Assura

We have continued to deliver rental growth and have successfully concluded 133 rent reviews during the year to generate a weighted average annual rent increase of 1.20% (2015: 1.27%) on those properties. Our portfolio benefits from a 26% weighting in fixed and RPI uplifts which generated an average uplift of 1.93% during the year. The majority of our portfolio is subject to open market reviews and these have generated an average uplift of 0.69% during the year. We work very hard at developing and maintaining customer relationships. This approach is carried across the range of services we provide both during development and after completion, as a portfolio manager. We have a dedicated team of portfolio managers who are in regular communication with our customers and we monitor progress through regular customer satisfaction surveys. During the year we have successfully secured 13 new tenancies with an annual rent roll of £0.5 million covering 4,430 square metres. In addition we have significantly extended the lease on eight properties. Our EPRA Vacancy Rate was 3.0% (2015: 3.2%) which has decreased during the year reflecting the team's success with letting initiatives during the year. Our vacancy rate is extremely low due to the long nature of our leases and only developing buildings that are substantially pre-let. All of our vacant space, where not reserved as potential expansion space for the GP tenants, relates to areas of buildings for complementary services and letting this space remains a key focus for the current year.