paddingtonbear
11 Jan 2020
Hugely overvalued, profits taken The continued cycle of borrow, buy, dilute NAV recently brought the absurd situation of 48% over last declared NAV of 54p as share price hit 80 pence. Took sizeable chunk of profits as prospects from there in this perverse market very considerably inclined to the downside imho. PB
devonplay
22 May 2019
Continued strong growth and operational metrics Agreed solid hold. I haven’t felt the need to add in any strength. Small tops back in 2015. Side cash the likely to have been using up “trading creditsâ€. Most of the Financial Summary, page 2, looked OK. I preferred the lower LTV, but as you say they are raising debt at a reasonable price. The LTV is still low. Lets see what the "acquisition of the primary care developer GPI "brings. Overall good results. I personally don’t like buying property over NAV, but at least this is an attractive sector. I neve quite made up my mind if there’s political risk. It’s less headline grabbing, so if there is any, I suspect it will be way down on the agenda. DL
paddingtonbear
21 May 2019
Continued strong growth and operational metrics The continued acquisition of property at decreasing yields has meant that NAV only reached 53p, still a way below the placing of 57p. At least temporarily the SP is responding to a firmer market and over 60p. No obvious signs chairman reining in the management, but another tranche of debt obtained at a good price to offset this. Dividend seems covered, although quite a search to find necessary details to confirm. A solid hold for now. PB
devonplay
21 May 2019
Continued strong growth and operational metrics Continued strong growth and operational metrics Reinforces Assura’s position as a key partner to the NHS Up 3% today. [link] DL
devonplay
01 Oct 2018
Trading Update [link]
devonplay
03 Sep 2018
Share price down 16% in year Agreed, I like the stock. I’m just not tempted at the moment. I’m still showing a 15% gain plus any income, but in the uncertain time we are in I’m not keen to pay above NAV. There’s reit’s I like more, with bigger yields and more upside post Brexit. DL
paddingtonbear
03 Sep 2018
Share price down 16% in year SP continues to drift down and has reached 53p, the same as the last declared NAV. What it will be after taking into account the overpriced placing at 57p is anyone’s guess. The recently appointed CEO, ex CFO and new CFO raised the money, paid down long term debt and now taken on new long term debt as well as keeping up the pace of purchasing new surgeries. The banks will surely be sending Xmas cards! Let us hope the just started Chairman keeps a short leash. A better value opportunity to top up may arise during Brexit, it is certainly on my short list to watch for chances in the next 8 months. GLA PB
devonplay
14 Jun 2018
Ex-div today Ex-div today
paddington_bear
23 May 2018
The good, the bad but no ugly Full year results mixed. The good - Nav up 6.3% to 52.4p, Dividend up 9.1% to 2.455p, weighted debt down from 4.06% to 3.12% and loan to value was 37% now 26%.In an active year fundraises helped pay off more expensive debt and increase property controlled by 28% to £1.7billion. The present position I think is commercially sound and with a hint of appropriate caution, however there are concerns for the future.The bad- management openly stating they would be “comfortable” if LTV was in the 40 to 50% range, which assuming an imminent market downturn if not recession is not imho wise. Also net initial yield continues to drop, now only 4.8% from 5.1%. We are of course beholden to one principal “customer” the NHS. We should not be chasing new business without careful consideration of future returns and we cannot rely on future fundraisers as many firms have discovered this year. Market reaction down nearly 2% on share price to 58p, still well over Nav. PB.
devonplay
23 Feb 2018
Proxy I’m not planning to sell my holding any time soon as I’ve spent time creating a demographic tilted UK portfolio and this plays a part.But, every time I look over the recent weakness I come back to the phrase: bond proxy.I like AGR, want it in my portfolio, but not in any rush to add more. I suspect further downward drift is likely.There’s just not enough yield or safety for me at the moment. Even though I rate them and the idea driving the portfolio of properties. Political, inflation and bond risk. DL
paddington_bear
16 Nov 2017
Results good, placing gave me weak knees. Results were pleasing , showing the portfolio at £1.6bn, pretax up 76% to £73.4m and the NAV up 7.7% to 53.1p on the back of rent roll rising to £83.1m. Dividends may rise by 9% BUTDespite raising £98m as recently as June and by tinkering with the debt pile getting the rate down in a year from 4.84% to 4.06 to now 3.78, all highly commendable, the new CEO (former CFO) and the new CFO have launched an immensely ambitious scheme to raise up to £330m by a combined placing at 57p for newcomers and an entitlement for existing holders to purchase 2 for 11 shares at at price circa 4p over NAV.They intend, should this daylight robbery succeed, to pay over £50 m in break fees to cancel the longterm £213m Aviva debt due 2024 to 2044 at average rate of 5.43%. They also intend on buying more surgeries (at a market peak?) and successfully finding dividends to pay the extra 20% odd of shares in issue.If you think I am paying in excess of NAV for a property play you are delusional. Within the last month alone several double figure premia have weakened across different types of "property".Indeed only recently we were 61p SP on NAV of 49p.Holding my shares bought at 36p. Good luck all. Dyor.PB
jarfurrank
16 Nov 2017
Re: Results Peermade - hi,I intend to top up ....... but not yet. Waiting for the stockmarket 'correction' that's on it's way so I can get the shares even cheaper.
Peermade
16 Nov 2017
Results Someone has neatly walked the price down knowing the results are so good. Don’t we get tired of this meddling but thanks to them long term holders can top up.
doctor sven
11 Oct 2017
Shares going sideways disappointing in view recent update ? Result of Brexit uncertaintiesThinking 're further purchases 're recent weakness...
devonplay
25 May 2017
Re: analysis of results at 59p I'm mainly in at 43. I switched into these post Obama Care with the funds from good run on a US health care ETF.Every portfolio should have some exposure to changing demographics/health care.This is part of my play.DL
