Good morning, everyone, and thank you for joining us to hear about the private hospitals acquisition that we announced this morning. Jayne and I will take you through the key highlights of the deal before leaving plenty of time for questions. We are delighted to be presenting to you today on an important step forward in the delivery of our strategy. We have acquired a high-quality portfolio of private hospitals with secure long-term income and good growth prospects. We have achieved a good entry price ahead of what we believe will be an improving property market cycle as interest rates come down. From a strategic perspective, we have secured a material opportunity in a highly attractive sector and strengthened our competitive position within it. From a financial perspective, the deal is earnings enhancing from the first full year of ownership. We are pleased to have financed the deal with GBP 100 million of equity support from the vendor, a well-priced new debt facility, and a firm commitment to capital recycling to fund the balance. Now, let me take you through the transaction in more detail. We have acquired the entire UK portfolio of 14 assets from the Canadian Healthcare REIT NorthWest at a headline price of GBP 500 million. This portfolio is complementary to our own and brings with it high quality, long-term, and growing cash flows, a lease length of 26 years, and annual rental indexation. These fully operational private hospitals give us exposure at scale to a structurally supported and growing market. With their diversified tenant mix and strong rent cover, these assets provide key clinical services in their localities, with an NHS focus in the regions and PMI and self-pay focus in London. We have secured these assets at an attractive price of GBP 500 million, offering an initial yield on cost of 5.9% and providing good prospects for asset value growth. These assets all provide essential capacity to their local health economies, supporting both NHS and private patients. They are run by some of the largest private hospital operators with sizable UK businesses. They are performing strongly and contributing to improving rent cover across the portfolio. The portfolio benefits from a 64% weighting to the London market, with its high levels of both self-pay and insured customers. This provides a solid base for further growth in rental income, given annual indexation and asset values. The portfolio has a WALT of 26 years. The indexation provides certainty of income growth with a cap of 4% and a collar of 1%. The benefits of this are reflected in the current ERV, with an immediate 3% growth in rental income at the next review date. The acquisition also provides scale in an important and growing market for Assura and represents further progress in our strategy to diversify into new healthcare markets. As we explained at our Capital Markets Day in February, the private hospital market represents a structurally supported growth opportunity. In the short term, this is driven by the demand derived from increasing NHS waiting lists. In the longer term, the state of healthcare infrastructure in this country, the shift in demographics, and the increasing acuity and complexity of our health challenges requires a multi-billion-pound investment. This can realistically only be funded through the joint efforts of the NHS and the private sector. Given this background, the private sector has a key role to play in providing additional capacity to ease local pressures. For those of you who attended the Capital Markets Day, you also would have seen firsthand how the private sector can fund investment in technology and equipment that the NHS simply cannot afford. We see these established trends providing a strong underpin for sustainable growth across the three key private healthcare strands, namely private medical insurance, self-pay, and NHS-referred services. As well as aligning with our overall portfolio strategy, the acquisition also strengthens our position within the private hospital market. As you can see on the slide, Assura now has a well-diversified portfolio of hospitals across all of the largest UK players, which is unique in the market. This provides us with diversification by tenant, geography, and market segment. It also allows us to bring our experience of more than 20 years of delivering high-quality healthcare buildings to all of the leading U.K. players, and to support them in managing, improving, and developing these essential assets to deliver future growth. We believe the market opportunity is significant, and Assura is now best placed to develop these relationships, and so secure the opportunities to support the growing demand for private healthcare services. To put this transaction in context, I wanted to return to this slide, which we shared for the first time at our Capital Markets Day in February. This shows the rationale for our diversification strategy and why we see attractive returns in the four new sectors on the right-hand side of the chart.... The strong underlying drivers in demand enable occupiers to commit to very long leases across these markets, with most in the 25- to 30-year range. Income growth is therefore assured and typically comes with contractual indexation. The quality of that income is also high, with direct government income across many of these segments. Where income is from private operators, it is supported by robust UK businesses, meeting growing demand, driven by increasing NHS waiting lists. Therefore, there is an essential long-term health demand for these sites, in addition to their financial covenant. Taken together, the four sectors offer significant growth prospects and excellent risk-adjusted returns. So now I'd like to hand over to Jayne to take you through the details of the transaction and the financing we have put in place. Jayne? Thank you, Jonathan. The acquisition of this portfolio has a number of benefits for the Assura investment proposition. Let me start with the WALT. The weighted average unexpired lease term will increase from 10.8 years at our last year end to 13 years as a result of the average lease length on the new portfolio being 26 years. As you can see on the left-hand chart, there is a reduction in the percentage of rent coming from the NHS and GPs, from 79% back in March to 66% post-completion. There is a corresponding increase in rent from the private hospitals as we take advantage of the changing shape of the healthcare sector, as private operators help fulfill the needs of patients across the country. The right-hand chart shows the shift in rent profile, with open market rents reducing to 51% of the overall portfolio, and index-linked and fixed and other uplift rents increasing to 49%. Some 22% of the portfolio is now subject to annual indexed uplifts, up from 7% previously. This boosts continual rental and cash flow growth for the business. This transaction has been funded from a variety of sources. GBP 100 million pounds of consideration shares have been issued to NorthWest, with these shares priced on a 30-day VWAP basis, with a 6-month lock-in period. We have taken on a new GBP 266 million pound unsecured term loan from Barclays to repay NorthWest secured debt on favorable terms, and I will give you more details shortly. The balance of GBP 134 million is being paid from cash and a drawdown on our revolving credit facility. I set out the financial effects as regards to the balance sheet on this next slide. On a pro forma basis, our property portfolio will stand at GBP 3.2 billion. I should point out that this pro forma includes the US S JV and the new private hospital assets at the GBP 500 million purchase price. The issue of the consideration shares strikes a balance between keeping our LTV within our 40%-50% guidance range and limiting dilution, so that the transaction is marginally earnings enhancing in the first full year. We intend to bring the pro forma LTV of 48% down to below 45%, as well as reducing net debt to EBITDA to under 9x within 18-24 months. We will do this through careful disposals and third-party capital. We are confident that this is achievable within the stated timeframe. The consideration share issue is marginally diluted to NTA by 0.6 pence per share. But I would point out that the most recent valuation of the acquired assets would mean that the gain would offset the NTA dilution. This slide provides more detail on the debt terms and financing. As I mentioned, we have put in place a new term loan for GBP 266 million, supported by Barclays at a 110 basis point margin over SONIA. This will initially run for 2 years, but there is an option to extend for up to a further 2 years, and we intend to hedge this loan shortly and expect to fix the rate at around 4%. We have drawn GBP 80 million on our revolving credit facility, and this will be repaid as we deliver on our disposal program. The weighted average maturity on our debt has decreased slightly to 5.3 years, and our weighted average cost of debt has increased to 2.99%, which is still one of the lowest in the sector. One of the key questions is around our A-minus credit rating, which we have held since 2018. We have had full engagement with Fitch and will report on that in due course. Here we are showing the pro forma of this transaction on the income statement using the March 2024 numbers. Net rental income increases from GBP 143.3 million to GBP 172.7 million, as the day one acquired rent roll of GBP 29.4 million flows through. All of the acquired properties are on a FRI basis, and therefore, there are no property costs for us to consider. Additional overheads are estimated at around GBP 800,000, and we expect to reduce this number as we make some changes to the corporate structure. In addition, our EPRA cost ratio is expected to fall to around 12%. Additional financing costs of GBP 19 million reflect the new facility and the RCF drawdown at expected hedge rates. All of this results in an increase of GBP 10 million to our EPRA profits. At an EPS level, we expect the acquisition to be accretive in the first full year, with a growing contribution thereafter. Overall, from my perspective, we have been able to make a significant strategic step forward with the acquisition of high-quality assets. At the same time, it is immediately accretive to earnings, and our dividend policy is unchanged. Meanwhile, the financing of the transaction demonstrates how Assura today has access to a wide range of funding options. And with that, let me hand you back to Jonathan. Thank you, Jayne. We are pleased to be able to announce this acquisition of high-quality private hospital portfolio at an attractive price, with growing and secure long-term income, supported by structural demand growth. We believe that this acquisition represents an exciting opportunity for us to further diversify into the private hospital market, whilst also strengthening our competitive position within this market by building relationships with more of the leading healthcare providers. The acquisition is both earnings enhancing in the short term and also supportive of our long-term growth ambitions. Our financial strength has enabled us to achieve attractive terms on a new facility and will be supported by capital recycling. Our progressive dividend policy remains unchanged. In summary, we have secured an attractive private hospital portfolio at a good price, at the right time in the cycle, and have financed this efficiently. This move is fully in line with our strategy to become a diversified healthcare REIT. Now, we will be pleased to take any questions you may have.
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