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MedicX Fund

Signs of rental growth

Update | Property | 31 May 2017

MedicX Fund's (MXF, MedicX) H117 results show a higher level of investment than we had assumed, with Irish acquisitions funded from equity issuance at a substantial premium to NAV. This, together with continued yield compression, has increased EPRA NAV to 74.4p per share, above our forecasts, while slightly diluting EPRA EPS, and therefore reducing dividend cover. The dividend has been increased and MXF expects to pay 6p in respect of 2017, equating to a yield of 6.7% on the current share price, supported by highly secure, long-term income derived mainly from government sources.

MedicX Fund

Positioning for continuing growth

Update | Property | 30 May 2018

H118 results from MedicX Fund saw continued portfolio and rental growth, with costs well controlled. The positive results were accompanied by a new dividend policy, which will rebalance total returns partly away from dividends paid and more towards capital growth. From FY19 it targets a lower, fully covered DPS, conserving cash flow and providing greater flexibility to sustainably fund further accretive asset growth. The FY19 prospective dividend yield of c 5% remains attractive and the shares are priced at a c 10% P/NAV discount to peers.

MedicX Fund

Income and capital growth continuing

Update | Property | 15 Feb 2018

MedicX Fund produced a 3.9% EPRA NAV total return in the three months ended 31 December 2017, with EPRA NAV per share increasing to 78.0p from 76.5p, and including the 1.50p dividend per share paid in the period. A quarterly dividend of 1.51p per share has been approved for payment in March and the fund still targets an aggregate 6.04p payout for the year to 30 September 2018. Capital commitments continued in the period and the pipeline of acquisition opportunities remains strong. While investment advisor fees remain frozen, asset growth should have a geared impact on earnings, contributing towards increased dividend cover.

MedicX Fund

Strong investment pipeline to continue progress

Outlook | Property | 19 Dec 2017

FY17 saw steady underlying growth in the investment portfolio and recurring earnings. Overall returns were further enhanced by positive revaluation movements reflecting continued tightening in market yields. Investment in development schemes had a limited impact on earnings in FY17 but completions and continuing acquisitions from a strong pipeline offer good growth prospects. The dividend has been increased and MedicX Fund (MXF) expects to pay 6.04p in respect of FY18, a yield of 7.1%, supported by growing highly secure, long-term income derived mainly from government sources.

MedicX Fund

Attractive income

Update | Property | 30 Aug 2017

MedicX Fund Limited’s portfolio of primary healthcare assets is effectively fully let with 89% of rents paid directly or indirectly by the UK and Irish governments. These have a weighted average unexpired lease term of more than 14 years, providing a secure and predictable income stream that supports a 6.7% dividend yield, which we expect to be 59% covered by EPRA earnings (excluding non-cash profits) in FY17e, rising to 64% in FY18e. A recent NAV update showed that yields in the sector continue to fall, contributing to positive valuation gains on top of dependable rents.

MedicX Fund

A year of solid progress

Outlook | Property | 15 Dec 2016

MedicX Fund's (MXF) FY16 results show progress on several key measures including adjusted EPS, EPRA NAV, DPS and dividend cover: EPRA NAV total return for the year was 11.8%. The portfolio was expanded while the cost of debt remained unchanged and its maturity is still closely matched to unexpired lease lengths. A change of the advisory agreement will reduce future incremental fees and the board is examining the benefits of converting the fund to a REIT. We have slightly adjusted our FY17 estimates to take account of better-than-expected performance in FY16 and expected future yield compression, and extended these into FY18.

MedicX Fund

More Irish expansion

Update | Property | 11 Aug 2016

Continuing yield compression generated additional valuation gains in Q3, while selective acquisitions continue at MedicX. The EU referendum result has no impact on the fundamental drivers of primary care and we doubt that the political will to deliver healthcare reforms will be dented. As a long-term investor in a broad portfolio of modern primary care properties, MedicX Fund has very secure, long-term cash flows to support the c 6.7% progressive dividend yield, while portfolio growth is increasing dividend cover. Lease duration is long and quasi-government backed, while debt is of similar duration with the cost fixed (gearing of 52.3% at 31 March 2016).

MedicX Fund

Continuing to find opportunities

Update | Property | 07 Jun 2016

In H116 MedicX Fund continued to selectively add assets, despite a highly competitive UK investment market, and it maintains a strong investment pipeline in both the UK and Republic of Ireland. Profit progression during the period was limited by the time between drawing on funding and income generation from investment; as this unwinds, earnings growth should pick up, supported by the new management fee structure. As a long-term investor in modern primary care properties in the UK and the Republic of Ireland, the fund should benefit from growing demand to meet healthcare needs. Leases are long, substantially government backed, and funded by fixed rate debt (c 52% LTV) of similar duration, underpinning secure cash flows to support the 6.8% prospective yield.

MedicX Fund

Rent roll and NAV progress

Update | Property | 18 Feb 2016

Further property acquisitions and continued yield compression has seen the Fund's rent roll and NAV per share continue to increase in Q116. The recent FY15 results showed strong underlying profit growth with operational gearing on target. A revised management fee will limit cost increases going forward. MXF is a long-term investor in a portfolio of modern primary care properties in the UK and the Republic of Ireland on long, quasi government-backed leases. Similar duration fixed-rate debt at modest (c 50%) gearing underpins secure cash flows to support the c 7% prospective yield.

MedicX Fund

Strong valuation gains continue in Q2

Update | Property | 06 Aug 2015

Strong valuation gains, primarily the result of further yield contraction, have continued in Q2. Adjusted NAV has increased despite continuing dividend distributions. Asset growth appears consistent with our estimates and our underlying forecasts (excluding valuation gains) are unchanged. NHS planning suggests good growth prospects for the primary care property sector, and MedicX Fund offers a low-risk approach; it is neither developer nor operator but a long-term investor. A broad portfolio of modern primary care properties, long, quasi government-backed leases, and similar duration fixed-rate debt with modest (c 50%) gearing, provide secure cash flows to support the greater than 7% prospective yield.

MedicX Fund

No surprises with interim results

Update | Property | 08 Jun 2015

NHS planning suggests good growth prospects for the primary care property sector, and the election result suggests policy continuity. MedicX Fund offers a low-risk approach; it is neither developer nor operator but a long-term investor. A broad portfolio of modern primary care properties, long, quasi government-backed, leases, and similar duration fixed-rate debt with modest (c 50%) gearing, provide secure cash flows to support the c 7.2% prospective yield. Interim results show earnings growth on track with dividend cover building.

MedicX Fund

Q1 NAV update shows strong valuation gains

Update | Property | 20 Feb 2015

The 7.0% prospective yield on MedicX shares is supported by secure cash flows on a broad portfolio of modern primary care properties, on long leases, with quasi-government backing. Existing debt is fixed at c 4.5%, with similarly long duration, and the Fund is negotiating new debt on recently improved terms. Growth prospects for the primary care sector are strong and the spread over funding costs remains attractive despite some yield compression, making acquisitions more expensive, but also driving valuation gains (£9.1m in Q115 alone). Q1 asset and rent growth are consistent with our expectations and the pipeline of new investment opportunities remains strong.