Warrington-based healthcare real estate investment trust (REIT) Assura plc said on Tuesday its rent roll grew 2% to £104.4 million and net rental income rose 10% to £50.6 million in the six months to September 30, 2019.

Profit before tax was down 3% to £36.4 million “due to lower revaluation gains” and the fund’s portfolio value rose 3% to £2.039 billion driven by acquisitions and developments.

Assura said its pipeline of properties on site or in legal hands rose to £206 million, up from £142 million at year end.

Shares of Assura have risen about 33% over the past year to give it a current stock market value of around £1.7 billion.

Assura CEO Jonathan Murphy said: “Assura has today delivered another strong performance, driven by new developments and carefully selected acquisitions.

“We have again made good progress with our key operational metrics, reporting 10% growth in net rental income, maintaining our focus on asset enhancement, selective strategic acquisitions and disposals.

“Our pipeline is the strongest it has been in 10 years, enhanced by the acquisition of GPI, which has created fresh opportunities for Assura.  

“The UK’s primary care infrastructure continues to be in immediate need of modernisation which will ease the significant strain on NHS services.

“We remain well-positioned to be the NHS’s partner of choice, bringing a long-term approach to both investing and developing with an unrivalled team, capital strength and quality of service.”