Lxi Reit Dividends - LXI

Lxi Reit Dividends - LXI

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Stock Name Stock Symbol Market Stock Type
Lxi Reit Plc LXI London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
1.20 0.82% 147.40 16:35:10
Open Price Low Price High Price Close Price Previous Close
144.40 144.40 148.20 147.40 146.20
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Industry Sector

Lxi Reit LXI Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

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skinny: https://uk.advfn.com/stock-market/london/lxi-reit-LXI/share-news/LXI-REIT-PLC-Portfolio-valuation-Rent-collection-T/86253532 LXi REIT (ticker: LXI), the specialist inflation-protected long income REIT, is pleased to provide the following update ahead of the Company's half-year results to 30 September 2021, which are expected to be published in late November 2021. Portfolio valuation The Company's independent valuer, Knight Frank LLP, has valued the Group's property portfolio, as at 30 September 2021, at GBP1.22 billion. This represents a +4.9% like-for-like increase over the six-month period since 31 March 2021 and a total increase of +29.7% over that period, including acquisitions and disposals. The like-for-like movements, resulting from both yield compression and rental growth, were spread across the Company's main sub-sectors as follows: Foodstores +5%, Industrial +7%, Budget Hotels +2%, Healthcare +3%, Pubs +7%, Garden Centres +4%, Car Parks +3% and Drive-thru Coffee +2%. Net asset value and total return On the basis of the updated property valuation, the Board expects to announce a net asset value ("NAV") per share as at 30 September 2021, of approximately 133.5 pence, reflecting growth of approximately +6.2% over the six-month period. Inclusive of dividends paid during the six-month period, the Company expects to deliver a total NAV return of approximately +8.6% for the half-year, significantly outperforming the Company's minimum annual total NAV return target of 8%(3) . The Company's total NAV return from IPO in February 2017 to 30 September 2021 is expected to be 59%, equating to a 10.6% compounded annual total NAV return. The Company's total shareholder return since IPO, assuming dividends reinvested was 70%, equating to a 12.3% compounded annual total shareholder return. Rental growth The Group achieved an attractive average rental growth level of 2.9% per annum on assets which were reviewed during the six-month period from 1 April 2021. (Further details on the portfolio rent review terms are set out below.) Rent collection The Company is pleased to report that it has collected 100% of the rent due for Q4 2021. Portfolio statistics The following is a high-level summary of the Company's portfolio as at 30 September 2021(2) : -- 171 properties, 100% let or pre-let to over 70 strong tenants at sustainable levels of rent -- 23-year weighed average unexpired lease term to first break -- 96% of the rental income is linked directly to inflation or contains fixed uplifts: 58% RPI, 17% CPI and 21% fixed uplifts -- All leases require full repairing and insuring by the tenants, protecting the Group from property cost leakage and capex requirements -- Diversified across more than 10 robust property sectors as follows, with the percentages illustrating the weighting of the Group's portfolio by annual rent: o Foodstores and essentials 20% o Industrial 19% o Budget Hotels 16% o Healthcare 10% o Car Parks 6% o Garden Centres 5% o Life Sciences 5% o Drive-thru Coffee 4% o Pubs 4% o Education 3% o Other 8% Portfolio composition The Group has fully and swiftly deployed the net equity raised in both the March and July 2021 oversubscribed capital raises, at an accretive 5.23% average net initial yield. This includes investments in new structurally supported subsectors such as Life Sciences (5%) and Education (3%), both of which benefit from attractive supply and demand fundamentals, robust long-term prospects for growth in ERVs, and on an asset level, strong rent covers, long indexed-linked leases, market leading tenant operators with strong covenants, and good locations with specialist facilities. The Group's pro-forma loan to value ("LTV") ratio at 30 September 2021 was approximately 26%, adjusting for completion of forward fundings and assets for which contracts to acquire had exchanged but not completed. As such, the Company expects to extend its low cost (1.55% margin) revolving credit facility to fund the balance of its pipeline with a view to reaching its targeted 30% LTV ratio level in the near term, with headroom to the Group's medium-term target maximum LTV ratio of 35% as well as the LTV financial covenant that is 50%. In order to continue to optimise the portfolio's performance, the Company has continued to sell assets when it believes this will help increase shareholder returns. During the period, the Company sold a Lidl foodstore in Somerset at a low exit yield of 3.85%, reflecting a 38% premium to acquisition cost and generating an attractive geared IRR of 26% per annum. Outlook The Company has established a substantial and robust long income portfolio diversified across resilient sectors and tenants, with virtually all rental income linked to inflation or containing fixed uplifts. As such, the Company expects to benefit from the current higher inflationary environment and to continue to deliver attractive income and capital returns for its shareholders. The Company is targeting an annual dividend of 6.0 pence per ordinary share for the 12-months commencing 1 April 2021(3) , payable in equal quarterly instalments of 1.50 pence per share. This equates to a 4.5% yield on the expected NAV. NOTES: LXI REIT plc invests in UK commercial property assets let, or pre-let, on long-term, triple-net, inflation-linked leases to a wide range of strong tenant covenants across a diverse range of robust property sectors. The Company aims to provide shareholders with an attractive return, in the form of quarterly income distributions and with the potential for capital and income growth from key strategies which include indexed rental uplifts, pre-let forward fundings, sale and leasebacks, and off-market, value driven acquisitions and sales. The Company is targeting an annual dividend of 6.0 pence per ordinary share for the 12-months commencing 1 April 2021(3) and its medium-term total return target is a minimum of 8% pa. The Company, a real estate investment trust ("REIT") incorporated in England and Wales, is listed on the premium listing segment of the Official List of the UK Listing Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in February 2017. The Company is a constituent of the FTSE 250, FTSE EPRA/NAREIT and MSCI indices. Further information on the Company is available at www.lxireit.com The Company's LEI is: 2138008YZGXOKAXQVI45 1 The expected net asset value range is stated after deducting the dividend payable in respect of the quarter ended 30 June 2021 of 1.5 pence per share, which is expected to be paid to shareholders on or around 29 October 2021 and went ex-dividend on 30 September 2021. 2 The portfolio statistics include assets that had exchanged but not completed as at 30 September 2021. 3 These are guidance levels or targets only and not a profit forecast and there can be no assurance that they will be met. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END
speedsgh: Reit merger may not be dead in the water - HTTPS://www.investorschronicle.co.uk/news/2021/09/30/reit-merger-may-not-be-dead-in-the-water/ Publicly stalled potential deal with Alton Towers owner raises governance questions for LXi Reit. A £2.5bn tie-up between two UK real estate investment trusts (Reits) could yet be pursued, despite the board of one of the potential suitors publicly rejecting the deal. On 9 September, FTSE 250 constituent LXi Reit (LXI) issued a brief statement to the market in which it confirmed it had held preliminary merger discussions with Aim-listed Secure Income Reit (SIR), but that it was “no longer reviewing the opportunity”. However, the Investors’ Chronicle understands that due diligence by both sides could still resume, amid pressure from some LXi shareholders for clarity and details on the terms of a tie-up. Though investors would not expect to have been canvassed on preliminary merger discussions, LXi’s board is yet to give any public detail on its opposition to the deal. As a result, LXi investors have been left in the dark on why it was first entertained by the investment management teams of both trusts. The situation raises questions of LXi’s governance, and – in the view of one source – opens up a potential three-way tussle between the Reit’s shareholders, board and investment manager Alvarium, which is responsible for the group’s property portfolio and investment strategy. The tie-up is understood to have been pitched as an all-share merger of equals, with Secure Income likely to reverse into LXi, given the latter’s premium market listing. Two institutional investors in LXi said they intended to speak with the board to establish why talks between the two groups stalled, and what Alvarium and LXi fund managers John White and Simon Lee had initially seen in the combination. One said there was “clear industrial logic” to a tie-up between the groups...
skinny: Correction issued to previous post. DIVIDEND DECLARATION The Board of LXi REIT plc (ticker: LXI), th e specialist inflation-protected very long income REIT, is pleased to declare an interim quarterly dividend in respect of the quarter ended 30 June 2021 of 1.5 pence per ordinary share, payable on 29 October 2021 to shareholders on the register at 1 October 2021. The ex-dividend date will be 30 September 2021. The dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business.
speedsgh: Dividend Declaration - HTTPS://www.investegate.co.uk/lxi-reit-plc--lxi-/rns/dividend-declaration/202109170700040694M/ The Board of LXi REIT plc (ticker: LXI), the specialist inflation-protected very long income REIT, is pleased to declare an interim quarterly dividend in respect of the quarter ended 30 June 2021 of 1.5 pence per ordinary share, payable on 29 October 2021 to shareholders on the register at 24 September 2021. The ex-dividend date will be 23 September 2021. The dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business.
spectoacc: Interesting. SIR's the only higher quality property IT than LXI IMO. "LXI REIT PLC - real estate investment trust - confirms that it was involved in very preliminary discussions with Secure Income REIT PLC - property company - around a potential merger of the two businesses, but that it is no longer reviewing this opportunity. "
speedsgh: Accretive acquisitions for £80M & Profitable sale - HTTPS://www.investegate.co.uk/lxi-reit-plc--lxi-/rns/accretive-acquisitions-for--80m---profitable-sale/202108200700082395J/ The Board of LXi REIT (ticker: LXI), the specialist inflation-protected long income REIT, is pleased to announce the following acquisitions ("the Acquisitions") for a total cost of £80 million, reflecting an accretive 5.25% average net initial yield (versus a current portfolio value of 4.7%), which benefit from a long weighted average unexpired lease term to first break of 23 years, high-quality tenants, robust sectors and inflation-linked rental uplifts, following the Company's £100 million placing in July this year ("the Placing"). The Company is also in solicitors' hands on a range of pre-let forward fundings and sale and leasebacks, which will deploy the balance of the net equity proceeds of the Placing [cont'd]...
speedsgh: LXI have raised £100m via the Placing and a further £4m via the PrimaryBid Offer... Results of the Placing and PrimaryBid Offer - HTTPS://www.investegate.co.uk/lxi-reit-plc--lxi-/rns/results-of-the-placing-and-primarybid-offer/202107010700057496D/ "The Placing was significantly oversubscribed above the £100 million cap and a scaling-back exercise was therefore carried out."
skinny: Annual dividend target raised to 6p & declaration. Annual dividend guidance Throughout the pandemic, the Company has maintained a policy to continue to pay dividends which are covered by net income. The Board is pleased to report that, following successive quarters of strong rent collection and rental growth, the Company is targeting an annual dividend of 6.0 pence per ordinary share for the 12-month period commencing 1 April 2021* (the "Annual Dividend Target"). The Annual Dividend Target assumes that rent collection levels remain in line with forecasts and the resulting dividend will be fully covered by net rental income. The Annual Dividend Target will be payable in equal quarterly instalments of 1.50 pence per share and represents a 4.3% increase on the Company's pre-Covid-19 dividend rate of 5.75 pence per share. Quarterly dividend declaration As guided in its announcement on 5 October 2020, the Board is pleased to declare an interim quarterly dividend in respect of the quarter ended 31 December 2020 of 1.44 pence per ordinary share, payable on 26 March 2021 to shareholders on the register at 26 February 2021. The ex-dividend date will be 25 February 2021. The dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business. As announced on 18 January 2021, the Board reaffirms that it is targeting a dividend of 1.46 pence per ordinary share for the quarter that commenced on 1 January 2021, as a result of its 98% rent collection. * These are guidance levels or targets only and not a profit forecast. In setting this target the Board has applied sensitivities to contracted rental income that reflect the possible impact of the Covid-19 pandemic and assessed the effect of such sensitivities on the net earnings and liquidity of the Group. The target assumes that future rent collection is not materially lower than that achieved so far throughout the pandemic and the Board reserves the right to withdraw or amend guidance in the event that rent collection materially worsens. There can be no assurance that this target will be met and it should not be taken as an indication of the Group's expected future results which may be impacted by events or circumstances existing or arising after the date of this announcement.
skinny: Dividend guidance increase & Dividend declaration. The Board of LXI REIT plc (LXI) is pleased to report that, following robust rent collection for the quarter ending September 2020, it has today increased its quarterly dividend guidance by 4% to 1.35 pence per share.* This dividend is expected to be fully covered by net rental income for the quarter. Dividend declaration The Board is pleased to declare today an interim quarterly dividend in respect of the quarter ended 30 June 2020 of 1.30 pence per ordinary share, in line with the previous quarterly dividend guidance issued in May 2020. The dividend will be payable on 16 October 2020 to shareholders on the register at 25 September 2020. The ex-dividend date will be 24 September 2020.
jt35: LON:LXI Dividend HistoryEx-Divi Date Pay Date Type Dividend Curr. Total2019-06-13 2019-09-23 Q1 dividend 1.4375 GBX 2019-05-30 2019-07-03 H2 dividend (final) 1.375 GBX 5.52019-03-07 2019-03-29 Q3 dividend 1.375 GBX 2018-10-11 2018-12-21 H1 dividend (interim) 1.375 GBX 2.752018-09-06 2018-09-28 Q1 dividend 1.375 GBX 2018-06-07 2018-07-02 H2 dividend (final) 2 GBX 42018-03-01 2018-03-29 Q3 dividend 1 GBX 2017-11-30 2017-12-29 H1 dividend (interim) 1 GBX LXI DividendsDividends made by LXi REIT from their annual profits to their shareholders are shown here - normally on an interim and annual basis. We list all the recent dividend announcements and dividend yields from LON:LXI where possible.
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