Assura PLC on Monday reported a decline in its property portfolio as net debt increased.

The primary care property investor said that, as of the end of 2022, it had a portfolio of 607 properties, down 4.2% from 634 a year ago, with an annualised rent roll of £141.6 million, 6.4% lower than £132.5 million.

Meanwhile, net debt as at December 31 grew by 17% to £1.12 billion from £957 million a year prior.

The company is currently on site with 11 developments which have a total cost of £121 million. Assura noted its net initial yield as of December 31 was 4.86%. It explained this represented a 7% reduction in its portfolio value which, at the end of 2022, stood at £2.7 billion.

Chief Executive Officer Jonathan Murphy said: ‘We have a strong market position, balance sheet and pipeline of growth opportunities and will continue to deploy capital in a disciplined manner. The NHS continues to face tremendous pressure and the need to invest in high-quality primary care to help alleviate this position has never been greater. Assura remains committed to working closely with the NHS to provide crucial primary care infrastructure, while continuing to progress its proven strategy and deliver attractive returns for shareholders.’

Assura shares were 0.6% lower at 57.00 pence each in London on Monday morning.

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