2025 | ||
£m | ||
2024 | ||
£m | ||
Rental revenue | 173.1 | 148.7 |
Service charge income | 8.8 | 7.6 |
Other related income | 1.9 | 1.5 |
Gross rental and related income | 183.8 | 157.8 |
Finance income | ||
Bank and other interest | 1.7 | 2.1 |
Total revenue | 185.5 | 159.9 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Gross rental and related income | 183.8 | 157.8 |
Direct property expenses | (7.9) | (6.9) |
Service charge expenses | (8.8) | (7.6) |
Net rental income | 167.1 | 143.3 |
Note | |||
2025 | |||
£m | |||
2024 | |||
£m | |||
Wages and salaries | 5.8 | 4.9 | |
Social security costs | 1.0 | 0.8 | |
6.8 | 5.7 | ||
Auditor’s remuneration | 4(a) | 0.6 | 0.5 |
Directors’ remuneration and fees | 2.3 | 1.9 | |
Other administrative expenses | 4.7 | 5.1 | |
14.4 | 13.2 |
Key management staff (Executive Committee) | ||
2025 | ||
£m | ||
2024 | ||
£m | ||
Salaries, pension, holiday pay, payments in lieu of notice and bonus | 3.1 | 2.6 |
Cost of employee share-based incentives (including related social security costs) | 0.9 | 0.5 |
Social security costs | 0.5 | 0.4 |
4.5 | 3.5 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Fees payable to auditor for audit of Company’s annual accounts | 0.3 | 0.2 |
Fees payable to auditor for audit of Company’s subsidiaries | 0.3 | 0.3 |
Total audit fees | 0.6 | 0.5 |
Other assurance services (total non-audit fees to auditor) – half year review | – | – |
0.6 | 0.5 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Interest payable | 42.2 | 28.9 |
Interest capitalised on developments | (0.9) | (2.0) |
Amortisation of loan issue costs | 2.3 | 2.1 |
Interest on head lease liability | 0.3 | 0.2 |
Amount received on interest rate swap | (0.8) | – |
Refinancing costs | 0.7 | 0.1 |
Total finance costs | 43.8 | 29.3 |
Earnings | ||||
2025 | ||||
£m | ||||
EPRA | ||||
earnings | ||||
2025 | ||||
£m | ||||
Earnings | ||||
2024 | ||||
£m | ||||
EPRA | ||||
earnings | ||||
2024 | ||||
£m | ||||
Profit/(loss) for the year | 166.0 | 166.0 | (28.8) | (28.8) |
Revaluation (gain)/deficit | (57.9) | 131.5 | ||
Share of revaluation deficit from investments | 3.7 | 0.5 | ||
Gain on sale of property | (0.7) | (1.0) | ||
Refinancing fees | 0.7 | 0.1 | ||
EPRA earnings | 111.8 | 102.3 | ||
EPS – basic & diluted | 5.3p | (1.0p) | ||
EPRA EPS – basic & diluted | 3.5p | 3.4p |
2025 | 2024 | |
Weighted average number of shares in issue | 3,156,050,202 | 2,970,682,182 |
Potential dilutive impact of share options | 3,742,461 | 1,292,891 |
Diluted weighted average number of shares in issue | 3,159,792,663 | 2,971,975,073 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Basic earnings | 166.0 | (28.8) |
Adjustments to calculate headline earnings: | ||
Revaluation (gain)/deficit | (57.9) | 131.5 |
Share of revaluation losses from investments | 3.7 | 0.5 |
Gain on sale of property | (0.7) | (1.0) |
Headline earnings | 111.1 | 102.2 |
Basic & diluted earnings per share | 5.3p | (1.0)p |
Headline basic & diluted earnings per share | 3.5p | 3.4p |
2025 | ||||
£m | IFRS | EPRA NRV | EPRA NTA | EPRA NDV |
IFRS net assets | 1,642.4 | 1,642.4 | 1,642.4 | 1,642.4 |
Deferred tax | (0.7) | (0.7) | – | |
Fair value of debt | – | – | 168.8 | |
Fair value of financial instruments | 0.1 | 0.1 | – | |
Real estate transfer tax | 205.4 | – | – | |
EPRA adjusted NAV | 1,847.2 | 1,641.8 | 1,811.2 | |
Per Ordinary Share – basic | 50.5p | 56.8p | 50.5p | 55.7p |
– diluted | 50.5p | 56.8p | 50.4p | 55.7p |
2024 | ||||
£m | IFRS | EPRA NRV | EPR A NTA | EPRA NDV |
IFRS net assets | 1,473.1 | 1,473.1 | 1,473.1 | 1,473.1 |
Deferred tax | (0.6) | (0.6) | – | |
Fair value of debt | – | – | 176.7 | |
Real estate transfer tax | 171.3 | – | – | |
EPRA adjusted | 1,643.8 | 1,472.5 | 1,649.8 | |
Per Ordinary Share – basic | 49.4p | 55.1p | 49.3p | 55.3p |
– diluted | 49.3p | 55.0p | 49.3p | 55.2p |
2025 | 2024 | |
Number of shares in issue | 3,250,608,887 | 2,984,790,496 |
Potential dilutive impact of share options | 3,742,461 | 1,292,891 |
Diluted number of shares in issue | 3,254,351,348 | 2,986,083,387 |
Property investment companies | ||
Assura (SC1) Ltd1 | Assura PCP UK Ltd1 | Metro MRH Ltd1 |
Assura (SC2) Ltd1 | Assura Primary Care Properties Ltd1 | Metro MRI Ltd1 |
Assura Aspire Ltd1 | Assura Properties Ltd1 | Metro MRM Ltd1 |
Assura Aspire UK Ltd1 | Assura Properties UK Ltd1 | Newton Healthcare Ltd1 |
Assura GHC Ltd1 | Assura Trellech Ltd1 | Park Medical Services Ltd1 |
Assura HC Ltd1 | BHE (Heartlands) Ltd1 | PCC Investments (IE) Ltd (Ireland)1 |
Assura HC UK Ltd1 | BHE (St James) Ltd1 | Pentagon HS Ltd1 |
Assura Health Investments Ltd1 | Donnington Healthcare Ltd1 | Prospect Medical (Malvern) Ltd1 |
Assura Medical Centres Ltd1 | Haven Health (Portsmouth) Ltd1 | Rebourne Healthcare Ltd1 |
Assura P2 Ltd1 | Haven Health (Shirley) Ltd1 | SJM Developments Ltd1 |
Assura P3 Ltd1 | Jelmac (Primary Care) | |
Properties Limited1 | ||
Sunfair Properties Ltd1 | ||
Assura P4 Ltd1 | Malmesbury Medical Enterprise Ltd1 | Surgery Developments Ltd1 |
Assura P5 Ltd | 1 Medical Properties Limited1 | Trinity Medical Properties Ltd1 |
Assura P6 Ltd1 | Meridian Medical Services Ltd1 | Upton Community Health Care Ltd1 |
Holding or dormant companies | ||
Apollo Capital Projects | ||
Development Ltd1 | ||
GP Premises Ltd1 | NWI Lincoln Property Unit Trust | |
(Jersey)1 | ||
Assura (AHI) Ltd1 | Holywell House Ltd1 | NWI Lincoln Charitable Trust (Jersey)1 |
Assura Banbury Ltd1 | Lakeland Health Village Ltd | |
(Northern Ireland)1 | ||
NWI Lincoln Trustee Ltd (Jersey)1 | ||
Assura Beeston Ltd1 | Mapleoak Investments Ltd1 | NWI Salus Jersey 1 Ltd (Jersey)1 |
Assura CS Ltd1 | NWI Jersey Ltd (Jersey)1 | NWI Salus Jersey 3 Ltd (Jersey)1 |
Assura CVSK Ltd1 | NWI Aspen Jersey Ltd (Jersey)1 | NWI Salus Jersey LP (Jersey)1 |
Assura Financing plc1 | NWI Cavell Property Unit Trust (Jersey)1 | NWI Woking Ltd (Jersey)1 |
Assura Haven Health Ltd1 | NWI Cavell Charitable Trust (Jersey)1 | Oakcastle Investments (XXI) Ltd1 |
Assura IH Ltd | NWI Cavell Trustee Ltd (Jersey)1 | PCD Pembrokeshire Ltd1 |
Assura Investments Ltd1 | NWI Claremont Ltd (Jersey)1 | PCI Management Ltd1 |
Assura Management Services Ltd1 | NWI Cheshire Ltd1 | PH Investments (No 2) Limited1 |
Assura P1 Ltd1 | NWI Cheshire 2 Ltd (Jersey)1 | Prime Hereford Hub Ltd1 |
Assura Property Management Ltd1 | NWI Edinburgh Ltd (Jersey)1 | Primary Care Properties |
(Manchester) Ltd1 | ||
Assura Services Ltd1 | NWI Edgbaston 1 Ltd (Jersey)1 | Primeoak Investments Ltd1 |
Assura Solaris Ltd1 | NWI Edgbaston 2 Ltd (Jersey)1 | Ridge Medical Ltd1 |
Aspen Tower Propco 3 Ltd1 | ||
, | ||
| NWI Edgbaston Property Unit Trust | |
(Jersey)1 | ||
The 3P Development Ltd1 | ||
Broadfield Surgery Ltd1 | NWI Edgbaston Charitable Trust | |
(Jersey)1 | ||
Spark Property Investments Ltd1 | ||
Bicester HC Developments Ltd1 | NWI Edgbaston Trustee Ltd (Jersey)1 | SIPL Aurora Propco Ltd (Jersey)1 |
Community Ventures Windmill Ltd1 | NWI Huddersfield Property Unit Trust | |
(Jersey)1 | ||
Upton Medical Ltd1 | ||
Cheltenham Family Health | ||
Care Centre Ltd1 | ||
NWI Huddersfield Charitable Trust | ||
(Jersey)1 | ||
Whitton Property Limited1 | ||
Crescent Exchange Solutions | ||
Holdings Limited1 | ||
NWI Huddersfield Trustee Ltd (Jersey)1 | Xantaris Investments (March) Ltd1 | |
Destra Windmill Ltd1 | NWI Lancaster Property Unit Trust | |
(Jersey)1 | ||
Xantaris Investments (XXI) Ltd1 | ||
General Practice Investment | ||
Corporation Ltd1 | ||
NWI Lancaster Charitable Trust | ||
(Jersey)1 | ||
GP Premises Holdings Ltd1 | NWI Lancaster Trustee Ltd (Jersey)1 |
Country of registration | Registered address |
England | 3 Barrington Road, Altrincham, WA14 1GY |
Ireland | Floor 3, Block 3, Miesian Plaza, Dublin 2, D02 7754 |
Northern Ireland | 42 Queen Street, Belfast, Northern Ireland, BT1 6HL |
Jersey | 1st Floor, Liberation House, Castle Street, St Helier, Jersey, JE1 1GL |
2025 | ||
£m | ||
2024 | ||
£m | ||
Investment in joint ventures | 50.6 | 17.3 |
Other investments | 2.8 | 2.4 |
Equity accounted and other investments | 53.4 | 19.7 |
Name | Assura’s equity interest | JV partner |
Pennine Property Partnership LLP | 50% | Calderdale and Huddersfield NHS Foundation Trust |
Theia Investments LLP | 50% | Modality Partnership |
Health Properties LP | 20% | Universities Superannuation Scheme |
2025 | ||
£m | ||
2024 | ||
£m | ||
Cost | ||
At 1 April | 17.3 | 16.5 |
Additions | 35.8 | 0.9 |
Share of losses for the year | (2.1) | (0.1) |
Dividends received | (0.4) | – |
At 31 March | 50.6 | 17.3 |
Health | ||||
Properties LP | ||||
(20%) | ||||
£m | ||||
Other joint | ||||
ventures | ||||
(50%) | ||||
£m | ||||
Total | ||||
2025 | ||||
£m | ||||
Total Group | ||||
share | ||||
2025 | ||||
£m | ||||
Net rental income | 4.9 | 1.7 | 6.6 | 1.8 |
Administrative expense | (0.7) | (0.1) | (0.8) | (0.2) |
Net finance costs | – | (0.7) | (0.7) | (0.4) |
EPRA earnings | 4.2 | 0.9 | 5.1 | 1.2 |
Revaluation (deficit)/gain | (6.2) | 0.7 | (5.5) | (0.9) |
(Loss)/profit | (2.0) | 1.6 | (0.4) | 0.3 |
Assura share of (losses)/profit | (0.4) | 0.8 | 0.3 |
Health | ||||
Properties LP | ||||
(20%) | ||||
£m | ||||
Other joint | ||||
ventures | ||||
(50%) | ||||
£m | ||||
Total | ||||
2025 | ||||
£m | ||||
Total Group | ||||
share | ||||
2025 | ||||
£m | ||||
Non-current assets | 158.8 | 26.7 | 185.5 | 45.1 |
Current assets | 4.1 | 3.4 | 7. 5 | 2.5 |
Current liabilities | (4.2) | (0.6) | (4.8) | (1.1) |
Non-current liabilities | – | (16.4) | (16.4) | (8.2) |
Net assets | 158.7 | 13.1 | 171.8 | 38.3 |
Assura share of net assets | 31.7 | 6.6 | 38.3 | |
Loan advancements | – | 12.1 | 12.1 | |
Deferred consideration | 0.2 | – | 0.2 | |
Net investment | 31.9 | 18.7 | 50.6 |
Other joint | ||
ventures | ||
(50%) | ||
£m | ||
Total G roup | ||
share | ||
2024 | ||
£m | ||
Net rental income | 1.2 | 0.6 |
Net finance costs | (0.8) | (0.4) |
EPRA earnings | 0.4 | 0.2 |
Revaluation (deficit) | (0.6) | (0.3) |
(Loss)/profit | (0.2) | (0.1) |
Assura share of (losses)/profit | (0.1) |
Other joint | ||
ventures | ||
(50%) | ||
£m | ||
Total G roup | ||
share | ||
2024 | ||
£m | ||
Non-current assets | 26.0 | 13.0 |
Current assets | 2.4 | 1.2 |
Current liabilities | (0.6) | (0.3) |
Non-current liabilities | (16.2) | (8.1) |
Net assets | 11.6 | 5.8 |
Assura share of net assets | 5.8 | |
Loan advancements | 10.5 | |
Net investment | 16.3 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Cost | ||
At 1 April | 2.4 | 1.8 |
Additions | 0.9 | 0.8 |
Share of losses for the year | (0.4) | (0.2) |
Dividends received | (0.1) | – |
At 31 March | 2.8 | 2.4 |
2025 | 2024 | |||||
Investment | ||||||
£m | ||||||
IPUC | ||||||
£m | ||||||
Total | ||||||
£m | ||||||
Investment | ||||||
£m | ||||||
IPUC | ||||||
£m | ||||||
Total | ||||||
£m | ||||||
Opening market value | 2,658.6 | 49.7 | 2,708.3 | 2,685.0 | 53.0 | 2,738.0 |
Additions: | ||||||
– acquisitions | 505.5 | – | 505.5 | 17.7 | – | 17.7 |
– improvements | 11.4 | – | 11.4 | 11.1 | – | 11.1 |
516.9 | – | 516.9 | 28.8 | – | 28.8 | |
Development costs | – | 18.0 | 18.0 | – | 73.8 | 73.8 |
Transfers | 54.5 | (54.5) | – | 71.8 | (71.8) | – |
Transfer to assets held for sale | (17.7) | – | (17.7) | – | – | – |
Capitalised interest | – | 0.9 | 0.9 | – | 2.0 | 2.0 |
Disposals | (182.8) | (1.7) | (184.5) | (2.1) | (0.3) | (2.4) |
Foreign exchange loss | (0.6) | (0.1) | (0.7) | (0.4) | – | (0.4) |
Unrealised gain/(deficit) on revaluation | 60.4 | (2.5) | 57.9 | (124.5) | (7.0) | (131.5) |
Closing fair value of investment property | 3,089.3 | 9.8 | 3,099.1 | 2,658.6 | 49.7 | 2,708.3 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Market value of investment property as estimated by valuer | 3,083.9 | 2,652.1 |
Add IPUC | 9.8 | 49.7 |
Add capitalised lease premiums and rental payments | 0.1 | 0.7 |
Add head lease obligations recognised separately | 5.3 | 5.8 |
Fair value for financial reporting purposes | 3,099.1 | 2,708.3 |
Completed investment property held for sale | 16.8 | – |
Land held for sale | 1.3 | 0.4 |
Total property assets | 3,117.2 | 2,708.7 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Investment property | 3,083.9 | 2,652.1 |
Investment property held for sale | 16.8 | – |
Total completed investment property | 3,100.7 | 2,652.1 |
31 Mar | |
2025 | |
£m | |
Assets held for sale at 1 April 2024 | 0.4 |
Transfers from investment property | 17.7 |
Assets held for sale at 31 March 2025 | 18.1 |
2025 | |
£m | |
At 1 April | 9.5 |
Additions during the period | 2.8 |
Transfers | (2.3) |
At 31 March | 10.0 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Cash held in current account | 55.3 | 33.2 |
Restricted cash | 2.8 | 2.2 |
58.1 | 35.4 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Trade receivables | 22.3 | 20.7 |
Accrued income | 8.4 | 6.4 |
Prepayments | 0.6 | 2.4 |
Other debtors | 9.6 | 7.8 |
40.9 | 37. 3 |
Total | |||||
£m | |||||
Neither past due | |||||
nor impaired | |||||
£m | |||||
Past due but not impaired | |||||
>30 days | |||||
£m | |||||
>60 days | |||||
£m | |||||
>90 days | |||||
£m | |||||
2025 | 22.3 | 13.5 | 1.9 | 0.6 | 6.3 |
2024 | 20.7 | 14.2 | 1.4 | 0.4 | 4.7 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Trade creditors | 2.0 | 1.7 |
Other creditors and accruals | 51.7 | 44.3 |
VAT creditor | 4.8 | 3.9 |
58.5 | 49.9 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Current | 0.1 | 0.3 |
Non-current | 5.2 | 5.6 |
5.3 | 5.9 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Arising from rental received in advance | 31.2 | 31.5 |
Arising from pharmacy lease premiums received in advance | 4.3 | 4.9 |
35.5 | 36.4 | |
Current | 31.7 | 32.2 |
Non-current | 3.8 | 4.2 |
35.5 | 36.4 |
2025 | ||
£m | ||
2024 | ||
£m | ||
At 1 April | 1,246.9 | 1,246.4 |
Amount drawn down in year | 386.0 | – |
Amount repaid in year | (94.0) | – |
Loan issue costs | (1.6) | (1.6) |
Amortisation of loan issue costs | 2.3 | 2.1 |
At 31 March | 1,539.6 | 1,246.9 |
Due within one year | 70.0 | – |
Due after more than one year | 1,469.6 | 1,246.9 |
At 31 March | 1,539.6 | 1,246.9 |
Number of | ||||
shares | ||||
2025 | ||||
Share capital | ||||
2025 | ||||
£m | ||||
Number of | ||||
shares | ||||
2024 | ||||
Share capital | ||||
2024 | ||||
£m | ||||
Ordinary Shares of 10 pence each issued | ||||
and fully paid | ||||
At 1 April | 2,984,790,496 | 298.5 | 2,960,594,138 | 296.1 |
Issued 12 April 2023 – scrip | – | – | 3,053,978 | 0.3 |
Issued 12 July 2023 | – | – | 287,241 | – |
Issued 12 July 2023 – scrip | – | – | 1,376,254 | 0.1 |
Issued 11 October 2023 – scrip | – | – | 6,281,654 | 0.7 |
Issued 10 January 2024 – scrip | – | – | 13,197,231 | 1.3 |
Issued 10 April 2024 – scrip | 4,663,894 | 0.5 | – | – |
Issued 10 July 2024 – scrip | 945,664 | 0.1 | ||
– | – | |||
Issued 10 July 2024 | 1,252,928 | 0.1 | – | – |
Issued 8 August 2024 | 245,298,262 | 24.5 | – | – |
Issued 9 October 2024 – scrip | 13,657,643 | 1.4 | – | – |
Total share capital | 3,250,608,887 | 325.1 | 2,984,790,496 | 298.5 |
Payment date | Pence per share | |||
Number of | ||||
Ordinary Shares | ||||
2025 | ||||
£m | ||||
2024 | ||||
£m | ||||
12 April 2023 | 0.78 | 2,960,594,138 | – | 23.1 |
12 July 2023 | 0.82 | 2,963,935,357 | – | 24.3 |
11 October 2023 | 0.82 | 2,965,311,611 | – | 24.3 |
10 January 2024 | 0.82 | 2,971,593,265 | – | 24.4 |
10 April 2024 | 0.82 | 2,984,790,496 | 24.5 | – |
10 July 2024 | 0.84 | 2,989,454,390 | 25.1 | – |
09 October 2024 | 0.84 | 3,236,951,244 | 27.2 | – |
15 January 2025 | 0.84 | 3,250,608,887 | 27.3 | – |
104.1 | 96.1 |
Options outstanding at 1 April 2024 | 6,925,909 |
Options issued during the year | 3,765,367 |
Options exercised during the year | (683,749) |
Options lapsed during the year | (1,014,069) |
Options outstanding at 31 March 2025 | 8,993,458 |
2025 | 2024 | |
Expected share price volatility (%) | 24 | 22 |
Risk free interest rate (%) | 3.67 | 5.30 |
Expected life units (years) | 3 | 3 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Reconciliation of net loss before taxation to net cash inflow | ||
from operating activities: | ||
Net profit/(loss) before taxation | 166.0 | (28.7) |
Adjustments for: | ||
Increase in debtors | (3.0) | (4.3) |
(Decrease)/increase in creditors | (0.6) | 3.7 |
Revaluation (surplus)/deficit | (57.9) | 131.5 |
Interest capitalised on developments | (0.9) | (2.0) |
Gain/(loss) on disposal of properties | 0.7 | (1.0) |
Depreciation | 0.3 | 0.3 |
Employee share-based incentive costs | 0.7 | 0.5 |
Share of loss from investments | 2.9 | 0.3 |
Amortisation of loan issue costs | 2.3 | 2.1 |
Net cash inflow from operating activities | 110.5 | 102.5 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Profit/(loss) before taxation | 166.0 | (28.7) |
UK income tax at rate of 25% (2024: 25%) | 41.5 | (7.2) |
Effects of: | ||
Non-taxable income (including REIT exempt income) | (41.5) | 7.2 |
Movement in unrecognised deferred tax | 0.1 | – |
Irish corporation tax | (0.1) | (0.1) |
– | (0.1) |
2025 | ||
£m | ||
2024 | ||
£m | ||
At 1 April | 0.6 | 0.6 |
Income statement movement | 0.1 | – |
At 31 March | 0.7 | 0.6 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Tax losses | 208.0 | 208.0 |
Other timing differences | – | 1.1 |
208.0 | 209.1 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Tax losses | 52.0 | 52.0 |
Other timing differences | – | 0.3 |
52.0 | 52.3 |
On | ||||||
demand | ||||||
£m | ||||||
Less than | ||||||
3 months | ||||||
£m | ||||||
3 to 12 | ||||||
months | ||||||
£m | ||||||
1 to 5 | ||||||
years | ||||||
£m | ||||||
>5 years | ||||||
£m | ||||||
Total | ||||||
£m | ||||||
Non-cancellable leases | – | 44.5 | 133.5 | 641.3 | 1,684.1 | 2,503.4 |
Trade and other receivables | – | 40.9 | – | – | – | 40.9 |
– | 85.4 | 133.5 | 641.3 | 1,684.1 | 2,544.3 |
Receivables as at 31 March 2024 | ||||||
On | ||||||
demand | ||||||
£m | ||||||
Less than | ||||||
3 months | ||||||
£m | ||||||
3 to 12 | ||||||
months | ||||||
£m | ||||||
1 to 5 | ||||||
years | ||||||
£m | ||||||
>5 years | ||||||
£m | ||||||
Total | ||||||
£m | ||||||
Non-cancellable leases | – | 36.7 | 110.2 | 532.1 | 1,078.3 | 1,757.3 |
Trade and other receivables | – | 37.3 | – | – | – | 37.3 |
– | 74.0 | 110.2 | 532.1 | 1,078.3 | 1,794.6 |
Payables as at 31 March 2025 | ||||||
On | ||||||
demand | ||||||
£m | ||||||
Less than | ||||||
3 months | ||||||
£m | ||||||
3 to 12 | ||||||
months | ||||||
£m | ||||||
1 to 5 | ||||||
years | ||||||
£m | ||||||
>5 years | ||||||
£m | ||||||
Total | ||||||
£m | ||||||
Non-derivative financial liabilities: | ||||||
Interest bearing loans and borrowings | – | 7.2 | 91.5 | 616.6 | 722.9 | 1,438.2 |
Trade and other payables | – | 45.1 | 13.5 | 0.6 | 4.6 | 63.9 |
Total financial liabilities | – | 52.3 | 105.1 | 617.2 | 727.5 | 1,502.1 |
Payables as at 31 March 2024 | ||||||
On | ||||||
demand | ||||||
£m | ||||||
Less than | ||||||
3 months | ||||||
£m | ||||||
3 to 12 | ||||||
months | ||||||
£m | ||||||
1 to 5 | ||||||
years | ||||||
£m | ||||||
>5 years | ||||||
£m | ||||||
Total | ||||||
£m | ||||||
Non-derivative financial liabilities: | ||||||
Interest bearing loans and borrowings | – | 7.2 | 21.5 | 640.7 | 744.2 | 1,413.6 |
Trade and other payables | – | 38.5 | 11.7 | 1.1 | 4.5 | 55.8 |
Total financial liabilities | – | 45.7 | 33.2 | 641.8 | 748.7 | 1,469.4 |
Within | ||||
1 year | ||||
£m | ||||
1 to 5 | ||||
years | ||||
£m | ||||
>5 years | ||||
£m | ||||
Total | ||||
£m | ||||
Floating rate asset | ||||
Cash, cash equivalents and restricted cash | 58.1 | – | – | 58.1 |
Liabilities (fixed rate unless stated) | ||||
Long-term loans: | ||||
Private placements | (70.0) | (227.0) | (60.0) | (357.0) |
Bank loans | – | (266.0) | – | (266.0) |
Unsecured bonds | – | (300.0) | (600.0) | (900.0) |
Payments due under finance leases | (0.1) | (1.2) | (4.0) | (5.3) |
Within | ||||
1 year | ||||
£m | ||||
1 to 5 | ||||
years | ||||
£m | ||||
>5 years | ||||
£m | ||||
Total | ||||
£m | ||||
Floating rate asset | ||||
Cash, cash equivalents and restricted cash | 35.4 | – | – | 35.4 |
Liabilities (fixed rate unless stated) | ||||
Long-term loans: | ||||
Private placements | – | (250.0) | (107.0) | (357.0) |
Unsecured bonds | – | (300.0) | (600.0) | (900.0) |
Payments due under finance leases | (0.3) | (1.1) | (4.5) | (5.9) |
Book value | Fair value | |||
2025 | ||||
£m | ||||
2024 | ||||
£m | ||||
2025 | ||||
£m | ||||
2024 | ||||
£m | ||||
Long-term loans – fair value hierarchy Level 1 | 900.0 | 900.0 | 758.7 | 744.1 |
– fair value hierarchy Level 2 | 357.0 | 357.0 | 324.5 | 330.8 |
– other | 292.0 | – | 292.0 | – |
Cash, cash equivalents and restricted cash | 58.1 | 35.4 | 58.1 | 35.4 |
Payments due under head leases | 5.3 | 5.9 | 5.3 | 5.9 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Investment property | 3,089.3 | 2,658.6 |
Investment property under construction | 9.7 | 49.7 |
Investments | 53.4 | 19.7 |
Held for sale | 18.1 | 0.4 |
Total property | 3,170.5 | 2,708.7 |
2025 | ||
£m | ||
2024 | ||
£m | ||
Borrowings | 1,539.6 | 1,246.9 |
Head lease liabilities | 5.3 | 5.9 |
Cash, cash equivalents and restricted cash | (58.1) | (35.4) |
Net debt | 1,486.8 | 1,217.4 |
LTV | 47% | 45% |