MedicX Fund : MXF – interim results

MedicX Fund has published its interim results covering the six months ended 31 March 2014. Over the period its net asset value, calculated with debt at fair value, fell from 69.4p to 68.6p. The quarterly dividend is now running at 1.45p per share, implying a full year dividend of 5.8p – marginally up from 5.7p last year. This is covered 48% by current earnings with the balance coming from capital. If all the properties that MedicX has committed to buying were included in the portfolio, the dividend would be covered 65% by earnings. Gearing fell from 56.4% to 50.7% and the weighted average cost of debt is now 4.45%. A further £44m was committed to new primary healthcare properties during the period to take the total past £500m.

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