MXF reported its trading update and quarterly NAV for the quarter ending 30 June 2018. Portfolio value increased 10.9% to £797.9m (31 March 2018: £719.7m) and EPRA NAV per share rose 1.5% to 80.8p (31 March 2018: 79.6p).
The portfolio valuation reflected the UK Net Initial Yield of 4.86% (31 March 2018: 4.99%), The annualised rent roll increased 7.9% to £43.9m (31 March 2018: £40.7m). During the quarter, the company added 13 properties to its portfolio for a total value of £67.0m. This included an off-market acquisition of a portfolio of 12 medical centres for £63.8m and net consideration of £27.3m. On 29 June 2018, MXF paid a quarterly dividend of 1.51p per ordinary share comprising 50% (0.755p) each of the property income distribution and ordinary dividend for the period 1 January 2018 to 31 March 2018. MXF achieved a total return on EPRAV NAV of 3.4% for the quarter.
As of 30 June 2018, MXF utilised €27.0m of its €34.0m development facility. The company issued 13.45m ordinary shares at an average price of 80.83p per share for the quarter ended 30 June 2018. The total number of ordinary shares in issue was 442,799,016 with each share holding one voting right. The board views the fund is well positioned for growth in light of the investment opportunities worth c.£110m.