September 2017

8% GROWTH IN DILUTED EPRA NAV PER SHARE

Strong income growth and valuation uplift

6 Results for the six months ended 30 September 2017

49.3p 53.1p (1.2p) 0.8p 1.3p 2.9p

45p 46p 47p 48p 49p 50p 51p 52p 53p 54p Mar-17 Dividends Share issue Income (EPRA EPS) Capital (revaluations) Sep-17

16% INCREASE IN INVESTMENT PROPERTY

Portfolio opportunities accelerate expansion

7

1,345 1,560 (3) 15 50 153

1,000 1,100 1,200 1,300 1,400 1,500 1,600 Mar-17 Other Development costs Revaluation gain Acquisitions Sep-17 £m

Results for the six months ended 30 September 2017

DIVERSIFIED FUNDING STRUCTURE

Strong financial position delivering better terms and pricing

Sep 2017 Mar 2017 Investment property 1,560 1,345 Net debt (£m) 569 500 Loan to Value 36% 37% Cash/undrawn facilities (£m) 102 124 Weighted average interest rate 3.78% 4.06%

8

• £96m of funds raised in June through a

placing at 60p per share

• 28 basis point reduction in weighted average

cost of debt, 71% of borrowings are fixed rate and weighted maturity 7.9 years

• RCF increased to £250m in May 2017 and to

£300m in October 2017 at initial margin of 150 bps

• £150m of notes issued under UK private

placement, in October 2017

• maturity split between eight and ten

year notes at an average rate of 3.04%

• RCF and notes on unsecured basis

Results for the six months ended 30 September 2017

9 Results for the six months ended 30 September 2017

EPRA COST RATIO REDUCED TO 12%

Scale driving cost efficiencies

EPRA Cost Ratio

20% 18% 17% 14% 12%

10% 12% 14% 16% 18% 20% 22% 24% Mar-14 Mar-15 Mar-16 Mar-17 Sep-17

PROPERTY & MARKET UPDATE

10

Andrew Darke – Property Director

Results for the six months ended 30 September 2017

MODEST YIELD COMPRESSION

Strong valuation gains

11

• Asset enhancement and yield

compression result in strong valuation gains

• Period end initial yield of 4.93%
• Fundamentals remain strong with

prospect of rental growth

Yield progression

0% 1% 2% 3% 4% 5% 6% 7% 8% IPD monthly UK index initial yield Assura Net Initial Yield 15 year Gilt

Results for the six months ended 30 September 2017

CONTINUED STRONG GROWTH

Portfolio acquisitions contributed to accelerated growth

12

• £215m increase in portfolio value
• £153m acquisitions, of which £77m

were portfolio deals

• 5.0% average yield on cost
• Solicitors instructed on a further £126m of

acquisitions

• pipeline replenished with acquisition
• pportunities that meet our criteria,

which includes a portfolio

• Additional investment surveyor recruited

Results for the six months ended 30 September 2017

Sep 2017 Mar 2017 Investment property £1,560m £1,345m Rent roll £83.1m £74.4m WAULT 12.8 years 13.2 years Acquisitions £153m £156m

For example:

• Rental tone and growth
• Enhancement opportunities
• Life span of building
• Lease renewal prospects
• Lease terms

INVESTMENT PROCESS

Disciplined approach to acquisitions

13

Focus on core due diligence

Desktop review of key statistics

In depth due diligence and assessment Offer

£153m acquisitions in last 6 months

• Database provides crucial

market information

• Referrals, direct marketing,

conferences and events key to sourcing opportunities

• Flexible and engaged approach

to addressing tenant requirements

• Brand and reputation

For example:

• Patient list
• Service provision
• Practice finances
• Local economy
• Competition

Conversations with GPs

Explaining the process Flexible approach to sale and leaseback

c.9,000 GP buildings in the market

Results for the six months ended 30 September 2017

INVESTMENT CASE STUDY

Portfolio success

14

• One of three portfolios – predominantly in Wales

c£25m – 12 assets

• sellers interviewed 4 parties
• continuation of proactive and responsive

management was key consideration

• trusted reliable purchaser important to seller
• relationship with investment surveyor
• future partnering opportunities

Results for the six months ended 30 September 2017

Llwynhendy Health Centre, Llanelli Padarn Surgery, Aberystwyth

DEVELOPMENTS AND PIPELINE

Marked increase in secured schemes

15

Completed On site Immediate pipeline Number of schemes 3 5 12 Development cost £9.5m £34.3m £49.0m Cost to complete £12.6m Completion timing 2017/18 2018/19

• 3 forward funded schemes

completed

• 5 forward funding schemes

currently on site

• Appointed on 12 schemes

with an approximate end cost of £49m

• Additional development

surveyor recruited to deliver pipeline

Results for the six months ended 30 September 2017

Before After

RENT REVIEWS

Prospective growth driven by developments

16

Rent review settlements

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% RPI/fixed/other c.27% OMR c.73%

• Annualised uplifts
• average 1.81%
• RPI/fixed/other 2.84%
• open market 0.83%
• Linkage to cost inflation on new

developments creates evidence for rental growth

Results for the six months ended 30 September 2017

ENHANCING EXISTING PORTFOLIO

Pro-active portfolio management team

17

No. Rent New leases signed 9 £0.2m Lease re-gears 4 £0.2m Physical extensions 3 £0.3m

• Asset enhancement initiatives contributed

to half year uplift in value

• New leases, lease re-gears and extensions

remain a priority

• Portfolio 98% let
• Dedicated proactive portfolio managers

add value through initiatives – team increased by 3

Results for the six months ended 30 September 2017

“We’re delighted to have moved into the new-look building – we need space to keep developing our offer to patients and this gives us the premises to do that.” Dr Jabbar from Albion Street Surgery, Heckmondwike

PROPERTY OUTLOOK

Three high performing teams

18

• Increased rate and value of acquisitions and pipeline
• Asset enhancement contributes to valuation gain
• Increased number of live and pipeline developments
• Continued ability to deliver growing returns to shareholders
• Provide primary care estate of the future to the benefit of patients

Results for the six months ended 30 September 2017

OUTLOOK

19

Jonathan Murphy – CEO

Results for the six months ended 30 September 2017

PRIMARY CARE AT HEART OF NHS AGENDA

20

• Rising to Naylor’s challenge
• £3bn Primary Care Buildings Pledge by leading investors
• Demand for NHS capital into buildings remains high
• £325m capital “down payment” to the most advanced STPs
• Focus on value for money across the political spectrum is welcome
• 3PD delivers value for taxpayer and excellent space utilisation
• Quality buildings underpin GP-led solutions
• Nuffield Trust survey highlights growing trend for primary care at scale
• Growing communities need healthcare infrastructure
• Brixworth Surgery development as part of housing scheme

Results for the six months ended 30 September 2017

ASSURA OVERVIEW

21 Results for the six months ended 30 September 2017

Delivering the UK’s primary healthcare estate of the future Delivering superior risk adjusted returns – proposed 9%1 increase in dividend from January 2018 A growth market Financial strength Scalable model Market leader Strong and replenished pipeline Delivering growth & income

1 Subject to the completion of the proposed equity raise announced today

Q&A

22

Frome Ashby Donnington Guildford

Results for the six months ended 30 September 2017

SUPPLEMENTARY INFORMATION

23

• 1. Market

1.1 Growing demand / inadequate supply 1.2 Positive political backdrop 1.3 Policy statements 1.4 Ageing population 1.5 Risk reward spectrum 1.6 Assura well placed to outperform

• 2. Portfolio

2.1 Total property assets 2.2 Completed investment property 2.3 Sensitivity analysis

• 3. Cash flows 3.1 Cash flow summary

3.2 Contracted rental income 3.3 Lease lengths 3.4 Debt repayment profile

• 4. Rents

4.1 ERV evolution and reversion 4.2 Open market rents results 4.3 Basis of rent reviews 4.4 Developments drive rental growth 4.5 Rent review timing

• 5. Financials

5.1 Financial highlights 5.2 Five year track record 5.3 Balance sheet at 30 September 2017 5.4 EPRA NAV 5.5 Diluted EPRA NAV movement 5.6 EPRA EPS

• 6. Borrowings 6.1 Bank and bond facilities

6.2 Covenants

• 7. REITs

7.1 REITs

• 8. Dividends

8.1 Calendar

Results for the six months ended 30 September 2017

1.1 GROWING DEMAND / INADEQUATE SUPPLY

24

Demand

• Consistent cross-party support for:
• care closer to home
• greater patient choice
• Ongoing funding challenge
• £22bn efficiency savings by 2020-21,

tightly-stretched capital allocation

• More than 340 million GP consultations per

year – visits to the doctor by the average person have doubled since 2008 Supply

• 2014 BMA survey of GP practices
• 40% of GPs stated premises inadequate for

provision of general practice services

• 70% said premises not suitable for offering

a full range of services

• 80% said premises prevented them hosting

a full primary / community healthcare

• 40% said existing premises could not be

extended or developed to meet current or future needs

Results for the six months ended 30 September 2017

1.2 POSITIVE POLITICAL BACKDROP

25

• Cross party support for primary care investment continues
• Broad consensus on estate as a key enabler of transformation and

sustainability

• Government policy supportive:
• expansion of access to GP services, growing the primary care

workforce and collaboration between practices in Next Steps for the Five Year Forward View

• rollout of Estates and Technology Transformation Fund schemes

continues; £325m capital allocated to most advanced STP projects

• ver summer
• supporting Naylor recommendations
• Pressures mounting from changing demands
• ageing population
• increasing expectations of service
• growing range of medical solutions and use of technology
• changing career and practice profile – retirement and recruitment

“It is very important to have a high-quality estate, and even more important in healthcare; where it is not just about a good experience day to day, but an experience that can impact on recovery and survival rates. To deliver a world-class NHS, we need a world-class estate, and at the moment we can’t say that we have got that.” Lord O’Shaughnessy, Parliamentary Under Secretary of State for Health (Building Better Healthcare, October 2017)

Results for the six months ended 30 September 2017

1.3 POLICY STATEMENTS

26

Next Steps on the Five Year Forward View

• Published March 2017
• Emphasis on primary care
• NHS needs to ‘protect and improve

its estates’

• Universal access to evening and

weekend GP appointments by March 2019

• Grow the primary care workforce:

5,000 more doctors, 1,000 physician associates and 1,300 clinical pharmacists in surgeries within three years The Naylor review of NHS property and estates: why the estate matters for patients

• Published March 2017
• Recommendations:
• new NHS property board to lead overarching national

estate and capital strategy

• ensure primary care facilities meet vision of Five Year

Forward View

• take advantage of private investment
• improved guidance on building standards, with

primary care at the front of the queue

• minimum £10bn investment to deliver the

transformation set out in Sustainability and Transformation Plans – to be met in part by private sector

• Support from the Prime Minister for Naylor’s calls

Results for the six months ended 30 September 2017

1.4 AGEING POPULATION

27

600 400 200 200 400 600

10 20 30 40 50 60 70 80 90 100 Population (thousands) in each age band

2014 2039 Male Female

Source: Office for National Statistics, Lazarus Results for the six months ended 30 September 2017

1.5 RISK REWARD SPECTRUM

28

Source: MSCI

Total return vs standard deviation – ten years to December 2016

All Healthcare

Primary Healthcare

Residential index All property Equities Bonds Retail Office Industrial 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 2 4 6 8 10 12 14 16 18 Total Return (per annum) Risk (standard deviation)

Results for the six months ended 30 September 2017

1.6 ASSURA WELL PLACED TO OUTPERFORM

29

• Good reputation and relationships with

GP community

• Development capability and strong

pipeline

• Internally managed
• Knowledgeable and focused team

IPD annual return to Dec-16 since inception

• f index in 2006

6.1% 1.9% 8.1% 6.1% 1.4% 7.5%

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% Income Return Capital Growth Total Return Assura Primary Healthcare Benchmark

Results for the six months ended 30 September 2017

2.1 TOTAL PROPERTY ASSETS

30

Sep 2017 £m Mar 2017 £m Completed investment property 1,523.4 1,315.3 Investment property under construction 27.1 20.2 Pharmacy lease premiums 6.5 6.4 Finance leases 3.0 3.0 Property assets held for sale 4.8 0.9 Total 1,564.8 1,345.8 Balance sheet classification Sep 2017 £m Mar 2017 £m Investment property 1,560.0 1,344.9 Property assets held for sale 4.8 0.9 Total 1,564.8 1,345.8

Results for the six months ended 30 September 2017

2.2 COMPLETED INVESTMENT PROPERTY

31

Properties Value (£m) Value (%) >£10m 25 372.0 24 £5-10m 55 370.3 24 £1-5m 284 711.7 47 <£1m 111 73.2 5 475 1,527.21 100 Properties Value (£m) Value (%) North 166 616.3 40 South 158 459.2 30 Midlands 82 301.8 20 Scotland 22 47.7 3 Wales 47 102.2 7 475 1,527.21 100 Rent roll (£m) Value (%) GPs 57.0 69 NHS Body 14.2 17 Pharmacy 6.7 8 Other 5.2 6 83.1 100

Results for the six months ended 30 September 2017

1 includes £3.8m of investment property held for sale

2.3 SENSITIVITY ANALYSIS

32

NIY ERV) p/share) +1%) p/share) +2%) ) p/share) +3%) p/share) 5.50% (8.68p) (7.92p) (7.17p) (6.42p) 5.25% (5.10p) (4.32p) (3.53p) (2.74p) 5.00% (1.17p) (0.35p) 0.48p) 1.30p) 4.75% 3.17p) 4.04p) 4.91p) 5.78p) 4.50% 8.00p) 8.92p) 9.83p) 10.75p)

Results for the six months ended 30 September 2017

3.1 CASH FLOW SUMMARY

33

Six months to Sep 2017) £m) Six months to Sep 2016 £m Year to) Mar)2017) £m) Opening cash 23.5) 44.3) 44.3) Net cash from operations 20.3) 15.6) 39.0) Cash flows from investing activities: Property and business acquisitions (155.3) (82.7) (157.9) Development expenditure (14.8) (10.5) (19.9) Sale of properties 1.1) 1.1) 1.4) Other

• )

(0.4) (0.3) Cash flows from financing activities: Equity issues, net of costs 96.1)

• )
• )

Dividends paid (16.5) (15.8) (31.9) Net borrowings movement 67.5) 76.1) 148.8) Closing cash 21.9) 27.7) 23.5)

Results for the six months ended 30 September 2017

3.2 CONTRACTED RENTAL INCOME

34

10 20 30 40 50 60 70 80 90 Contracted at 30-Sep-17

£1,130m total contracted cash flow, 74% of rent roll still contracted in 2027

Results for the six months ended 30 September 2017

3.3 LEASE LENGTHS

35

128 leases 71 leases 116 leases 176 leases 201 leases 99 leases 64 leases 84 leases 5 10 15 20 25 21+ 18-20 15-17 12-14 9-11 6-8 3-5 0-2 Rental value (£m) Years remaining Weighted average unexpired lease term 12.8 years 939 leases 74% of rent roll 9+ years unexpired term

Results for the six months ended 30 September 2017

3.4 DEBT REPAYMENT PROFILE

36

Sep 2017 Mar 2017 Gross debt £591.7m £523.8m Weighted average maturity 7.9 years 8.7 years Weighted average cost of debt 3.78% 4.06%

50 100 150 200 250 Aviva Bond RCF Private placement

Results for the six months ended 30 September 2017

4.1 ERV EVOLUTION AND REVERSION

37

£74.4m £83.1m £2.3m £2.6m 10 20 30 40 50 60 70 80 90 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Sep-17 Rental value (£m) Passing rent ERV

ERV at 30 September 2017 £85.7m; vacant space £1.8m, valuers rental ERV £0.8m

Results for the six months ended 30 September 2017

4.2 OPEN MARKET RENTS RESULTS

38

• 1.81% annualised increase

from rent reviews settled in the period

• 0.83% from open market

rent reviews

• 2.84% from RPI and fixed

uplift reviews

Annualised Open market reviews

• nly %

Number of

• utstanding

reviews (passing rent) Rent reviews settled in six months to 30 September 2017 0.8% Relating to review dates from calendar years: 2009 1 (£0.1m) 2010 2 (£0.1m) 2011 (1 review) 0.2% 3 (£0.2m) 2012 (2 reviews)

• 4 (£0.1m)

2013 (2 reviews) 0.2% 19 (£1.4m) 2014 (4 reviews) 4.2% 31 (£3.3m) 2015 (17 reviews) 1.3% 76 (£8.8m) 2016 (13 reviews) 0.3% 128 (£14.0m) 2017 YTD (2 reviews) 0.3% 162 (£13.5m)

Results for the six months ended 30 September 2017

4.3 BASIS OF RENT REVIEWS

39

0% 10% 20% 30% 40% 50% 60% 70% 80% OMR RPI Fixed Other Proportion of rent roll Upward/downward review basis - tenant can instigate (6%) Upward/downward review basis - landlord only trigger (22%) Upward only review basis (72%)

Results for the six months ended 30 September 2017

4.4 DEVELOPMENTS DRIVE RENTAL GROWTH

40

• New developments capture

increased land and construction costs resulting in increased rents

• Higher rental tone linked to

increasing construction costs

Relationship of increased costs and rent

Scheme Year Size (m2) Initial rent (£/m2) Build costs (£/m2) Wallasey 2013 1,007 162 1,491 West Gorton 2017 1,280 190 1,953 Increase 17% 31% Scheme Year Size (m2) Initial rent (£/m2) Build costs (£/m2) Maidstone 2013 1,121 194 1,627 Hailsham 2017 2,449 215 2,300 Increase 11% 41%

Results for the six months ended 30 September 2017

4.5 RENT REVIEW TIMING

41

Split of current rent roll by rent review basis and frequency of review: Annually 3 Year 5 Year Other OMR

• 66%

7%

• 73%

RPI 5% 5% 4%

• 14%

Fixed 1% 5% 1%

• 7%

Other

• 5%
• 1%

6% 6% 81% 12% 1% 100%

Results for the six months ended 30 September 2017

5.1 FINANCIAL HIGHLIGHTS

42

Income statement Six months to Sep 2017 Six months to) Sep 2016) Change Net rental income (£m) 38.3 32.9) up 16% EPRA earnings (£m) 23.3 19.8) up 18% EPRA EPS (p) 1.3 1.2) up 8% Dividend per share (p) 1.2 1.1) up 9% Balance sheet Sep 2017 Mar 2017) Change Investment property (£m) 1,560 1,345) up 16% Diluted EPRA NAV per share (p) 53.1 49.3) up 8% LTV (%) 36 37) down 1 ppts

Results for the six months ended 30 September 2017

5.2 FIVE YEAR HISTORY

43

Scale 2017 2016 2015 2014 2013 Rent roll (£m) 74.4 63.8 55.6 41.8 35.9 Investment property (£m) 1,344.9 1,109.4 925.3 656.7 557.3 Net assets (£m) 818.0 754.3 451.9 226.6 198.1 Flexibility Free cash/available facilities (£m) 123.5 118.7 65.3 27.6 15.6 Unencumbered assets (£m) 25.8 383.5 146.7 7.6 3.2 LTV (%) 37 30 48 62 62 Performance EPRA EPS (p) 2.4 2.0 2.1 1.7 1.5 EPRA NAV per share (p) 49.4 46.1 44.9 43.4 38.6 Dividends (p) 2.25 2.05 1.85 1.36 0.86

Results for the six months ended 30 September 2017 Figures represent year to 31 March

5.3 BALANCE SHEET AT 30 SEPTEMBER 2017

44

• £215m increase in

investment property

• Loan to value of 36%
• £102m of available

facilities and cash

• Positioned strongly for

future growth

Property and debt

657 925 1,109 1,345 1,560 415 450 328 500 569

200 400 600 800 1,000 1,200 1,400 1,600 1,800 Mar-14 Mar-15 Mar-16 Mar-17 Sep-17 £m Investment property Net debt

Results for the six months ended 30 September 2017

5.4 EPRA NET ASSET VALUE

45

EPRA NAV) EPRA NAV) Sep 2017) £m) Mar 2017) £m) Net assets 971.2) 818.0) Deferred tax (0.5) (0.5) EPRA NAV 970.7) 817.5) Number of shares in issue 1,827,642,764) 1,655,040,993) EPRA NAV per share – basic 53.1p 49.4p Diluted number of shares 1,827,815,773) 1,658,284,284) EPRA NAV per share – diluted 53.1p 49.3p

Results for the six months ended 30 September 2017

5.5 DILUTED EPRA NAV MOVEMENT

46

£m) Pence per share) Diluted EPRA NAV at 31 March 2017 817.5) 49.3) Income (EPRA earnings) 23.3) 1.3) Capital (revaluations and capital gains) 50.1) 2.9) Dividends (19.9) (1.2) Equity issuance 99.5) 0.8) Other 0.2)

• )

Diluted EPRA NAV at 30 September 2017 970.7) 53.1) Growth 3.8) 8%

Results for the six months ended 30 September 2017

5.6 EPRA EARNINGS PER SHARE

47 Results for the six months ended 30 September 2017

Six months to Sep 2017 £m Six months to Sep 2016 £m Profit for the period 73.4 41.7 EPRA earnings 23.3 19.8 Weighted average number of shares in issue – basic 1,748,149,201 1,641,793,597 Basic EPS – net profit 4.2p 2.5p – EPRA 1.3p 1.2p Weighted average number of shares in issue – diluted 1,748,322,210 1,645,036,888 Diluted EPS – net profit 4.2p 2.5p – EPRA 1.3p 1.2p

6.1 BANK AND BOND FACILITIES

48

Loan / Bond Fixed / Floating Maturity Effective interest rate Secured/ unsecured Outstanding 30 Sep 2017 £m 10 year listed Bond Fixed Dec-21 4.75%1 Secured 110.0) Aviva loans Fixed Various to 2044 5.43%1 Secured 211.7) £250m revolving credit facility1 Floating May-21 1.76%2 Unsecured 170.0) £100m private placement notes Fixed Oct-26 2.65%1 Unsecured 100.0) £150m private placement notes3 Fixed Oct-25 – Oct-27 3.04%1 Unsecured ) -) 591.7) Loan issue costs (3.7) Borrowings 588.0) Finance leases 3.0) Cash (21.9) Net debt 569.1)

Results for the six months ended 30 September 2017

1 increased to £300m from October 2017 2 1.50% plus LIBOR, subject to LTV 3 £150m privately placed notes issued October 2017

6.2 COVENANTS

49

All covenant conditions complied with Bond Aviva Unsecured facilities Req. Act. Req. Act. Req. Act. Interest cover >1.5 2.19 ≥1.05 1.51 ≥1.75 7.17 LTV >1.35 1.73 <70% 50%

• WAULT

>10 yrs 10.3 yrs

• >7 yrs

14.0 yrs NHS >75% 78%

• Leverage
• <60%

30% Gearing

• <150%

41% Net rental income

• >8.5%

15%

Results for the six months ended 30 September 2017

7.1 REITS

50

• REIT status is a tax election available to listed real estate companies
• REITs are tax exempt on property rental income and capital gains
• Profits are passed through to investors through minimum Property Income Distributions (PIDs)
• 90% of taxable property rental profits
• subject to 20% withholding tax (unless investor is a qualifying institution)
• Other dividends are not subject to withholding tax
• Assura currently pays dividends not PIDs as the minimum PID is £nil
• REITs are a recognised global investment class, attractive to specialist investors
• REITs are required to meet rules ensuring they remain focused on real estate investment activity
• Development activity is permitted but taxable if developments are sold within 3 years of practical

completion

Results for the six months ended 30 September 2017

8.1 CALENDAR

51

2016/17 Payment date2 Ex-div date2 Record date2 PID Non PID Total22 Q1 20 Apr 20161 17 Mar 20161 18 Mar 20161

• 0.55p

0.55p21 Q2 27 Jul 20161 23 Jun 20161 24 Jun 20161

• 0.55p

0.55p21 Q3 19 Oct 20161 15 Sep 20161 16 Sep 20161

• 0.55p

0.55p21 Q4 18 Jan 20171 15 Dec 20161 16 Dec 20161

• 0.60p

0.60p22 2017/18 Payment date2 Ex-div date2 Record date2 PID Non PID Total22 Q1 19 Apr 20171 16 Mar 20171 17 Mar 20171

• 0.60p

0.60p22 Q2 19 Jul 20171 15 Jun 20171 16 Jun 20171

• 0.60p

0.60p22 Q3 18 Oct 20171 14 Sep 20171 15 Sep 20171 0.60p

• 0.60p22

Q4 24 Jan 20181 14 Dec 20171 15 Dec 20171 TBC TBC 0.655p22

Results for the six months ended 30 September 2017

1 Provisional date 2 Provisional amount conditional on completion of proposed equity raise

52

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 materially from those expressed in

• r implied by these statements.

Many of these risks and uncertainties relate to factors that are beyond Assura’s ability to control or estimate precisely, such as future market conditions, the behaviour of other market participants, the actions of governmental regulators and other risk factors such as the Company’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions, including inflation and consumer confidence, on a global, regional or national basis. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this

• document. Assura does not undertake any obligation to publicly release any revision to these forward-looking statements to reflect

events or circumstances after the date of these materials. Information contained in this presentation relating to the Company or its share price, or the yield on its shares, should not be relied upon as a guide to future performance.

DISCLAIMER

Results for the six months ended 30 September 2017