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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Medicx Fund | MXF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 96.40 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 96.40 | 96.40 |
| Top Posts |
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Posted at 11/12/2018 09:13 by skinny BUILDING A BRIGHTER FUTURE FOR PRIMARY HEALTHCARE INVESTMENTMedicX Fund is a leading investor in modern purpose-built primary healthcare properties. Our investment supports the transformation of the primary healthcare estate in the United Kingdom and Republic of Ireland. FINANCIAL HIGHLIGHTS AND KEY ACHIEVEMENTS Another year of strong performance, reflecting progress and achieving notable milestones. FINANCIAL RESULTS · 11.4% increase in EPRA13 earnings per Ordinary Share, from 3.5p per share to 3.9p per share; · 14.8% total return on EPRA NAV2 for the financial year (2017: 12.7%); · 6.9% increase in EPRA NAV per share, from 76.5p per share to 81.8 pence per share; · Continued increase in rent receivable, up 8.6% to £40.3 million (2017: £37.1 million); · Profit before tax was £49.1 million for the year; 47.4% higher than 2017 (£33.3 million); · 10.0% increase in annualised rent roll1,14 from £40.0 million to £44.0 million; · 89.4% (2017: 89.7%) of rent roll was directly from or reimbursed by the NHS11, Irish GPs or HSE12; · EPRA cost ratios reduced year on year to 18.4% from 19.8% with the investment adviser fee reduction due to reduce this further; and · Independent expert determination of March 2015 rent review at Clapham increase of 35% (equating to a compounded 10.54% per annum increase over the applicable 3 year rent review period). INVESTMENTS · 18.6% increase in the value of the property portfolio to £806.7 million1,4. This is as a result of £99.2 million of capital investment to acquire standing let properties and fund developments through forward funding schemes, less £5.3 million of disposals and a £32.3 million net valuation gain; · Net Initial Yield of UK assets 4.85% at 30 September 2018 (2017: 5.08%); · £80.3 million of new committed investments in UK and Republic of Ireland, since 1 October 2017, with a weighted average cash yield of 4.63% together with the acquisition of three sites for £5.3 million in anticipation of new schemes; · Competed £63.8 million corporate portfolio acquisition of 12 fully let primary care centres with 10 of the properties having an average age of 5.5 years, WAULT of 14.2 years and an average lot size of £5.3m; and · Strong pipeline of approximately £144 million (2017: £175 million) of further acquisition opportunities including projects with a value of £69 million in solicitors' hands1 (2017: £100 million). INVESTMENT ADVISER FEE REDUCTION · The Investment Adviser has agreed a reduction in its fees to reflect the change in the Company's dividend policy and to reduce its costs. Effective from 1 October 2018, the performance fee was abolished, and the investment adviser fee will be £0.5 million per annum lower until the portfolio reaches £1 billion with tapering savings between £1 billion and £1.25 billion. This immediately increases next year's earnings by 0.113 pence per share. CAPITAL MANAGEMENT · Quarterly dividend of 1.51p per share announced on 1 November 20185; total dividends of 6.04p per Ordinary Share for the year or 7.4% dividend yield on a share price of 82.0 pence per share at 30 September 20186 (2017: total dividends of 6.0p per Ordinary Share; 6.6% dividend yield); · Total drawn debt facilities of £446.1 million1 with a weighted average fixed rate cost of debt of 4.26% and an average unexpired term of 12.3 years, compared with 4.29% and 12.7 years for the prior year; and · Net debt of £430.0 million equating to 52.6% adjusted gearing at 30 September 2018 (30 September 2017: £340.7 million; 49.5%)1,7. UPDATE ON DIVIDEND POLICY As announced in May 2018, the Company intends to declare a fully covered dividend for the 2019 financial year onwards. This new policy of paying a fully covered dividend is intended to free up additional funds for the Group to invest in attractive opportunities, and enable it to deliver superior capital growth over time from a sector which continues to demonstrate attractive growth prospects. Going forward, the Company intends to continue to pay shareholders the dividend on a quarterly basis, in March, June, September and December of each financial year and on a growing covered basis. Subject to unforeseen circumstances and based on the current performance, the Directors are targeting dividends of 3.80p per share for the financial year ended 30 September 2019. more..... |
Posted at 25/5/2018 16:13 by davebowler CitywireTurning to our list of fallers this week, healthcare property company Medicx (MXF) made a splash, tumbling over 8% after saying it would cut its dividend next year having consulted with shareholders. The shares have yielded over 7% for some time but with the dividends covered only 61.5% by earnings in the half-year to March, the board has agreed it would be wise to move to a fully covered dividend in 2019, which could see payouts fall to 3.5p from the 6.04p expected this year. It is thought this should broaden Medicx's appeal to investors. Winterflood Securities agreed, saying a prospective covered yield of 4.5% was attractive and the shares gained ground to close 6% down for the week. Like some other alternative income trusts, Medicx shares have de-rated sharply in the past year from a 23% premium to just 6% last week. This week's fall leaves them 2% below NAV, their first discount in 10 years that leaves them with a Z-score of -1.9. |
Posted at 22/5/2018 07:43 by speedsgh Interim Results accompanied by a significant change to the company's dividend policy. Move to a fully covered dividend as of FY19. Company forecasts no change to the shareholders' total return but a rebalancing of the return between income & capital growth. Based on Interim Results annualised full year dividend would have been 3.5p. Commitment to pay previously announced full year dividend of 6.04p in FY18 i.e. quarterly payments of 1.51p at end of Jun/Sep/Dec. Company says main shareholders are supportive.Rebasing of the dividend wef FY19 will represent a reduction of c40% on the current annual dividend. Likely to lead to some volatility in the short/medium term as various funds reallocate holdings? Interim Results - ... Since MedicX was formed in 2006, primary healthcare has become a firmly established asset class for institutional capital, demonstrating consistently attractive returns, with a benchmark ten year track record of 9.4% per annum total return1. Over that same period, UK yields have tightened and are now around 4.25 - 4.75%2, considerably lower than those of approximately 6.0% available when MedicX was formed. Looking ahead, we expect competition for assets to remain strong with yields remaining at these new levels. There are signs of rents beginning to increase on new schemes as a consequence of both rising land costs and higher build costs. The macro environment is not unique to MedicX and the increased market focus on dividend cover for those companies with real illiquid assets was the backdrop for our recent strategic review by the Board. At this review we considered a wide range of matters to ensure the Company's long term sustainable growth, including risk and the corresponding expected levels of return, capital structure, investment policy, dividend policy and the Company's appeal to a wider range of investors which should be reflected in an improved share rating, enabling the Company to grow sustainably. Since MedicX was formed 12 years ago, we have maintained and grown a long term visible income stream for our shareholders, and as part of that strategy we have been an active acquirer of high quality assets. Over that period, we have paid dividends totalling over £156 million (62.89 pence per share) to our shareholders. Our Investment Adviser believes that yields are likely to remain stable for high quality, modern, purpose-built primary healthcare properties meeting our investment criteria and, consequently, this necessitated a review of the Company's dividend distribution policy. Since formation, the Company has leveraged at near 50% and paid a high dividend, materially above market sub-sector yields and rental returns, which has delivered significant shareholder returns, while our direct peers are currently paying substantially covered dividends. Were MedicX to maintain its current dividend policy, it would reduce our ability to evolve and take advantage of acquisition opportunities and also strengthen our capital structure. Following a consultation with a number of our major shareholders, the Board has taken the decision to rebase the dividend going forward and to lower the risk associated with the need for a relatively high leverage to support the existing dividend policy. It will also transition to a fully covered dividend for the 2019 financial year onwards. The new policy will better align the Company's dividend distributions with its current level of cash flows. The Company sees opportunities to grow its portfolio substantially and deliver the benefits of economies of scale; it would not be resetting the dividend if this were not the case and it is appreciative of the level of support received from shareholders consulted. During this transition period to a fully covered dividend, your Board intends to maintain its previous announced guidance that it will declare and pay dividends totalling 6.04 pence per share for the 2018 financial year. Therefore, subject to unforeseen circumstances, dividends of 1.51 pence per Ordinary Share are expected to be paid in respect of the quarters ending 31 March, 30 June and 30 September 2018, payable quarterly up to 31 December 2018. Following this transition period, the Board expect to pay a rising quarterly dividend from a covered position. As an illustration, if the Company had declared and paid a fully covered dividend on the basis of the results for the six months ended 31 March 2018, less headroom of 5%, the dividend declared on an annualised basis would have been 3.5 pence per share3. Based on the share price at 31 March 2018, this would have given a covered dividend with a dividend yield of 4.45%. The shift to a policy of a fully covered dividend will not change the total return achieved by shareholders, but instead will re-balance how shareholders receive that return between income and capital growth. In light of the Company's strong pipeline of opportunities and society's increasing need for modern, purpose-built, integrated healthcare premises, the Board continues to consider that primary healthcare remains a compelling proposition with your Company being well placed to deliver long term value to shareholders. |
Posted at 22/12/2017 08:06 by skinny MedicX Fund, (LSE: MXF), the specialist primary care infrastructure investor in modern, purpose-built, primary healthcare properties in the United Kingdom and Ireland, is pleased to announce the Company's fifth acquisition in Ireland. Ayrfield Medical Park in Kilkenny is a standing investment and has been purchased by way of a sale and leaseback to the doctors who developed the centre in 2011.In addition to the large GP practice, the 2,700 sq m building is let to the Health Service Executive (the Irish NHS equivalent), a pharmacy operator, a dental practitioner, a cafe and several other complementary healthcare providers. The GPs and Health Service Executive leases have over 18 years remaining and the pharmacy and dental operators have long leasehold interests. The rents are subject to five-yearly CPI reviews. The total acquisition cost of the property is approximately €7.8 million. MedicX Fund's total property portfolio now comprises 153 properties throughout the United Kingdom and Ireland of which 147 are operational and let, with six under construction. |
Posted at 12/12/2017 09:12 by skinny BUILDING A BRIGHTER FUTURE FOR PRIMARY HEALTHCARE INVESTMENTMedicX Fund is a leading investor in modern purpose-built primary healthcare properties. Our investment supports the transformation of the primary healthcare estate in the United Kingdom and Republic of Ireland. FINANCIAL HIGHLIGHTS AND KEY ACHIEVEMENTS A strong year, reflecting progress and achieving notable milestones. FINANCIAL RESULTS · Continued increase in rent receivable, up 5.7% to £37.1million (2016: £35.1 million); · Profit before tax was £33.3 million for the year; 18.1% higher than the profit after before for 2016 of £28.2 million; · 7.5% increase in annualised rent roll1 from £37.2 million to £40.0 million; · 89.7% (2016: 89.2%) of rent roll was directly from or reimbursed by the NHS, Irish GPs or HSE; · 2.9% increase in EPRA11 earnings per Ordinary Share, from 3.4p per share to 3.5p per share; · Increase in underlying dividend cover to 69.5% (2016: 68.5%); · 12.7% total return on EPRA NAV2 for the financial year (2016: 11.8%); and · Total Shareholder Return3 of 9.6% (2016: 22.5%). GOOD PROGRESS ON INVESTMENTS · 11.1% increase in the value of the property portfolio to £680.4 million1,4. This is as a result of £51.1 million of capital investment to acquire standing let properties and fund developments through forward funding schemes and a £18.6 million net valuation gain; · New committed investments in UK and Republic of Ireland, since 1 October 2016, of £49.4 million with an average cash yield of 5.22%1; · £8 million average value of new committed investments and selective disposals improved portfolio quality; and · Substantially increased strong pipeline of approximately £175 million of acquisition opportunities1 (2016: £108 million). CAPITAL MANAGEMENT · Quarterly dividend of 1.5p per share announced on 1 November 20175; total dividends of 6.0p per Ordinary Share for the year or 6.6% dividend yield on a share price of 91 pence per share at 30 September 20176 (2016: total dividends of 5.95p per Ordinary Share; 6.7% dividend yield); · Total drawn debt facilities of £372.8 million with an average all-in fixed rate cost of debt of 4.29% and an average unexpired term of 12.7 years, close to the average unexpired lease term of the investment properties of 14.1 years and compared with 4.45% and 14.0 years for the prior year1; · Net debt of £340.7 million equating to 49.5% adjusted gearing at 30 September 2017 (30 September 2016: £315.3 million; 50.8%)1,7; and · Market capitalisation £390.0 million1 following share price appreciation and £34.6 million net proceeds raised from 39.8 million shares issued since 1 October 2016 at an average issue price of 87.9 pence per share. more..... |
Posted at 18/11/2017 11:51 by jonwig For those concerned about the Labour Party's plans to 'seize' (or whatever) PFI projects, the situation with primary health property is different.The Naylor Report (March 2017) proposed the selling of NHS land to private investors (such as this one) for redevelopment. Labour have opposed the plans but could hardly do much about existing developments (after all, an unfit building has been bulldozed and replaced by a top-spec medical centre). Maybe they'll stop further development. GPs seem to be very much in favour of the plans. If you don't want to read the whole Naylor Report (I didn't, either) there's a useful summary here: (I hold AGR, not MXF or PHP.) |
Posted at 26/9/2017 17:58 by nerja Key factsSpecialist primary healthcare infrastructure fund MedicX Fund is a leading investor in modern purpose-built primary healthcare properties leased to doctors and the NHS Does this not fall into the same PFI ATTACK BRACKET Badtime or am I missing something here. |
Posted at 26/5/2017 21:08 by speedsgh Will the dividend ever be fully covered? Does it matter?From Edison's Dec 2016 research note... "MedicX’s key attraction is its access to sources of secure, long-term income that underpins its dividend payments. The company, barring unforeseen circumstances, expects to pay dividends of 6.0p per share in FY17, 1% above FY16, a yield of 6.8% on the current share price. We expect this to be 64.4% covered by EPRA earnings, the highest level since 2009. Portfolio growth would allow cover to continue to grow, and the use of block listing above NAV to finance acquisitions may allow acceleration of dividend cover growth. The prospective dividend yield is the highest among the peer group of property companies specialising in long-let assets, despite the considerable (c 20%) premium to NAV at which the shares trade. In fact, MedicX has recently had the highest dividend yield on EPRA NAV of the group as well as the highest premium to NAV, implying investor appetite for yield even when this is in part paid from capital. Notably, the three primary care property companies with mainly government-funded income trade on higher premiums than the other three, indicating that the market may place more importance on the tenant covenant than the unexpired lease term of the portfolio, or dividend cover." |
Posted at 13/3/2017 08:04 by skinny MedicX Fund Limited, (LSE: MXF), the specialist primary care infrastructure investor in modern, purpose-built, primary healthcare properties in the United Kingdom and Ireland, is pleased to announce that it has contracted to acquire, by way of forward funding, a new primary healthcare medical centre in Cromer, Norfolk. The property is due to be completed in March 2018.The acquisition is being made under a new three year framework agreement which provides MedicX Fund the exclusive right to acquire, by way of forward funding, new primary healthcare schemes from Medcentres plc ("Medcentres"), a leading developer of primary healthcare centres. The completed development will consist 1,147 m2 let to the Cromer Group GP Practice and a local pharmacy under leases running for a term of 20 years from practical completion. The completed property is expected to cost £3.75 million. The MedicX Fund's total property portfolio now comprises 154 properties throughout the United Kingdom and Republic of Ireland of which 147 are operational and fully let, with seven under construction. The annualised rent roll for all properties is now £37.8 million. - End - |
Posted at 19/10/2016 15:13 by skinny MedicX Fund, (LSE: MXF), the specialist primary care infrastructure investor in modern, purpose-built, primary healthcare properties in the United Kingdom and Ireland, is pleased to announce that it has contracted to acquire, by way of forward funding, a new primary healthcare medical centre in Brynmawr, South Wales. The property is due to be completed in November 2017.The acquisition is being made under the framework agreement with General Practice Investment Corporation ("GPI") which was agreed in May 2013. The completed development will be let to the Local Health Board and Bestway Pharmacy. All leases will be for a term of 20 years from practical completion. The completed property will consist of 1,587 m2 with an initial passing rent of approximately £300,000 per annum, subject to three-yearly effectively upwards only market rent reviews. The MedicX Fund's total property portfolio now comprises 153 properties throughout the United Kingdom and Republic of Ireland of which 146 are operational and fully let, with 7 under construction. The annualised rent roll for all properties is now £37.4 million. - End - |
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