Over the year to the end of September 2016 MedicX‘s EPRA net asset value rose by 3.4% to 73.2p. Together with the dividend, the total return on net assets was 11.8%. EPRA earnings per share rose from 3.7p to 3.8p. The total dividend for the year was 5.95p, up from 5.9p for the year before. The share price recovered from 77.5 pence at 30 September 2015 and was 88.75 pence at 30 September 2016, underlying the total shareholder return for the year of 22.5%.
The dividend is not covered by earnings but they think that, over the medium term, it will be. income will be helped by deploying the money they have raised from investors, finishing and renting properties under construction and a cap on the management fee.
Rent receivable increased by 7.0% to GBP35.1m. This is due to the annualised rent roll increasing by GBP2.4m to GBP37.2 million. 89.2% of this is directly from or reimbursed by the NHS, Irish GPs or HSE. The value of the portfolio has increased by 10.6% in the financial year to GBP612.3 million. This is as a result of a GBP15.5 million valuation gain and GBP43.3 million of capital investment.
MXF : MedicX delivers double digit return