MedicX has published results for the year ended 30 September 2014. Over that period its net asset value fell from 69.4p to 65.3p – about 6%. It paid dividends of 5.8p (up from 5.7p for the year before), so the total return on NAV was positive but these dividends were not covered by earnings and this accounts for part of the fall in NAV. they are forecasting a dividend of 5.9p for the current year.
MedicX also publish a net asset value based on discounted cash flow. this fell from 97p to 93.4p per share.
The portfolio continued to expand – £61.5m was committed to new investments to bring total property commitments to £518m across 137 primary health care centres and they say they have a pipeline of about £100m.
The acquisitions have been funded largely from issues of new shares at a premium to asset value – £59.5m worth of shares issued at an average price of 76.4p. They have also issued a £50m loan note with a 3.8% interest rate – this brings their average cost of borrowing down to 4.35%.
MXF : MedicX expansion continues