A year of solid progress
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 is a closed-ended investment company and a U.K. Real Estate Investment Trust. Co. is the holding company of a number of subsidiaries. Co., together with its subsidiaries, is a primary healthcare infrastructure investor in purpose-built primary healthcare properties in the U.K. and Republic of Ireland. As of Sep 30 2017, Co. had 156 primary care properties across the U.K., including 151 completed properties and five properties under development. Octopus AIF Management Limited acts as Co.'s Alternative Investment Fund.
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