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IRS Arbitrage update | killexams.com actual Questions and Pass4sure dumps

This post become contributed by means of a group member.

October 25, 2016

IRS - offshoot of Treasury

501 W. Ocean Blvd. 2nd flooring

long seaside, CA 90802

interior earnings carrier

1160 W. 1200 S

Ogden, Utah 84201

RE: metropolis of Beaumont CFD Mello Roos Bonds

Enclosed are files to supplement the compliant submitted on may likewise 9, 2016.

On November 18, 2014 the Beaumont metropolis Council permitted Agenda merchandise 6.a.16 to pay off the 2001 Wastewater Bond: http://www.ci.beaumont.ca.us/D...

despite the fact the group of workers file mentioned that the $eight,270,000 would be paid with Sewer money and Developer strike costs, the money turned into removed from the CFD Bond Fund money owed.

On September 6, 2016 the Beaumont city Council accredited Transferring $5 Million from the Sewer Fund to the frequent Fund on the pretense of repaying the CFD Bond Fund accounts: http://www.ci.beaumont.ca.us/DocumentCenter/View/28276

Beaumont metropolis manager Richard Warne and Public Works Director Amer Jakher solid a certificates of completion mentioning that a Recycled Water Facility, fireplace Station, Regional Park, and Roadways were completed although Council participants mentioned in the meeting that the amenities did not exist.

On October 18, 2016 the Beaumont city Council authorized a Revised certificates finishing touch: http://www.ci.beaumont.ca.us/D...

The Revised certificates final handle removed the Bond Documentation and submitted a certificate finishing handle omitting tips that correlated with the Bonds and submitted statements referencing the homes in the construction Areas: "the entire actual property inside the boundaries of the CFD has been completely developed (with certificates of occupancy).."

inner revenue Code section 103 clearly states that probably the most features of tax-exempt bonds are that the bond-financed property could be owned by means of the executive unit.

The metropolis of Beaumont does not personal the property financed via the bonds because the money became both embezzled or traded for Mitigation expenses with developers. both approach you slice it; the Bonds are not Tax-Exempt.

To this day the city of Beaumont continues to bring together Mitigation fees from the developers with the swear that the metropolis will reimburse the builders' Mitigation costs with Bond money. likewise enclosed is a pretension from Pardee homes inquiring for compensation of $2.eight Million in Mitigation prices.

IRC section 103: Federal Taxation of Municipal Bonds

Distinguishing between Governmental Bonds and private activity Bonds. Two distinguishing traits of governmental bonds are that the bond proceeds:

  • can be USED through the governmental entity for its personal functions, and
  • the bond-financed property could be OWNED by using the governmental unit.
  • Treas. Reg. section 1.a hundred and fifty-1(b) defines a governmental bond as any bond of an issue of tax-exempt bonds during which not one of the bond's are inner most exercise bonds.

    private activity Bonds: frequently, inner most undertaking bonds are bonds issued by a governmental unit (or related company):

  • the proceeds of which could be used by an entity apart from a governmental unit, and
  • the debt carrier of which could be paid from inner most payments.
  • IRC portion 141: examine for personal activity Bonds.

    deepest commerce checks and personal personal loan protection or fee sight at various.

    Definition of Arbitrage: Arbitrage is the purchase and sale of the equal or equivalent safety to be able to capitalize from expense transformations. The time era arbitrage isn't exclusive to municipal securities; it applies to bar no one types of investments.

    Get the Banning-Beaumont newsletterSubscribe

    Thanks in your feedback.


    Bombardier's CEO Discusses Q3 2013 effects - profits convene Transcript | killexams.com actual Questions and Pass4sure dumps

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    interim results | killexams.com actual Questions and Pass4sure dumps

     

     

    For instant unlock

    This announcement contains interior guidance

    22 may additionally 2018

     

    MedicX Fund restrained

    ("MedicX Fund", "the Fund" or "the company")

     

    results for the six month duration ended 31 March 2018

     

    MedicX Fund (LSE: MXF), the expert basic care infrastructure investor in contemporary, intention-built, simple healthcare residences within the united kingdom and Republic of eire, today proclaims its effects for the duration ended 31 March 2018.

     

    financial HIGHLIGHTS AND KEY ACHIEVEMENTS

    riding estate Transformation in simple Healthcare

    financial effects

    ·           enlarge in hire receivable of 5.4% to £19.6 million for the six month era ending 31 March 2018 (2017: 18.6 million)1;

    ·           ninety four.1% enlarge in income earlier than tax for the six months ending 31 March 2018 to £26.four million (six months ending 31 March 2017: £13.6 million);

    ·           1.8% raise in annualised hire roll since 30 September 2017 from £forty.0 million to £40.7 million; 2.8% enjoy for enjoy raise earlier than selling 5 non-core homes with rent roll of £0.four million;

    ·           89.6% (31 March 2017: 89.7%) of hire roll directly from or reimbursed by artery of the NHS, HSE or Irish GPs;

    ·           5.7p.c1 enhance in six month EPRA profits per commonplace Share, from 1.75p per partake to 1.85p per usual Share;

    ·           4.1%2 enhance in EPRA NAV from seventy six.5p per partake to seventy nine.6p per share; and

    ·           eight.0% total recur on EPRA NAV for the six months ending 31 March 2018 (2017: 5.7%)1.

    INVESTMENTS

    ·           5.eight% enhance in the expense of the property portfolio to £719.7 million (2017: £680.four million)2,7. Follows £26.5 million of capital investment to acquire a standing let property and fund tendencies via ahead funding schemes less £5.3 million of disposals and a £18.three million web valuation capitalize over the six months ending 31 March 2018;   

    ·           fresh committed investments in UK and the Republic of eire, seeing that 1 October 2017, of £11.6 million with a typical cash relent of 6.27% along with the acquisition of 4 sites for £5.5 million in anticipation of recent schemes;

    ·           discipline to market conditions, the company intends to problem as much as 42.88 million fresh unprejudiced Shares at a top class to EPRA NAV (after thinking of issuance expenses) with a purpose to partly fund an unique possibility to finished with the aid of 8 June 2018, the company acquisition of a £64 million portfolio of 12 simple care centres with WAULT of 14.3 years and commonplace lot dimension of £5.three million; and

    ·           mighty pipeline of approximately £one hundred ten million of additional acquisition alternatives including projects with a value of £60 million in solicitors' arms (2017: £one hundred seventy five million)2.

    CAPITAL administration

    ·           total drawn debt facilities of £380.0 million with a standard mounted expense cost of debt of 4.27% and a regular unexpired time era of 12.1 years, near to the unprejudiced unexpired hire time era of the investment properties of 14.0 years; in comparison with £372.eight million; 4.29% and 12.7 years at 30 September 2017; and

    ·           web debt of £361.0 million, equating to 49.5% adjusted gearing at 31 March 2018 (30 September 2017: £340.7 million; forty nine.5%).

    company tendencies

    ·           The company entered the uk actual property investment trust ("REIT") regime on 1 October 2017, which had the repercussion of exempting qualifying property earnings and capital advantageous properties from company tax; and

    ·           Helen Mahy was appointed as Chairman with outcome from 8 February 2018.

    trade TO DIVIDEND coverage

    The commerce intends to transition towards declaring a completely coated dividend for the 2019 monetary year onwards. additional details on the alternate of dividend coverage are set out in the Chairman's statement. The shift to a policy of paying a totally covered dividend will no longer change the overall recur bought by using shareholders, however instead will re-steadiness how shareholders acquire that recur between earnings and capital growth.

    The dividend target for the 2018 fiscal year of 6.04 pence, sphere to unexpected cases, could be unchanged. Going forward, the company intends to continue to pay shareholders the reset dividend on a quarterly basis, in March, June, September and December of every fiscal 12 months and on a becoming lined groundwork thereafter.

    For illustrative purposes, if the enterprise had declared and paid a completely coated dividend on the basis of the consequences for the six months ended 31 March 2018, much less headroom of 5%, this may attest an annualised dividend of 3.5 pence10.

     

    Unadjusted efficiency measures

    2018

    2017

    hire receivable (£m)1

    19.6

    18.6

    +5.4%

    earnings earlier than tax (£m)1

    26.four

    13.6

    +94.1%

    salary per common partake (pence)1,four

    6.0

    three.1

    +93.5%

    Property valuation (£m)2,7

    719.7

    680.four

    +5.eight%

    Weighted regular debt time era (years)2

    12.1

    12.7

    -0.6

    web Asset value per generic partake (pence)2,4

    79.three

    76.3

    +three.9%

    Share expense complete return1,6

    (10.5)%

    three.7%

    (14.2)eight

    Adjusted performance measures

    2018

    2017

    EPRA profits per regular partake (pence)1,7

    1.85

    1.75

    +5.7%

    EPRA net Asset cost per usual partake (pence)2,7

    79.6

    seventy six.5

    +4.1%

    total recur on EPRA internet Asset Value2,5

    8.0%

    5.7%

    +2.38

    Dividend cover1,3

    sixty one.5%

    59.0%

    +1.58

    Underlying dividend cover1,3

    sixty nine%

    70%

    -1.08

     

    The administrators deem that offering the above adjusted efficiency measures assists readers of the economic statements in realizing and analysing the performance and position of the neighborhood, in addition to proposing commerce traditional measures for benchmarking towards different organizations. In selected, the directors disagree with EPRA measures give greater meaningful trade common key efficiency indicators.

     

    1       Comparative is the six month era ended 31 March 2017

    2       Comparative as at 30 September 2017

    3       Dividend cowl is in accordance with EPRA earnings in comparison to dividends paid over the six month length. Underlying dividend cowl includes own an outcome on of homes beneath progress handled as completed from present materials and generating anticipated condo earnings

    4       As proven in be vigilant 7 to the monetary statements

    5       circulate on EPRA NAV per partake between 30 September 2017 and 31 March 2018 and dividends paid bar no one through the length, divided by means of opening EPRA NAV per share

    6       according to partake expense circulation between 30 September 2017 and 31 March 2018 and dividends paid and reinvested right through the duration

    7       As shown in be vigilant 8 to the economic statements

    eight       percent factor exchange

    9       EPRA is the eu Public actual estate affiliation

    10     the longer term dividend and recur tips on this web page is a goal and isn't, nor is it meant to serve as a forecast. Returns rely upon more than a few elements which may additionally disagree in the future and there can be no beget certain that any dividend may be paid in any respect.

     

     

    Chairman's commentary

    Following my appointment as Chairman in February, i am pleased to existing my first era in-between results for the enterprise, on behalf of the Board.

    "in the first half of the monetary yr, your commerce has persisted to execute its approach of buying excessive quality and sustainable residences. They selectively center of attention on bigger and strategically essential premises in order to bring fundamental care functions beyond the present leases. The Board continues to disagree with this focus and disciplined acquisition artery will carry sustainable growth."

     

    Highlights 

    As explained within the funding Adviser's record, addressing the want for contemporary purpose-constructed fundamental healthcare premises remains a priority for the united kingdom and Irish health programs. Underpinned by using a top quality, sustainable portfolio generating comfy, long term revenue and long hurry fixed fee funding, MedicX continues to tender a compelling investment proposition because it helps fundamental healthcare transformation in each the united kingdom and the Republic of eire.

    throughout the final six months, the neighborhood improved the Great of its portfolio via continuing to set up funding in higher predominant contemporary goal-constructed assets, at the identical time as finishing the sale of 5 smaller non-core property at above their e-book values. normal, the portfolio grew by artery of 5.8% to £719.7 million and EPRA income grew 5.7% to 1.eighty five pence per share. This turned into achieved at a time when the variety of fresh primary healthcare schemes being commissioned remained especially low and employ evaluation uplifts continued to lag at the back of inflation.

    Our focus on portfolio satisfactory, along with healthcare transformation driven from up to date aim-constructed healthcare properties places MedicX in a powerful position for additional sustainable growth. The want for brand fresh health infrastructure is as compelling as ever. we've an getting musty inhabitants which is transforming into. This manifests itself in advanced assorted long term situations, signification that GPs and other health providers should toil together at scale, and bring capabilities seven days per week. The fine facets of the maturing asset class own resulted in mighty investor competition which in flip continues to drive down investment yields. 

     

    Following the Sir Robert Naylor record, MedicX and its funding Adviser own persisted to own interaction with key stakeholders and influencers within the NHS and government to advertise the edge benefits of the third celebration construction ("3PD") procurement model.

     

    The enterprise entered the uk REIT regime on 1 October 2017, which had the outcome of exempting qualifying property revenue and capital gains from supplier tax. The enterprise's shareholders will edge from the coverage towards future tax costs as the group matures and generates increasing degrees of earnings.

     

    The commerce has a strong pipeline of about £one hundred ten million of investment alternatives of which £60m is at present in solicitors' palms. discipline to market conditions, the enterprise intends to concern up to 42,883,333 fresh traditional Shares at a top class to EPRA NAV after deliberating issuance cost, in order to in portion fund an unique chance (to comprehensive by using eight June 2018), the acquisition of a elevated quality portfolio of 12 simple care centres for £sixty four million. a number of different opportunities were reviewed in the period, and they now own remained disciplined in their approach, turning some away which didn't proper their investment standards.

    on the Annual well-known assembly ("AGM") held on eight February 2018, bar no one proposed common and particular resolutions had been passed nearly unanimously by artery of these shareholders who voted, together with a resolution to authorise the non-pre-emptive challenge of up to 42,883,333 ordinary Shares at a cost equal to or better than the present EPRA NAV per share.

    on the AGM, David Staples, the business's former Chairman, who had served given that October 2008, chose no longer to physiognomy for re-election. On the identical day i was ecstatic to exchange David as Chairman of the Board of administrators. The Board, would want to thank David for sharing the capitalize of his learning and savor in taking the commerce forward over his 9 years as Chairman.    

    effects

    The economic highlights mirror an additional positive length for MedicX, with accelerated appoint receivable, greater profitability and portfolio growth. These own been driven by artery of appoint reports, acquisitions within the era and upward revaluations.

    right through the duration, decent growth has been made within the Republic of eire. MedicX's first scheme in Mullingar is now fully let and has been working for over a year. The fitness carrier govt is in energetic discussions to lengthen the constructing so as to add further capabilities. additional neighbouring land has been acquired for this purpose and planning consent received for an extension. toil on site is anticipated to start in the autumn. during February, two schemes in the Dublin locality (Crumlin and Kilnamanagh Tymon) reached useful completion. rent has began, tenants are taking occupation and services are starting up. The fourth Irish scheme in Rialto continues to be beneath progress and is expected to gain purposeful completion in early 2019. besides the four forward funded basic care centres in eire, MedicX additionally completed a purchase order and leaseback in Kilkenny.

     

    via their relationships with their framework builders the pipeline in the UK is powerful as commissioners and providers' hobbies develop into more aligned.

     

    according to published tips, the commerce elevated its dividend bar no one over the duration, with complete dividends declared of three.01p per typical partake in admire of the six month length ended 31 March 2018, an enlarge of 0.eight% in comparison with 2.9875p per regular partake within the prior era to 31 March 2017. The directors proceed to are expecting that the enterprise will declare dividends totalling 6.04 pence per partake for the economic year ending 30 September 2018, payable in equal quarterly distributions on the desist of every following quarter.

     

    Dividend cowl measured towards EPRA earnings accelerated marginally to 61.5% for the six month duration to 31 March 2018 (31 March 2017: 59.0%). The enlarge resulted from the contribution to passing appoint from two houses discovered in the Republic of ireland reaching useful completion bar no one the artery through the period, along with appoint generated from the buy of the basic care centre in Kilkenny, eire.

     

    Gearing has remained inside set parameters and became unchanged at forty nine.5% at 31 March 2018 (30 September 2017: 49.5%).

     

    approach, dividend policy and outlook

    The final six months own marked the start of a length of transformation for your enterprise because it entered the united kingdom REIT regime on 1 October 2017, thereby conserving future returns towards tax leakage. The commerce additionally made some Board adjustments together with my appointment as Chairman. Their asset class continued to physiognomy a habitual length where rental uplifts remained, on usual, lower than inflation and sector property yields endured to tighten as competitors for belongings remained fierce. Over this duration, MedicX's partake cost top class to internet Asset value reduced in response to the funding commerce and REIT sectors often, as commentators highlighted political suspicion and an expanding probability of higher pastime fees within the near future.

     

    The consequences for the six month era once again bolstered MedicX's a hit funding policy and disciplined approached to acquisition preference of elevated high-quality, contemporary, purpose-built premises aligned with NHS priorities and demographic needs. Their portfolio is elevated quality as demonstrated by using right here measures:

     

    ·      common property age of simply 9.1 years;

    ·      market leading traditional asset dimension of £four.7 million;

    ·      weighted traditional unexpired rent term of 14.0 years;

    ·      occupancy of over ninety nine%; and

    ·      89% of hire government backed profits. 

     

    These are improbable attributes which compare favourably with their long hurry debt profile, with a standard time era of 12.1 years at a standard can imbue of four.27% every year.

     

    in view that MedicX turned into shaped in 2006, primary healthcare has develop into a firmly based asset classification for institutional capital, demonstrating continually captivating returns, with a benchmark ten year song record of 9.4% per annum complete return1. Over that identical duration, UK yields own tightened and at the instant are around 4.25 - four.seventy fivepercent2, considerably reduce than those of about 6.0% available when MedicX changed into shaped. looking forward, they predict competitors for assets to sojourn robust with yields remaining at these fresh degrees. There are signals of rents dawn to enhance on fresh schemes because of each rising land expenses and better build charges.

     

    The macro ambiance isn't unique to MedicX and the accelerated market focus on dividend cover for those groups with precise illiquid property became the backdrop for their contemporary strategic review by the Board.  At this evaluation they considered a tall scope of concerns to ensure the business's long hurry sustainable boom, together with chance and the corresponding anticipated stages of return, capital constitution, investment policy, dividend policy and the business's attraction to a much wider latitude of investors which may still be mirrored in an enhanced partake rating, enabling the enterprise to grow sustainably.

     

    due to the fact that MedicX was shaped 12 years in the past, they now own maintained and grown a protracted term visible salary stream for their shareholders, and as portion of that approach they now own been an lively acquirer of elevated fine belongings. Over that duration, they own paid dividends totalling over £156 million (sixty two.89 pence per share) to their shareholders. Their funding Adviser believes that yields are likely to remain stable for top first-rate, modern, intention-developed basic healthcare houses meeting their funding standards and, as a result, this necessitated a review of the company's dividend distribution coverage.   seeing that formation, the company has leveraged at near 50% and paid a excessive dividend, materially above market sub-sector yields and apartment returns, which has delivered gigantic shareholder returns, whereas their direct peers are presently paying significantly covered dividends.

     

    have been MedicX to retain its current dividend coverage, it might reduce their capacity to evolve and rob learning of acquisition alternatives and additionally strengthen their capital constitution. Following a consultation with a number of their principal shareholders, the Board has taken the conclusion to rebase the dividend going forward and to subside the chance associated with the want for a relatively excessive leverage to wait on the present dividend policy.  it's going to likewise transition to a completely covered dividend for the 2019 monetary year onwards.  the fresh policy will better align the company's dividend distributions with its latest degree of cash flows. The commerce sees alternatives to grow its portfolio considerably and carry the advantages of economies of scale; it would now not be resetting the dividend if this own been now not the case and it's appreciative of the degree of wait on acquired from shareholders consulted.

     

    right through this transition era to a completely lined dividend, your Board intends to retain its previous introduced suggestions that it's going to declare and pay dividends totalling 6.04 pence per partake for the 2018 fiscal year. hence, locality to unforeseen cases, dividends of 1.51 pence per standard partake are expected to be paid in recognize of the quarters ending 31 March, 30 June and 30 September 2018, payable quarterly as much as 31 December 2018. Following this transition length, the Board predict to pay a rising quarterly dividend from a coated place. As an illustration, if the commerce had declared and paid a completely covered dividend on the groundwork of the outcomes for the six months ended 31 March 2018, much less headroom of 5%, the dividend declared on an annualised groundwork would own been three.5 pence per share3. according to the symmetry cost at 31 March 2018, this would own given a lined dividend with a dividend relent of four.45%.

     

    The shift to a coverage of a completely lined dividend will now not alternate the entire recur completed via shareholders, but in its spot will re-stability how shareholders receive that recur between income and capital boom.

     

    In gentle of the enterprise's mighty pipeline of opportunities and society's expanding requisite for contemporary, goal-built, built-in healthcare premises, the Board continues to believe that fundamental healthcare continues to be a compelling proposition along with your commerce being well placed to convey future cost to shareholders.

     

     

    Helen Mahy CBE

    Chairman

    21 may additionally 2018

     

    1As posted through MSCI as at 31 December 2017

    2As posted with the aid of Laing Buisson based on CBRE

    3The future dividend and recur assistance on this page is a target and is not, neither is it intended to serve as a forecast. Returns depend upon various elements which may fluctuate in the future and there can likewise be no beget certain that any dividend might be paid in any respect.

     

    funding Adviser's document

    building a brighter future for basic healthcare funding

    "GPs are continuing to movement towards greater collaborative working through federations, tremendous practices or the emerging built-in care methods and fresh fitness infrastructure is needed to carry the executive's objective of delivering greater features in basic care cutting back constrain on hospitals"How they are structured

    Octopus Healthcare Adviser Ltd, which is portion of the Octopus Healthcare group, is the funding Adviser to the company. Octopus Healthcare manages, invests in and develops properties as well as creating partnerships to bring imaginative healthcare constructions to ameliorate the fitness, wealth and well-being of the united kingdom and the Republic of ireland. It at present manages over £1.four billion of healthcare investments across a number of systems, with a spotlight on 5 core areas: GP surgeries, care buildings, special schooling faculties, retirement housing and private hospitals.

    Octopus Healthcare is a component of the Octopus neighborhood, a quick-growing to be UK fund administration enterprise with leading positions in a number of expert sectors including healthcare property, power, property finance and smaller enterprise investing. Octopus manages £7.7 billion of dollars for more than 50,000 retail and institutional traders as well as imparting energy to greater than 180,000 valued clientele.

    Octopus AIF administration constrained is the Fund manager under the option funding Fund Managers Directive.

    The market

    The want for brand fresh contemporary aim-developed basic healthcare infrastructure continues to be a excessive precedence for the NHS in providing its 5 12 months ahead View. This want is pushed by means of becoming growing older populations in the UK and the Republic of eire with varied long term scientific circumstances. proposing rob care of a larger older inhabitants places increasing pressure on GPs and other health providers, which coupled with society's expanding claim for entry to features twelve hours a day, seven days per week, means corporations presenting care should respond with the aid of participating, working efficaciously and at stronger scale.  

    The Sir Robert Naylor document on the NHS estate posted in March 2017, bolstered the significance of fundamental healthcare and its premises as a portion of the start of the NHS five 12 months forward View policy. The record likewise highlighted that private sector funding and potential has a robust portion to play in the transformation of the simple healthcare property. Third birthday party edifice ("3PD"), which is the model by which the Fund invests, is acknowledged as providing a very splendid value for cash procurement formulation attainable for commissioners in growing and supplying modern, fresh or refurbished premises which sheperd the visions of the NHS and the Sustainability Transformation Plans ("STPs"). The Fund is smartly positioned to sheperd basic healthcare transformation via its enhancement and investment in modern goal-built premises.

    The government announced in its 2017 Autumn finances, fresh additional funding of £6.3 billion for frontline NHS features and improvements to buildings and facilities in England, which they welcome.

    regardless of wider market suspicion following the outcome of the ecu referendum, the united kingdom market has remained incredibly competitive with endured downward power on yields with pretty excessive values as the property are recognized for the protection of their govt backed earnings and crucial position in presenting sustainable healthcare infrastructure. 

    MedicX's focus on its asset election and portfolio quality in conjunction with fitness and gregarious care transformation driven from modern purpose-built healthcare property, locations the company in a powerful spot for extra sustainable growth.

     

    respectable progress has likewise been made through the health provider government ("HSE") within the Republic of ireland as it establishes fresh up to date intention-constructed integrated infrastructure. MedicX has already invested in 5 assets and owns a portion of a sixth website and it continues to build strong relationships with framework developers, GPs and the HSE.

     

    in the UK, MedicX continues to construct relationships with its strategic edifice companions, attractive with issuer agencies and working with its tenants to convey fresh schemes and premises advancements and investing in "optimum in classification" properties that meet the necessities of the STPs' underlying clinical and estates suggestions, that allows you to generate long term returns for shareholders.

    Portfolio update

    Over the six months ending 31 March 2018, the neighborhood has persevered to sojourn disciplined in committing fresh investment of £11.6 million, deploying £26.5 million of capital funding and starting to be the portfolio cost via 5.eight% to £719.7 million (30 September 2017: £680.four million). also, right through the era asset sales were made in accordance with the strategy of focusing on excessive fine predominant and sustainable belongings. In March 2018, MSCI published their primary care benchmark record. MedicX recorded a consistent complete property recur of eight.1%, 9.0% and eight.9% over 1, 3 and 5 years which is a bit at the back of the fundamental healthcare benchmark of eleven.1%, 10.2% and 9.4% over the equal time intervals. The apartment recur was very much in accordance with the benchmark at 5.9% once a year, besides the fact that children, the capital recur changed into under the benchmark for 2017, despite the fact powerful capital gains own been done within the first half of 2018.

     

    At 31 March 2018, the property portfolio had an unprejudiced age of 9.1 years, unprejudiced unexpired hire size of 14.0 years and a standard property cost of £four.7 million (30 September 2017: eight.7 years; 14.1 years; and £four.four million). At 31 March 2018 the appoint profile changed into virtually unchanged with eighty two.7% from UK executive-funded docs and the NHS, 6.8% from the HSE and Irish GPs, eight.eight% from pharmacies and 1.7% from different tenants.

    Valuation

    The valuation of the portfolio undertaken by means of Jones Lang LaSalle limited and Cushman & Wakefield, unbiased valuers to the community, totalled £722.7 million at 31 March 2018 on the foundation that bar no one residences own been comprehensive. This valuation reflects a UK internet preliminary relent of four.ninety nine% (5.08% as at 30 September 2017) and a relent discount in the Republic of ireland with a lawful equal relent of just above 6.6% (6.8% as at 30 September 2017). The carrying cost of £719.7 million reflects the cost to finished the assets at present beneath progress and comprises 5 sites valued at a value of £6.0 million which is a strong proxy for his or her reasonable cost.

     

    The internet initial valuation relent on UK investments changed into four.99% and the genuine equivalent relent on Irish investments changed into 6.6% in comparison with the community's weighted traditional fixed cost debt of four.27% and a benchmark 20-yr gilt expense of 1.seventy six% at 31 March 2018. Assuming the revolving credit facility turned into utilised and the brand fresh bank of eire facility is drawn down, the group's generic can imbue of debt would plunge to four.17% which, as soon as dollars had been deployed will extra raise returns.

     

    condominium earnings

    The annualised hire roll of the portfolio improved to £40.7 million, from £forty.0 million at 30 September 2017. with the exception of the rents of £0.four million generated from the 5 non-core belongings offered in the duration this represents a 2.eight% enjoy for enjoy enhance presenting more desirable economies of scale and lower ongoing cost ratios.

     

    Acquisitions and Disposals

     

    At 1 October 2017, the group owned 156 residences of which five own been under development. during the six month duration, 5 houses which not fitted their funding standards were offered above publication price, one up to date asset changed into got in Kilkenny and one dedication to forward fund a fresh scheme near Glynneath within the Vale of Neath turned into entered into. bar no one the artery through the duration, two of the houses previously under edifice in Dublin, Kilnamanagh Tymon and Crumlin, successfully reached practical completion leading to 153 properties, four of that own been below progress at 31 March 2018. bar no one over April 2018, the property in Cromer reached functional completion and the community committed to forward funding a fresh surgical procedure in Peterborough.  

    all over the six months ending 31 March 2018 the neighborhood likewise bought four sites at a value of £5.5 million in anticipation of moving into fresh ahead funding commitments.   In these instances MedicX doesn't rob construction possibility and is protected by means of keep alternatives to sell the sites within the event that any scheme does not proceed. probably the most four websites turned into the land at Peterborough which is now beneath development.   

    On sixteen November the neighborhood achieved the sale of 5 houses discovered in Wolverhampton, Southampton, Gravesend, Leicester and Grimsby. These smaller belongings were anticipated to own a lower likelihood of providing simple healthcare functions over the long run. the total low sale fee become £5.6 million representing a gain of about £250,000 over the 30 September 2017 valuation, which after charges resulted in a earnings on sale of £143,000.

    On 20 November, the neighborhood contracted to acquire, by the disburse of forward funding at a value of £four.6 million, a brand fresh simple healthcare clinical centre near Glynneath within the Vale of Neath, South Wales. The property is due to be completed in early 2019 and should be let to the health Board, the Vale of Neath apply and a local pharmacy on leases with a time era of twenty years from practical completion.

    On 22 December, the group completed its fifth acquisition in ireland at Ayrfield clinical Park in Kilkenny by means of a purchase and leaseback to the doctors who developed the centre in 2011. apart from the GPs, the two,seven hundred m2 constructing is let to the HSE, a pharmacy operator, a dental practitioner, a cafe and a few other complementary healthcare providers. The GPs and health carrier govt leases own over 18 years final and the pharmacy and dental operators own lengthy leasehold interests. the overall acquisition can imbue of the property turned into about €7.8 million. 

    considering the fact that 30 September 2017, two homes at Crumlin and Kilnamanagh Tymon reached useful completion which resulted in the Fund now owning four achieved employ producing homes within the Republic of eire.  construction continued on the existing tasks at Rialto, Brynmawr and Cromer, with Cromer finishing in April 2018. initiatives commenced at Vale of Neath and at Peterborough in April 2018. The marvelous commitment on the four houses below progress at 31 March 2018 became £10.4 million, with bar no one houses expected to comprehensive within the subsequent 12 months.

     

    The Fund has a pipeline of recognized funding opportunities of greater than £174 million in the UK and Republic of eire. of those opportunities, £60 million of belongings are undergoing prison due diligence. sphere to market circumstances, the enterprise intends to vicissitude up to forty two.88 million fresh standard Shares at a top rate to EPRA NAV (after considering issuance fees) with a purpose to in portion fund an unique probability to comprehensive by eight June 2018, the corporate acquisition of a elevated quality portfolio of 12 fundamental care centres for £64 million. The acquisition complements their present portfolio and would extra enhance their key metrics. nearly bar no one of the alternatives in solicitors' palms are forward funding deals. they've been sourced from their framework preparations with most efficient in class developers and tailored above bar no one to the needs of the GPs and different care service providers and they are very confident they should be used for the start of fundamental care beyond the preliminary lease.

    appoint overview efficiency

     

    throughout the six month duration to 31 March 2018, the Fund averaged an usual blended condo uplift of 4.36% on settled experiences, equating to 1.48% per annum. This compares favourably to the unprejudiced blended appoint evaluate results considered for the year ended 30 September 2017 of 1.02% once a year however remains below inflation.

     

    a total of 40 employ experiences had been concluded right through the duration, with a mixed rental value of £4.3 million. of those reviews, 0.73% each year become done on open market experiences, 2.15% every year become executed on RPI based reports and a brace of.75% per annum on fastened uplift experiences (30 September 2017: 0.52% once a year turned into done on open market studies, 1.70% once a year become done on RPI primarily based studies and a pair of.38% per annum on mounted uplift reviews).

     

    amazing employ reports of £24.2 million of passing rent had been under negotiation as at 31 March 2018.

    Asset management

     

    The funding Adviser, on behalf of the Fund commonly reports its portfolio for asset management opportunities and has recognized a number of opportunities to enhance the portfolio peculiarly via extensions, refurbishments and hire re-gearing.  The funding Adviser is in distinctive discussions on 14 asset administration initiatives of which three schemes are well improved and discipline to closing NHS approval. it's anticipated these three may be on-website in the subsequent yr.

     

    Financing

     

    The weighted generic unexpired term of bar no one drawn debt at 31 March 2018 became 12.1 years, intently matching the ordinary final unexpired lease time era of 14.0 years of the Fund's portfolio. The debt strategy is still to are attempting to prefer the top-quality time to spot in region the top-rated purchasable debt facilities with essentially the most favourable phrases while guaranteeing adherence to the enterprise's gearing target.

     

    The adjusted gearing as at 31 March 2018 was 49.5% which is according to target and the identical because the adjusted gearing said as at 30 September 2017. The administrators intend to in the reduction of gearing over the future but will proceed over the instant time era to target borrowing of approximately 50% of the business's complete belongings.

     

    all over the era gigantic growth become made on negotiations with the community's lenders to restructure the debt facilities with the pursuits of lowering the imbue of capital and increasing effectivity and finance flexibility going ahead.

     

    The community has agreed terms with a fresh lender to consign with Royal bank of Scotland to the revolving credit facility which might be doubled in measurement and prolonged on the foundation of the present pricing of two% over LIBOR when drawn. Due diligence has been accomplished and the amended facility is being documented in an exertion to completion in the coming weeks.

     

    The group has acquired proposals from Aviva to restructure its loans and it's anticipated that credit score approval and documentation will commence presently. The community has likewise got proposals from bank of ireland to restructure its loans and partly fund the next angle of the pipeline. it is expected that the fresh Irish amenities will be keep in locality once the next two or three edifice alternatives are dedicated.      

    The covenants on bar no one debt amenities were complied with, inside the length and since the length end. The business's market capitalisation become £337.2 million at a closing expense on 31 March 2018 of 78.6 pence per share.

     

    Overheads and progress on ongoing fees

    The community's Ongoing fees Ratio ("OCR") (including direct property charges relative to commonplace EPRA net Asset price) for the 6 months to 31 March 2018 made further progress falling from 1.28% to 1.16%. The community expects additional growth during this measure because it continues to scale its operations.

     

    Discounted money circulation valuation of assets

     

    On the Fund's behalf, the funding Adviser carries out a discounted money stream ("DCF") valuation of the group belongings and associated debt at each and every era end. The groundwork of practise is akin to that calculated by means of infrastructure dollars. The values of each and every investment are derived from the present value of the property's anticipated future cash flows, after enabling for debt and taxation, the usage of within your budget assumptions and forecasts in keeping with the predominant hire at each and every property. the entire of the current values of every property and associated debt money flows so calculated is then aggregated with the excess cash position of the community.

     

    At 31 March 2018, the DCF valuation was 100.9 pence per partake compared with ninety eight.5 pence per partake at 30 September 2017, the enlarge resulting basically from the tax edge bought on entry to the united kingdom REIT regime, and to a lesser extent, the property acquisitions within the length.

     

    with the objective to deliver a constant approach the assumptions applied in musty intervals to the bargain charges used of seven% for achieved and occupied properties and eight% for houses under progress remain constant. These depict 2.5% and 3.5% possibility premiums to an assumed 4.5% long hurry gilt price. The weighted typical gash expense rate is 7.03% and this represented a 5.27% chance premium to the 20 yr gilt rate at 31 March 2018 of 1.seventy six %.

     

    On entry to the uk REIT regime, the funding Adviser reassessed the tax assumptions and not gives for any UK capital positive factors or salary tax on UK property rents and notional sales on the desist of each rent. Capital splendid points tax remains assumed on the sale of Irish homes at a fee of 33% at the conclusion of these belongings' respective leases. at the identical time as reassessing the tax assumptions, the investment Adviser has reassessed the credit that on typical appoint will enhance at a cost of 2.5% once a year over the future. The investment Adviser has now adopted a brand fresh long hurry blended apartment enlarge assumption of two% every year which is near to the precise fee of enlarge considered over the final 10 year length.

     

    The degree of gearing and expense of debt are maintained at existing tiers. Residual values continue to be based mostly upon capital enlarge at 1% per annum from the existing valuation except the expiry of leases (when the houses are notionally sold).

     

    For the discounted cash scurry internet asset cost to equate to the symmetry rate as at 31 March 2018 of seventy eight.6 pence per share, the discounted money circulate calculation would ought to anticipate both, a weighted common gash expense price of 9.seventy six% or rent decreases of 1.85% each year or capital rate reductions of 1.91% per annum.

     

    net asset expense and sensitivity

     

    aside from the company's partake rate, which fell during a length when activity quotes rose, the Fund's growth and performance has been tremendous with unadjusted web Asset expense ("NAV") at 31 March 2018, having improved 3.9% to seventy nine.3 pence per partake (30 September 2017: 76.three pence per share). EPRA net Asset expense ("EPRA NAV") additionally increased and at 31 March 2018 was seventy nine.6 pence per partake which became a 4.1% improvement over 76.5 pence per partake at 30 September 2017. This enhance turned into completed after paying a dividend of 3.01 pence per partake in the duration (31 March 2017: 2.9875 pence per share).

     

    average the full recur on EPRA NAV become 8.0% for the length (2017: 5.7%), being made of 3.01 pence dividend recur and three.1 pence NAV recur relative to the introduced ahead EPRA NAV of seventy six.5 pence per share.  

     

    A assessment of sensitivities has been carried out in the case of the valuation of houses. If valuation yields firmed by 0.25% to a net initial relent of four.74%, the EPRA NAV would enlarge by means of approximately 8.eight pence per partake to 88.four pence per partake and conversely, if valuation yields widened via 0.25% to a web preliminary relent of 5.24%, the EPRA NAV would lessen by using approximately 8.0 pence per partake to seventy one.6 pence per share.

     

    Pipeline and investment probability

     

    The unfold between the yields at which the Fund can purchase homes and the can imbue of long term debt and govt gilts continues to be enormously wider in the Republic of ireland. The investment Adviser has persevered to effectively source residences via its based relationships with traders, developers and agents in the sector.

     

    hobby in vote casting rights of the enterprise

     

    The investment Adviser has a advisable pastime in the following variety of shares in the business:

     

    March2018

    September2017

    Octopus Healthcare Adviser Ltd

    2,376,506

    2,297,336

     

    The variety of shares held through Octopus Healthcare Adviser Ltd as at the date of this record is 2,376,506, reminiscent of 0.fifty five% of the issued partake capital of the enterprise.

     

    right through the era the funding Adviser obtained dividends on its protecting within the commerce moreover expenses bought for services. The investment Adviser acquired its dividends within the form of fresh generic Shares below the Scrip Dividend Scheme in area. The money equivalent of the dividends received through the investment Adviser changed into £66,234 compared with £64,754 within the length ended 31 March 2017.

     

     

     

    Mike Adams

    govt Chairman

    Octopus Healthcare Adviser Ltd

    21 may 2018

     

    foremost risks and uncertainties

    The most Important hazards and uncertainties concerning the group are constantly reviewed by the Board along with the interior controls and possibility management tactics which are used to mitigate these risks.

    STRATEGIC risks

    Description

    Mitigation

    circulate considering the fact that 30 Sept 2017

    government policy:

     

    •     adjustments to the NHS funding mannequin for the fundamental healthcare sector could lead to a discount in edifice opportunities purchasable to the company.

     

    ·      The NHS at the instant reimburses GP's condo costs for premises used for proposing primary healthcare. within the adventure of a transformation to this mechanism, the enterprise may likewise not acquire apartment income when due and/or the full income obtained could be lessen than due under the current leases.

     

    ·      a change in political policies as a result of the referendum vote for the uk to exit the ecu is probably going to proceed to antecedent suspicion within the domestic fiscal ambiance and create volatility in prices, pastime fees, funding yields and inflation.

     

    ·      a change in govt following a snap regularly occurring election as a result of withdrawal of aid for the existing management may lead to colossal delays in commissioning primary healthcare and a change in funding policies and priorities.

     

               

     

     

    •     The investment Adviser offers an replace on any anticipated adjustments in NHS provision at every Board assembly for consideration through the Board. The latest government has brought up that one in every of its coverage aims is to raise the supply of fundamental healthcare features within the group so a reduction in funding or sheperd in this sector is considered unlikely given the long hurry structural guidelines in place.

     

    •     The GPs own contracts with the NHS to cover the length and past of their lease (on generic 14.0 years on residences held by means of the group) and so a change to this repayment coverage could be anticipated to own Little strike in the instant future.

     

    •     The Board monitors the political and fiscal atmosphere with input from its advisers. There is not any exposure to basic care outside the united kingdom and Republic of eire.

     

    •     It has been published that the Labour birthday party are cautious about the benefits provided by some deepest sector infrastructure investment. The funding Adviser attends conferences and commerce movements the spot the merits and expense for cash of private sector third party edifice procurement commissioning are offered.

     

     

    ?

     

    OPERATIONAL dangers

    Description

    Mitigation

    move given that 30 Sept 2017

    Property yields:

     

    •     a tall discount in property yields could result in them falling under the enterprise's can imbue of capital, or no longer being obtainable with an usurp expense of recur and low yields artificially gash back the pressure for rising rents at fresh schemes.

    •     A property recession may materially adversely strike the value of properties which might keep economic covenants below power.

     

     

     

     

    •     For latest houses contractual money flows are fastened over the lengthy-term so own Little own an repercussion on on EPRA returns.

    •     The Board continuously evaluate the neighborhood's finances and 5 yr forecast and completes a risk evaluation and a protracted-time era viability assessment which incorporates the neighborhood Weighted commonplace imbue of Capital ("WACC"), dividend policy and sets the minimum property relent boundaries for future acquisitions.

     

     

    ?

     

     

     

    Cyber security:

    •     There are a few risks regarding cyber protection which encompass the risk of having the inner techniques of the investment Adviser infiltrated, information corrupted or assistance stolen.

     

    •     The security of the techniques are internally monitored and regularly reviewed. training is provided to employees of the investment Adviser on cyber security matters to raise focus and vigilance. Incident administration is used to set up an incident response and calamity healing response.

     

    •     The review of suppliers to the commerce comprises an assessment of the nice of their cyber protection systems and strategies. 

     

    ?

     

    fiscal dangers

    Description

    Mitigation

    circulate in view that 30 Sept 2017

    Financing and debt administration:

    •     a tall reduction within the availability of financing might strike the business's capability to supply fresh funding for both refinancing purposes and to disburse for future acquisitions.

     

     

     

     

    •     a tall upward shove in hobby charges could beget returns from alternative investments more pleasing which might keep downward power on the company's partake expense making equity finance tremendously greater costly. 

     

     

     

    •     The commerce principally holds lengthy-term facilities which significantly reduce the refinancing possibility. The commerce keeps relationships with a few skills financing sources ensuring a number financing alternatives.

    •     The investment Adviser displays and manages the debt facilities and studies on a regular groundwork to the Board.

     

    •     The enterprise has maintained its acquisition self-discipline and dividend policy for the existing era even as agreeing terms to position in region two fresh debt facilities so that they can in the reduction of the cost of capital and beget the capital structure greater effective. The enterprise additionally has 14.eight million generic Shares under its obscure list which may likewise be offered instantly and cheaply to fullfil claim at a cost as regards to the existing market partake fee.

     

     

    ?

     

    Covenants:

    •     a significant reduction in property valuations or profits might outcome in a violation of personal loan covenants.

     

    •     Covenants are measured and monitored on a monthly groundwork by means of the funding Adviser, with outcomes said to the Board for consideration.

    •     The strike of expertise property de-valuations on the covenants are considered by the funding Adviser and mentioned by artery of the Board at quarterly Board meetings. a few facilities comprehend treatment provisions and the investment Adviser keeps an ongoing dialogue with the group's lenders.

     

     

    ?

     

    REIT popularity:

     

      ?

     

    ·      Ongoing REIT repute (and exemption from organization tax on the community's qualifying property profits and gains) requires compliance with a few REIT situations together with the steadiness of commerce tests and requirement to distribute at least ninety% of property profits each yr and renovation of the group's balance of company.

     

    •     The enterprise keeps a tax forecast and receives regular stories from its tax advisers and the investment Adviser. This contains preserving the REIT conditions beneath assessment. on the latest time there's colossal headroom under the a considerable number of REIT circumstances.

     

     

     

    For the six months ended 31 March 2018

     

    Notes

    Six months ended 31 March

    2018

    (unaudited)£'000

    Six Months ended 31 March

    2017

    (unaudited)£'000

    salary

    rent receivable

    19,591

    18,591

    service imbue salary

    123

    -

    different salary

    233

    98

    total profits

    19,947

    18,689

    Direct property expenses

    (836)

    (838)

    service cost expenses

    (123)

    -

    net apartment income

    18,988

    17,851

    Share of net income of equity accounted joint venture

    sixteen

    30

    -

    30

    -

    Realised and unrealised valuation movements

    internet valuation profit on investment residences

    eight

    18,290

    6,583

    earnings/(loss) on disposal of investment homes

    eight

    143

    (25)

    18,433

    6,558

    expenses

    funding advisory fee

    15

    1,938

    1,941

    Property management fee

    15

    470

    452

    Administrative expenses

    15

    seventy four

    fifty seven

    Audit fees

    88

    seventy nine

    knowledgeable fees and different charges

    304

    354

    administrators' charges

    ninety three

    72

    complete costs

    (2,967)

    (2,955)

    earnings before activity and tax

    34,484

    21,454

    Finance costs

    4

    (8,145)

    (7,905)

    Finance salary

    5

    17

    forty six

    web finance charges

    (8,128)

    (7,859)

    profit earlier than tax

    26,356

    13,595

    Taxation

    6

    (712)

    (1,072)

    profit brought on by equity holders of the father or mother        

    25,644

    12,523

    different comprehensive earnings

    objects which are or may well be reclassified as a result to profit or loss:

    international alien money translation modifications - overseas operations

    (35)

    fifty seven

    complete comprehensive salary as a result of equity holders of the mum or dad

    25,609

    12,580

    salary per common Share

    simple and diluted

    7

    6.0p

    3.1p

     

     

     

     

     

    As at 31 March 2018

     

    Notes

    31 March

    2018

    (unaudited)£'000

    30 September

    2017

    (audited)£'000

    Non-existing belongings

    funding properties

    8

    719,706

    680,355

    Investments in equity accounted three artery partnership

    1,053

    1,035

    total non-present belongings

    720,759

    681,390

    current belongings

    trade and different receivables

    7,677

    7,176

    money and cash equivalents

    13

    19,090

    32,one hundred forty five

    complete latest belongings

    26,767

    39,321

    complete property

    747,526

    720,711

    present liabilities

    trade and different payables

    24,558

    18,682

    Loans due within one year

    9

    2,462

    2,213

    complete current liabilities

    27,020

    20,895

    Non-existing liabilities

    Loans due after one year

    9

    377,602

    370,583

    Head rent liabilities

    10

    1,428

    1,456

    Deferred tax liability

    6

    1,287

    575

    total non-existing liabilities

    380,317

    372,614

    complete liabilities

    407,337

    393,509

    web belongings

    340,189

    327,202

    equity

    Share capital

    eleven

    -

    -

    Share premium

    eleven

    269,406

    269,419

    Treasury shares

    11

    (5,864)

    (6,148)

    international alien money translation reserve

    12

    (77)

    (forty two)

    other reserve

    12

    76,724

    sixty three,973

    complete attributable to equity holders of the mother or father

    340,189

    327,202

    internet asset value per share

    primary and diluted

    7

    seventy nine.3p

    seventy six.3p

     

    The condensed consolidated era in-between fiscal statements were authorised and accredited for topic by the Board of administrators on 21 may additionally 2018 and own been signed on its behalf by means of

     

     

    Helen Mahy CBE

    Chairman

    21 may likewise 2018

    For the six months ended 31 March 2018

     

    Notes

    Sharepremium

    (unaudited)£'000

    Treasuryshares

    (unaudited) £'000

    international forex translation reserve

    (unaudited)

    £'000

    Otherreserve

    (unaudited)£'000

    Totalequity

    (unaudited)£'000

    steadiness at 1 October 2016

    234,846

    (6,835)

    fifty three

    50,097

    278,161

    Shares issued from obscure record

    20,387

    -

    -

    -

    20,387

    Scrip topic of shares from treasury (internet of expenses)

    31

    472

    -

    -

    503

    Share issue costs

    (221)

    -

    -

    -

    (221)

    Dividends paid

    14

    -

    -

    -

    (eleven,929)

    (eleven,929)

    Transactions with owners

    20,197

    472

    -

    (eleven,929)

    eight,740

    profit attributable to equity holders of the father or mother

    -

    -

    -

    12,523

    12,523

    different finished earnings:

    overseas currency translation differences

    -

    -

    57

    -

    57

    complete complete salary for the length

    -

    -

    57

    12,523

    12,580

    stability at 31 March 2017

    255,043

    (6,363)

    110

    50,691

    299,481

    Shares issued from obscure record

    14,545

    -

    -

    -

    14,545

    Scrip concern of shares from treasury (internet of prices)

    16

    215

    -

    -

    231

    Share concern prices

    (185)

    -

    -

    -

    (185)

    Dividends paid

    -

    -

    (12,819)

    (12,819)

    Transactions with homeowners

    14,376

    215

    -

    (12,819)

    1,772

    profit attributable to equity holders of the parent

    -

    -

    -

    26,one hundred and one

    26,one hundred and one

    different comprehensive salary:

    foreign forex translation differences

     

    -

     

    -

     

    (152)

     

    -

     

    (152)

    total complete income for the length

    -

    -

    (152)

    26,a hundred and one

    25,949

    stability at 30 September 2017

    269,419

    (6,148)

    (forty two)

    63,973

    327,202

     

    Scrip problem of shares from treasury (net of expenses)

    1

    284

    -

    -

    285

    Share topic expenses

    (14)

    -

    -

    -

    (14)

    Dividends paid

    14

    -

    -

    (12,893)

    (12,893)

    Transactions with homeowners

    (13)

    284

    -

    (12,893)

    (12,622)

    earnings brought on by equity holders of the mum or dad

    -

    -

    -

    25,644

    25,644

    other finished salary:

    foreign forex translation variations

     

    -

     

    -

     

    (35)

     

    -

     

    (35)

    total complete salary for the length

    -

    -

    (35)

    25,644

    25,609

    steadiness at 31 March 2018

    269,406

    (5,864)

    (seventy seven)

    seventy six,724

    340,189

    For the six months ended 31 March 2018

     

    Notes

    Six months ended

    2018

    (unaudited)£'000

    Six months ended

    2017

    (unaudited)£'000

    working activities

    income earlier than taxation

    26,356

    13,595

    changes for:

    net valuation gain on funding properties

    8

    (18,290)

    (6,583)

    (earnings)/loss on disposal of investment residences

    eight

    (143)

    25

    Share of web profit of equity accounted three artery partnership

    16

    (30)

    -

    Finance income

    5

    (17)

    (46)

    Finance prices

    4

    eight,a hundred forty five

    7,905

    16,021

    14,896

    (enhance)/reduce in trade and other receivables

    (505)

    1,108

    raise in exchange and different payables

    5,842

    2,979

    pastime paid

    (7,947)

    (7,627)

    activity acquired

    20

    47

    internet money inflow from working actions

    13,431

    11,403

    Investing actions

    Acquisition of funding houses

    (7,506)

    -

    Proceeds from sale of funding properties

    eight

    5,575

    812

    funds for investment houses and homes under development

    (19,477)

    (forty two,558)

    Dividends acquired from joint venture

    12

    -

    web cash outflow from investing activities

    (21,396)

    (41,746)

    Financing actions

    net proceeds from issue of partake capital

    (14)

    20,166

    New mortgage amenities drawn

    9

    8,231

    11,000

    compensation of borrowings

    9

    (1,033)

    (981)

    personal loan concern prices

    9

    (ninety two)

    (36)

    Dividends paid

    14

    (12,158)

    (11,426)

    internet money (outflow)/influx from financing actions

    (5,066)

    18,723

    reduce in money and money equivalents

    (13,031)

    (11,620)

    results of forex translation on money and cash equivalents

    (24)

    (1)

    Opening cash and money equivalents

    32,a hundred forty five

    20,968

    Closing cash and cash equivalents

    13

    19,090

    9,347

     

     

     

    For the six months ended 31 March 2018

     

    1. regularly occurring suggestions

    The commerce is a limited liability funding commerce integrated in Guernsey and is a UK actual property investment own confidence. The tackle of its registered office is Regency court, Glategny Esplanade, St Peter Port, Guernsey, GY1 1WW.

     

    The enterprise has a top rate list on the London stock alternate.

     

    The condensed consolidated meantime economic suggestions doesn't constitute the statutory fiscal statements of the community within the which means of section 245 of The businesses (Guernsey) law, 2008. The Board of administrators accepted the statutory economic statements for the yr ended 30 September 2017 on 11 December 2017. The record of the auditor on those fiscal statements become unqualified, didn't comprise an accent of bethink paragraph and did not comprise any remark below portion 263 of The businesses (Guernsey) legislation, 2008.

     

    The condensed consolidated intervening time fiscal statements for the six months ended 31 March 2018 had been presented in pounds sterling, which is the useful and presentational forex of the community, and rounded to the nearest thousand kilos. The condensed consolidated meantime monetary tips has been reviewed, not audited, and was authorised and accepted for topic by means of the Board of directors on 21 may likewise 2018.

     

    The directors are of the persuasion that the community is engaged in a unique section of enterprise, being funding in simple healthcare houses in the uk and Republic of ireland.

     

    The condensed consolidated meantime economic suggestions can be posted on the company's site, www.medicxfund.com. The protection and integrity of the business's web site is the responsibility of the administrators.

    2. basis of preparation

    The condensed consolidated era in-between monetary assistance for the six months ended 31 March 2018 has been organized according to the Disclosure and Transparency guidelines of the fiscal habits Authority and with IAS 34 'interim monetary reporting' as adopted via the ecu Union. The condensed consolidated interim fiscal information should be read along side the monetary statements for the 12 months ended 30 September 2017, which had been organized in line with alien economic Reporting requirements ("IFRS") as adopted through the ecu Union.

     

    Going subject

     

    The directors own performed an assessment of the pertinent suggestions to fulfill themselves that the neighborhood has the potential to settle its liabilities as they plunge due, for the foreseeable future, and that it therefore continues to be applicable to undertake the going issue groundwork of accounting.

     

    The assessment considered the political and fiscal ambiance, the latest position of the group and its commitments and acquisition pipeline in addition to its available sources of current and future funding. 

     

    At 31 March 2018 the group had web property of £340.2 million, cash of £19.1 million and web latest liabilities of £0.2 million. The neighborhood additionally had £20.0 million of committed funding immediately purchasable from its revolving credit score facility and €10.6 million of committed construction finance to attract to fund the completion of the group's initiatives in the Republic of eire. 

     

    on the date of this file, the enterprise has agreed heads of phrases with two lenders and documentation is in progress to cozy an enlargement of the revolving credit score facility and to spot in vicinity a brand fresh future personal loan facility. Negotiations continue with the group's lenders in the Republic of ireland who own expressed an appetite to companion with the group in funding extra near term alternatives. greater detail is supplied within the funding Adviser document at the side of assistance describing the energy of the asset pipeline and the Board's determination to are looking for to raise fresh equity capital within the immediate future. progress with the pipeline is elegant on the successful execution of recent funding however because of the quite a lot of accessible sources and committed facilities, the directors accept as lawful with it viable that they may be in a position to raise any money required should they proceed to keep money into any of the pipeline opportunities identified to this point.

     

    The neighborhood has money reserves and belongings purchasable to comfy additional funding if required at the side of future leases throughout several geographic areas within the united kingdom and the Republic of ireland. The directors own reviewed the neighborhood's forecast commitments, together with commitments to progress tasks and proposed acquisitions, in opposition t the long hurry funding availability, with inevitable reference to the utilisation of, and continued entry to present debt amenities. The administrators own additionally reviewed the neighborhood's compliance with covenants on lending facilities.

     

    The neighborhood's monetary forecasts exhibit that it could sojourn within its lending facilities, meet its fiscal tasks and assist its dividend policy as they plunge due for as a minimum the next twelve months. The administrators likewise believe that the group is smartly placed to control its company hazards correctly within the current fiscal environment. consequently, they proceed to undertake the going challenge groundwork of accounting in making ready these condensed consolidated era in-between economic statements.

     

    three. Accounting policies

    The accounting policies and presentation of figures are in keeping with these of the annual fiscal statements for the 12 months ended 30 September 2017, as described in these annual monetary statements, apart from as disclosed below:

     

    Taxation

    Taxes on earnings in meantime periods are estimated the usage of the tax expense that could be material to expected complete annual gains. The Irish revenue tax cost of 20% and capital positive factors tax expense of 33% has remained constant over the period.

     

    Use of estimates

    within the technique of making disburse of the community's accounting policies described in the monetary statements for the yr ended 30 September 2017, the administrators are required to be certain judgements and estimates to arrive at the carrying cost for its property and liabilities.

     

    Use of judgements

    gigantic areas requiring judgement within the practise of these fiscal statements encompass the valuation of houses, the estimated anticipated uplift in hire reviews previous their evaluate dates, and the funding advisory efficiency imbue accrual. The colossal areas requiring judgement are consistent with those stated within the monetary statements for the 12 months ended 30 September 2017, except for (a) the investment advisory performance imbue accrual, which is prevalent at the year desist and as such doesn't require big judgement because it does in these interim fiscal statements; and (b) as of 31 March 2018 the administrators own made an evaluation and determined that 35% of total group money injected into the subsidiary which owns homes within the Republic of ireland are neither deliberate nor likely to be repaid and as such should still be regarded as a non-monetary internet funding in alien operations which in the identical artery as equity is not topic to alien change retranslation.     

     

    four. Finance prices

    Six months ended 31 March

     2018£'000

    Six months ended 31 March

     2017£'000

    interest payable on lengthy-time era loans

    8,328

    7,676

    Amortisation of loan challenge charge

    609

    557

    Amortisation of unprejudiced cost on acquired loans

    (449)

    (453)

    8,488

    7,780

    hobby capitalised on houses under construction

    (368)

    (183)

    foreign change loss

    25

    308

    eight,one hundred forty five

    7,905

     

    all through the length pastime fees on funding brought on by investment properties beneath edifice had been capitalised at an outstanding hobby cost of four.27% (31 March 2017: 4.38%). The funding become generally sourced from bar no one the personal loan facilities outlined within note 9, although, where houses below edifice were secured against a specific loan, the activity for that facility changed into capitalised at the prevalent rate material to that personal loan.

     

    The overseas change loss is derived from the retranslation of economic assets and liabilities denominated in Sterling (which is a alien forex for the neighborhood's Irish property owning subsidiary, MedicX houses ireland constrained, which has a purposeful currency of the Euro). The enterprise has provided Sterling loans to MedicX residences eire confined which are eliminated on consolidation.

     

    5.  Finance profits

    Six months ended 31 March

     2018£'000

    Six months ended 31 March

     2017£'000

    financial institution activity receivable

    17

    forty six

     

     

     

    6.  Taxation

     

    Six months ended 31 March

     2018£'000

    Six months ended 31 March

     2017£'000

    Deferred tax

    cost for the year

    712

    1,072

    complete tax cost

    712

    1,072

     

    A reconciliation of the specific tax cost to the notional tax cost making disburse of the traditional ordinary fee of UK service provider tax of 19.0% (2017: 20.0%) is set out under:

     

    Six months ended 31 March

     2018£'000

    Six months ended 31 March

     2017£'000

    earnings earlier than tax

    26,356

    13,595

    profit earlier than tax increased through the commonplace traditional expense of corporation tax in the UK of 19.0% (2017: 20.0%)

    5,008

    2,719

    Exempt property enterprise gains

    (1,313)

    -

    expenses/(profits) not deductible/taxable for tax functions

    -

    (358)

    gains now not sphere to UK taxation

    (three,010)

    (1,216)

    alterations in admire of prior durations

    -

    9

    different movements

    8

    -

    change between deferred and current tax prices

    309

    -

    movement in unrecognised deferred tax

    (290)

    (eighty two)

    complete tax can charge

    712

    1,072

     

    Deferred Taxation

     

    reasonable cost advantageous properties

    £'000

    Accelerated capital allowances £'000

    Unrelieved management prices £'000

    total £'000

    At 1 October 2016

    948

    6,616

    (1,677)

    5,887

    launched on entry into the REIT regime

    (948)

    (6,616)

    1,677

    (5,887)

    offered/(launched) in the yr

    613

    153

    (191)

    575

    At 30 September 2017

    613

    153

    (191)

    575

    offered/(released) within the length

    555

    176

    (19)

    712

    At 31 March 2018

    1,168

    329

    (210)

    1,287

     

    At 31 March 2018 the community has known deferred tax liabilities on the revaluation of its properties found in the Republic of ireland at a rate of 33% (30 September 2017: 33%) and deferred tax assets on losses carried ahead at 20% (30 September  2017: 20%).

     

    7.  income and net asset value per unprejudiced Share

    basic and diluted revenue and web asset cost per share

    The basic and diluted profits per typical partake are in line with the income for the length as a result of traditional Shares of £25,644,000 (2017: £12,523,000) and on 428,741,288 (2017: four hundred,184,956) commonplace Shares, being the weighted ordinary composite of standard Shares in challenge calculated over the six month period, except quantities held in treasury. This offers soar to a fundamental and diluted income per common partake of 6.0 pence (2017: 3.1 pence) per commonplace Share.

     

    The basic and diluted net asset cost per traditional partake are according to the net asset position on the duration conclusion as a result of traditional Shares of £340,189,000 (2017: £327,202,000) and on 428,980,576 (2017: 428,640,144) regular Shares being the combination of unprejudiced Shares in issue on the duration conclusion, except for quantities held in treasury. This gives soar to a basic and diluted net asset expense per common partake of 79.three pence per standard partake (30 September 2017: 76.three) pence per regular Share.

    EPRA income per partake and internet asset cost per share

    The directors accept as lawful with that right here EPRA and adjusted earnings per commonplace partake and net asset value per traditional partake are extra meaningful commerce common key performance warning signs for the group:

     

    Six months ended 31 March

     2018£'000

    Six months ended 31 March

     2017£'000

     

    income caused by fairness holders of the dad or mum

    25,644

    12,523

     

    Adjusted for:

     

    Deferred tax cost

    712

    1,072

     

    Revaluation profit

    (18,290)

    (6,583)

     

    earnings on disposal of funding houses

    (143)

    -

     

    EPRA income

    7,923

    7,012

     

    EPRA EPS

    1.85p

    1.75p

     

     

    Weighted unprejudiced number of usual Shares

    428,741,288

    four hundred,184,956

     

     

    31 March 2018

    £'000

    30 September 2017

    £'000

    web belongings

    340,189

    327,202

    Adjusted for:

    Deferred tax liability

    1,287

    575

    EPRA web belongings

    341,476

    327,777

    EPRA internet asset value per usual partake - primary and diluted

    79.6p

    76.5p

    31 March 2018

    £'000

    30 September 2017

    £'000

    internet belongings

    340,one hundred ninety

    327,202

    Adjusted for:

    fair cost of debt

    (forty two,416)

    (forty two,574)

    EPRA NNNAV

    297,774

    284,628

    EPRA NNNAV per standard partake - simple and diluted

    sixty nine.4p

    sixty six.4p

    common Shares in situation at the length/12 months end

    428,980,576

    428,640,144

     

     

    8.  funding homes

     

    completed investment properties £'000

    homes under construction £'000

    total funding residences £'000

    reasonable value 1 October 2016

    597,410

    14,854

    612,264

    Additions

    30,182

    20,883

    fifty one,065

    Disposals at valuation

    (2,068)

    -

    (2,068)

    transfer to achieved houses

    18,013

    (18,013)

    -

    Revaluation

    17,590

    1,064

    18,654

    overseas trade movements

    -

    440

    440

    reasonable cost 30 September 2017

    661,127

    19,228

    680,355

    Additions

    6,575

    19,891

    26,466

    Disposals at valuation

    (5,321)

    -

    (5,321)

    switch to completed properties

    22,485

    (22,485)

    -

    Revaluation

    17,519

    771

    18,290

    foreign trade actions

    (37)

    (forty seven)

    (eighty four)

    reasonable expense 31 March 2018

    702,348

    17,358

    719,706

     

    complete funding homes £'000

    fair expense per JLL UK valuation report

    656,651

    fair expense per JLL ireland

    33,275

    websites bought for forward funding schemes

    2,735

    ground rents known as finance leases

    1,456

    employ incentives

    can imbue to finished properties below building

             (497)

    (13,265)

    fair value 30 September 2017

    680,355

     

    fair value per JLL UK valuation document

     

    673,143

    fair expense per C&W ireland

    forty nine,542

    sites purchased for ahead funding schemes

    6,386

    ground rents regarded as finance leases

    1,428

    hire incentives

    (543)

    cost to finished homes under building

    (10,250)

    fair value 31 March 2018

    719,706

     

    funding homes are in the dawn acknowledged at cost after which due to this fact measured at unprejudiced price, which has been decided in accordance with the market valuations performed by using Jones Lang LaSalle restricted ("JLL") for the properties held inside the uk as at 31 March 2018. The valuation assumes that a customer's present rate to the neighborhood can be internet of standardised purchaser's costs (which might be estimated at 6.58% (30 September 2017: 6.53%) of what would otherwise be the buy expense).

     

    investment properties completed and beneath construction determined within the Republic of eire had been valued by Cushman & Wakefield ("C&W"). The residences had been valued in accordance with the strategy taken inside the UK outlined under. Irish stamp responsibility on commerce properties multiplied from 2% to 6% in October 2017 which accelerated the notional customers cost used as at 31 March 2018. (Notional valued clientele imbue of eight.forty six% (30 September 2017: four.46%) own been assumed).

     

    The sites bought for forward funding schemes were valued by using JLL or C&W as a portion of the acquisition due diligence. At 31 March 2018 a complete of 5 sites (30 September 2017: 2) are recorded at can imbue which is viewed as their reasonable value as a result of these are held with the improvement of a keep election may still the scheme no longer proceed.

     

    The freehold and lengthy leasehold interests in the property investments of the neighborhood had been valued at an combination of £722,685,000 as at 31 March 2018 (30 September 2017: £689,926,000) with the aid of JLL and C&W. This valuation assumes that bar no one residences, including those under building, are comprehensive and contains the value of property beneath construction translated at an exchange expense of £0.88 per €1 for these assets observed in the Republic of ireland.

     

    The valuers' opinions of market expense had been derived using valuation innovations and similar recent market transactions on arm's length phrases. JLL has valued these homes for reporting functions for the judgement that 31 March 2008 and C&W own valued the homes for reporting applications considering 1 June 2017.

     

    The market valuation became carried out in response to the requirements of the Valuation requisites posted with the aid of the Royal establishment of Chartered Surveyors, and accounting standards. The homes were valued to market cost assuming that they might be bought in unique a lot (i.e. no longer as portfolios) sphere to the present leases, or agreements for rent where the leases had not yet been completed on the date of valuation.

     

    On sixteen November 2017 the group completed the sale of 5 simple healthcare properties determined in Wolverhampton, Southampton, Gravesend, Leicester and Grimsby. the entire low sale expense become £5.6 million. The sale expense became near the internet reserve cost and after deducting earnings costs, a earnings on disposal of £143,000 became regarded.

     

    The traditional internet initial relent for belongings found within the UK at 31 March 2018 changed into 4.99% (30 September 2017: 5.08%).

     

    The reasonable cost of funding residences is regarded to be in line with a number of colossal assumptions. If the valuation relent own been to shift by means of 0.25% on each and every property, this could outcome in an influence on the valuation of the residences of approximately £37.0 million (30 September 2017: £36.0 million).  If rent experiences of 2% were completed on the complete portfolio without a relent circulate the valuation of houses would enhance via about £14 million.

     

    all through the length the mortgage facilities, as disclosed in note 9, own been utilised to fund progress toil on funding properties beneath construction. hobby expenses of £368,000 (31 March 2017: £183,000) because of construction toil in progress own been capitalised bar no one the artery through the length.

     

     

    9.  Loans

    31 March 2018

    £'000

    30 September 2017

    £'000

    complete facilities drawn down

    382,956

    375,757

    mortgage situation prices

    (15,636)

    (15,544)

    Amortisation of loan concern expenses

    6,527

    5,917

    fair value bobbing up on acquisition of subsidiaries

    11,645

    eleven,645

    Amortisation of reasonable cost adjustment on acquisition

    (5,428)

    (four,979)

    380,064

    372,796

    much less: Loans due inside 365 days

    (2,462)

    (2,213)

    Loans due after twelve months

    377,602

    370,583

     

    The present element of long term loans pertains to the quantity due within the subsequent twelve months on the Aviva PMPI, Aviva GPG and Aviva Fakenham mortgage facilities; the terms of these loans are described beneath.

     

    The neighborhood has eight basic debt amenities drawn. in addition, the community has a revolving loan facility with RBS which incorporates a £20 million dedication and £10 million extension topic to approval. The RBS facility was undrawn at 31 March 2018. Repayments of the loans listed above plunge due as follows:

     

    evaluation of loans due after one year:

    31 March 2018

    £'000

    30 September 2017

    £'000

    Between one and two years

    2,573

    2,517

    Between two and 5 years

    9,941

    8,802

    Over 5 years

    365,088

    359,264

    377,602

    370,583

     

    Covenants

    all the monetary covenants on the mortgage amenities own been complied with right through the duration and subsequently.

    Mark to market of mounted fee debt

    The group does not heed to market its fastened pastime debt in its monetary statements, apart from the consciousness of a unprejudiced expense adjustment on the acquisition of any debt facilities. The unamortised unprejudiced cost adjustment on received loans became £6,217,000 as at 31 March 2018 (30 September 2017: £6,666,000).

     

    A heed to market calculation offers a demonstration of the improvement or liability to the community of the fastened rate debt given the estimated prevalent cost of debt over the final lifetime of the debt. An approximate heed to market calculation has been undertaken following counsel from the neighborhood's lenders, just about the mounted pastime rate on the particular person debt amenities, and the fastened interest cost, together with margin, potential on the closing commerce day of the fiscal yr for a loan with similar phrases to match the existing amenities. The debt improvement or legal responsibility is calculated because the change between the present values of the debt money flows at the two quotes over the final time era of the mortgage, discounting the cash flows at the prevalent LIBOR expense. The approximate heed to market liability of the entire fixed cost debt to the group become £42,416,000 as at 31 March 2018 (30 September 2017: £forty two,574,000).

    money circulation movements

    all the artery through the duration, the major cash flow actions on the group's personal loan facilities were as follows:

     

    Six months ended 31 March

     2018£'000

    Six months ended 31 March

     2017£'000

    Draw down of fiscal institution of ireland facility

    8,231

    -

    Drawn down on Revolving credit Facility

    -

    11,000

    New mortgage facilities drawn

    8,231

    eleven,000

    repayment of personal loan essential

    (38)

    (86)

    repayment of Aviva PMPI loan facility

    (692)

    (655)

    compensation of Aviva GPG personal loan facility

    (251)

    (240)

    reimbursement of Aviva Fakenham personal loan facility

    (52)

    -

    compensation of lengthy-time era borrowings

    (1,033)

    (981)

    Aviva £100m loan facility charges

    -

    (12)

    Aviva Fakenham mortgage facility expenses

    30

    -

    RBS mortgage facility expenses

    -

    (2)

    typical lifestyles facility fees

    (fifty five)

    (eight)

    bank of ireland facility prices

    (sixty seven)

    (14)

    mortgage concern prices

    (ninety two)

    (36)

     

    Any at once attributable fees incurred regarding the loans are introduced to the personal loan issue fees and amortised over the final life of the selected personal loan facility.

     

    10.      Head lease liabilities

    31 March 2018

    30 September 2017

    present expense £'000

    minimal rent   funds  £'000

    existing value £'000

    minimum rent payments £'000

    Due inside one year

    89

    98

    ninety three

    102

    Between one and 5 years

    288

    395

    297

    407

    Over five years

    1,051

    7,881

    1,066

    7,745

    1,428

    eight,374

    1,456

    8,254

    much less future hobby costs

    -

    (6,946)

    -

    (6,798)

    1,428

    1,428

    1,456

    1,456

     

    The group holds inevitable long leasehold homes which can be categorized as investment residences. the pinnacle leases are accounted for as finance leases. These leases usually own lease terms between 32 and 999 years and glued rentals.

     

    eleven.      partake capital

    No traditional Shares of no par value were issued bar no one through the era apart from to fullfil claim for the scrip dividend choice.

     

    variety of shares

    complete shares issued as at 30 September 2017 and 31 March 2018

    436,002,399

    Shares held in treasury (see under)

    (7,021,823)

    total vote casting rights in concern as at 31 March 2018

    428,980,576

     

     

    At 31 March 2018 the commerce had 14,771,668 (30 September 2017: 14,771,668) common Shares of no par expense remaining below its obscure list facility.

     

    Treasury shares own been utilised to fulfill claim for shares in lieu of cash for dividends elected below the business's scrip dividend scheme. The transactions and vital cost per partake are proven below:

     

    number of shares

    Priceper share

    complete shares held in treasury as at 30 September 2017

    7,362,255

    83.50 pence

    Shares utilised in lieu of money imbue of dividends:

    29 December 2017

    (193,187)

    84.70 pence

    29 March 2018

    (147,245)

    85.56 pence

    (340,432)

    total shares held in treasury as at 31 March 2018

    7,021,823

     

    The closing value of shares held in treasury issued at 83.50 pence per partake each is £5,864,000 (2017: £6,148,000).

     

    Any cash consideration got in excess of the expense the treasury shares had been purchased at has been protected in partake top rate. Any partake problem costs incurred are charged to the partake top rate.

     

    12.      different reserves

    The flow in different reserve is determined out in the Condensed consolidated observation of adjustments in equity.

     

    according to the companies (Guernsey) legislations 2008, as amended ("2008 legislations") the different reserve is freely distributable with no restrictions. moreover, distributions from the partake top rate account don't require the sanction of the court. The directors can likewise authorise a distribution at any time from partake premium or amassed advantageous properties given that they are convinced on low in cost grounds that the commerce will immediately after the distribution fulfill the solvency check prescribed in the 2008 legislations and that it satisfies some other necessities in the enterprise's Articles of Incorporation.

     

    The business's other reserve is used to build up annual earnings or losses for every year, less dividends declared and paid. The alien foreign money translation reserve includes alien alternate ameliorations created on consolidation of alien operations.

     

    13.      cash and money equivalents

    31 March 2018

    £'000

    30 September 2017

    £'000

    money and balances with banks

    19,090

    32,one hundred forty five

     

    money and money equivalents comprise cash held by the neighborhood and brief time era bank deposits with an original maturity of three months or less. The carrying quantity of these property approximates their unprejudiced price.

     

    covered within the above amounts are balances that are held in constrained bills which aren't immediately accessible for disburse through the neighborhood of £7,000,000 (30 September 2017: £5,245,000). These amounts are ring-fenced for investment in the completion of the houses below edifice which they finance or are held in lieu of property collateral.

     

    14.      Dividends

     

    Six months ended 31 March 2018

    Six months ended 31 March

    2017

    £'000

    Dividendper share

    £'000

    Dividendper share

    Quarterly dividend declared and paid

    29/31 December

    6,429

    1.50p

    5,858

    1.4875p

    Quarterly dividend declared and paid

    29/31 March

    6,464

    1.51p

    6,071

    1.50p

    complete dividends declared and paid bar no one through the 12 months

    12,893

    eleven,929

    Quarterly dividend declared after era conclusion

    6,478

    1.51p

    6,one hundred eighty

    1.50p

    money circulation strike of scrip dividends paid on:

    29/31 December 2017/2016

    163

    359

    29/31 March 2018/2017

    122

    144

    complete cash equal value of scrip shares issued

    285

    503

    money funds made for dividends declared and paid

    12,608

    eleven,426

    The dividend paid on 29 March 2018 become declared as 50% Property profits Distribution ("PID") and 50% common dividend. Elections to obtain the PID low had been acquired in respect of 121.5 million shares. Withholding tax at 20% become for this judgement deducted with respect to 298.5 million shares. The withholding tax amounted to £450,783 and changed into paid to HMRC almost immediately after 31 March 2018.   

     

    Dividends are scheduled for the desist of March, June, September and December of each and every 12 months, topic to Board approval and shareholder approval at the AGM of the dividend coverage. On 1 may likewise 2018, the Board authorized a dividend of 1.51 pence per share, bringing the entire dividend declared in prize of the length to 31 March 2018 to three.02 pence per share. The checklist date for the dividend became 18 might likewise 2018 and the imbue date is 29 June 2018. The amount disclosed above is the money equivalent of the declared dividend. The option to situation scrip dividends in lieu of cash dividends, with outcome from the quarterly dividend paid in June 2010, became accredited with the aid of a conclusion of shareholders at the enterprise's Annual widely wide-spread assembly on 10 February 2010. On 1 might likewise 2018 the Board introduced an break for qualifying shareholders to acquire the June 2018 dividend in fresh common Shares thoroughly paid up instead of money.

     

    15.      cloth contracts

    investment Adviser

    Octopus Healthcare Adviser Ltd is appointed to provide funding assistance beneath the phrases of an compress dated 17 October 2006 as consequently amended 20 March 2009, 17 February 2013, 24 September 2013, 20 November 2015 and 29 September 2017 (the "investment Advisory settlement" or "settlement"). fees payable beneath this compress are:

     

    (i)   a tiered investment advisory expense set at 0.50% per annum on healthcare property assets up to £750 million, 0.forty% each year payable on belongings between £750 million and £1 billion, and nil.30% every year payable on property over £1 billion topic to a total minimum annual payment of £3.878 million or, if lower, the imbue that would were payable under the musty imbue structure unless the consolidated property asset value reaches £782 million after which no minimum expense shall follow;

    (ii)   a property administration imbue of three% of low condo income as much as £25 million, and 1.5% of low condo revenue over £25 million;

    (iii)  a company transaction expense of 1% of the low asset value of any property possessing subsidiary company obtained; and

    (iv)  a efficiency expense based mostly upon total shareholder return.

     

    The annual performance fee is 15% of the amount in which the overall shareholder recur (using a regular partake rate for the month of September) exceeds a compound hurdle fee calculated from the sixty nine.0 pence topic fee at eight April 2009, locality to a elevated watermark. If in any 12 months the entire shareholder recur falls wanting this hurdle, the deficit in the total shareholder recur has to be made up in subsequent years earlier than any efficiency imbue can be earned. The compounding of the hurdle rate is adjusted upwards to compound from the elevated watermark stage at which the efficiency expense was final earned.

     

    The hurdle cost utilized within the era ended 31 March 2018 became 10% each year (2017: 10%). The elevated watermark used for the calculation of the efficiency expense for the length to 31 March 2018 turned into the fee which would own given a compounded 10% total shareholder recur over the elevated watermark at 30 September 2017 (ninety two.25 pence per share) with dividends reinvested. The current elevated watermark is determined with reference to the theoretical partake cost throughout September 2017, which now varieties a base for measuring shareholder recur over the present 12 months for the objective of assessing even if a performance payment might be payable.

     

    The investment advisory base fee and efficiency expense earned in composite in anybody fiscal 12 months cannot be paid in extra of 1.5% of low belongings (apart from money), such confine being corresponding to the funding advisory base imbue that changed into in being in forward of the alternate. The extra, if any, of the aggregate of the funding advisory base payment and performance expense earned in anybody fiscal year over 1.5% of low property (excluding cash) is not payable however is carried forward to future years or termination of the investment Advisory contract, locality at bar no one times to the annual 1.5% of low property (except cash) fee restrict. On 29 September 2017 the investment Advisory agreement changed into amended following the enterprise's entry into the united kingdom REIT regime. The imbue constitution and spot duration remained unchanged featuring for a rolling compress topic to the enterprise's capability to serve two years' be aware.

     

    The investment Adviser provides accounting administration services for no further fee. furthermore Octopus AIF management limited acts because the company's election investment Fund manager for no further charge.

     

    all over the duration, the agreements with Octopus Healthcare Adviser Ltd gave upward shove to £2,408,000 (2017: £2,393,000) of prices as follows:

     

    Six months ended 31 March

     2018£'000

    Six months ended 31 March

     2017£'000

    Expensed to the consolidated remark of finished earnings:

    funding advisory price

    1,938

    1,941

    funding advisory performance fee

    -

    -

    Property management fees

    470

    452

    Capitalised as a portion of property acquisition charges:

    company acquisition fees

    -

    -

    complete expenses

    2,408

    2,393

     

    of these fees, £969,500 (March 2017: £962,000) remained unbilled or outstanding at the desist of the period.  

    Administrator

    each group company has entered right into a part administration settlement with alien Administration group (Guernsey) restrained for the provision of administrative functions that own been renewed with repercussion from 1 January 2018. under these agreements expenses had been incurred totalling £seventy nine,000 (31 March 2017: £sixty nine,000) for the supply of corporate secretarial features to bar no one neighborhood groups and other administrative services.

     

    of these costs £30,190 (31 March 2017: £22,000) remained unbilled or wonderful at the length end.

     

    sixteen. Investments in three artery partnership

    The group has joint ply over GP Property confined which has issued two usual £1 balloting shares to each and every of the parties who own joint control.

     

    GP Property restricted is a Guernsey enterprise which is a three artery partnership with regular succeed investment supplier confined and its primary recreation is funding in and enhancement of basic healthcare residences. Joint control is exercised through the joint venture's board of directors which includes 3 contributors appointed with the aid of the holders of every character of generic share. As at 31 March 2018 the community holds bar no one the option shares of the three artery partnership which offers the neighborhood rights to 99.ninety nine% of the joint venture's net property.

     

    Investments in equity accounted three artery partnership are as follows

    £'000

    1 October 2016

    -

    fairness accounted partake of web profits

    13

    Dividends obtained

    (3)

    choice partake capital

    1,025

    As at 30 September 2017

    1,035

    equity accounted partake of net gains

    30

    Dividends got

    (12)

    As at 31 March 2018

    1,053

     

    the entire dividends obtained in the existing year were paid in cash.

     

    monetary suggestions concerning the joint venture is decided out below.

     

    31 March 2018

    £'000

    30 September 2017

    £'000

    Non-latest assets

    -

    -

    current belongings (one hundred%)

    987

    967

    present liabilities (a hundred%)

    (19)

    (17)

    internet belongings reported

    968

    950

    share of the group's rights (99.99%)

    968

    950

    revenue (a hundred%)

    34

    24

    expenses (a hundred%)

    (four)

    (eleven)

    web earnings (a hundred%)

    30

    13

     

    17. Commitments

    At 31 March 2018, the group had commitments of £10.4 million (30 September 2017: £21.three million) to comprehensive homes beneath building.

     

    18.      linked birthday party transactions

     

    during the 30 September 2017 yr the neighborhood entered right into a three artery partnership compress with conventional observe funding corporation confined via a corporation called GP Property limited. The compress states the group will own joint manage over the joint venture business. right through the duration, dividends of £12,000 (March 2017: £nil) own been received and capitalised.

     

    all through the length, the group endured its procurement of belongings from regularly occurring apply investment commerce enterprise below latest arm's length agreements.

     

    19.      Subsequent activities

    On 12 April 2018, the property at Cromer reached practical completion with employ starting off shortly thereafter.

    On 19 April 2018, the group contracted to acquire, by means of forward funding, a brand fresh simple healthcare medical centre in Peterborough. The property is as a result of be achieved in April 2019. The completed progress could be let to the GPs of the Nightingale scientific observe. bar no one leases could be for a time era of 20 years from useful completion. The achieved property will comprehend c.900 m2 with 3 yearly experiences to market rent. the overall acquisition rate including expenses is anticipated to be £3.2 million.

    As described in the funding Adviser's document the Fund's pipeline stood at about £174 million at 31 March 2018.  area to market situations, the commerce intends to situation as much as 42.88 million fresh generic Shares at a top class to EPRA NAV (after taking into account issuance charges) with a view to partly fund an unique break to complete through eight June 2018, the corporate acquisition of a portfolio of 12 basic care centres with a notional rate of £sixty four million. an extra £60 million of alternatives are present process legal due diligence. The final £50 million of opportunities remain beneath negotiation.

     

     

    For additional suggestions delight contact:

    Octopus Healthcare Adviser Ltd                                     +44 (0) 345 0404 5555

    Octopus Healthcare                                                      +forty four (0) 20 3142 4820

    Mike Adams, government Chairman

    Buchanan                                                                    +44 (0) 20 7466 5000

    Charles Ryland/Henry Wilson

     

    assistance on MedicX Fund confined

    MedicX Fund confined ("MXF", "MedicX Fund", the "Fund" or the "enterprise", or along with its subsidiaries, the "neighborhood") is the specialist simple care inrastructure investor in modern, purpose-developed basic healthcare residences in the uk and eire, listed on the London inventory change, with a portfolio comprising 154 homes.

    The investment Adviser to the company is Octopus Healthcare Adviser Ltd, which is a component of the Octopus Healthcare group. Octopus Healthcare invests in and develops residences as well as creating partnerships to carry resourceful healthcare constructions to ameliorate the fitness, wealth and wellbeing of the united kingdom. It currently manages over £1.4 billion of healthcare investments throughout a brace of systems, with a spotlight on five core areas: GP surgical procedures, care buildings, particular training colleges, retirement housing and private hospitals. Octopus Healthcare is a portion of the Octopus group, a fast-growing to be UK fund administration company with leading positions in a brace of specialist sectors together with healthcare property, energy, property finance and smaller company investing. Octopus manages £7.7 billion of cash for more than 50,000 retail and institutional buyers in addition to supplying power to more than a hundred and eighty,000 consumers.

    Octopus Healthcare Adviser Ltd is accepted and regulated by means of the fiscal conduct Authority.

    The business's site ply is www.medicxfund.com. Neither the contents of the company's web page nor the contents of any site purchasable from hyperlinks on the business's web page (or another web page), nor the contents of any web page attainable from hyperlinks within this announcement, are integrated into, or varieties portion of, this announcement.

     The business's felony Entity Identifier is 2138008POF35FTNFCB25

     

    end

     


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    Zend [6 Certification Exam(s) ]





    References :


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    zoho.com : https://docs.zoho.com/file/5xjzy1128f8131842484baa40f17d31d8eabe






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