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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Lxi Reit Plc | LXI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 100.80 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 100.80 | 100.80 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT TRUSTS |
| Top Posts |
|---|
Posted at 18/12/2023 14:14 by tradez4dayz React:LXi and LondonMetric in merger talks to create £3.85bn listed giant18 Dec 2023 13:42 GMT | by Chris Borland, David HatcherDeal would form income-focused REIT across some of real estate's strongest sectorsWhat LXi REIT and LondonMetric are in merger talksWhy To create an income-focused, triple-net business that would create economies of scaleWhat next Talks are at an advanced stage PDFTHIS BREAKING NEWS STORY IS BEING UPDATEDLondonMetric and LXi REIT are in advanced merged talks, React News can reveal.The proposed deal would result in a listed business with a £3.85bn market cap, eclipsing that of sector blue chip British Land.It is anticipated that the all-share merger would result in a management team led by LondonMetric and its chief executive Andrew Jones. However, veteran investor Nick Leslau and major shareholder in LXi, is also expected to be involved with the combined entity as a non-executive, creating an enviable board capability.The driver for the deal is understood to be in part focused on creating economies of scale and a company that is of a scale to attract even greater attention from international investors.The combined portfolio of more than £6bn would be concentrated on some of the property market's strongest sectors, including logistics, convenience retail, hotels and leisure. It would have no legacy exposure to offices or shopping centres, unlike some of the listed sector's struggling REITs.Barclays is advising LondonMetric. Lazard is advising LXi. |
Posted at 26/11/2023 12:56 by pyufak hmm, interesting one. Just caught up on this - will have to think a bit on it before making my mind up.On the one hand - sensible as you say SpectoAcc. In the March results it had debt dropping to ~36% and 34% over the next two years as the rent roll lifted with inflation or the fixed uplifts. Post lower September valuations perhaps they decided they wished to speed up this process; assuming the same assumptions as the March results this should see LTV close to their 30% target in 2 years all being equal - not a bad position to be in given the recent significant valuation adjustments. It also reduces reliance on Travellodge; the tenant of the big three you'd have most concerns about as we have discussed in the past. However; after recent robust trading I wasn't overly concerned about this seeing the UK budget hotel market as a duopoly. While private equity may own it and have debt against the company the underlying assets you'd imagined would be snapped up if they got into debt led trouble given current robust performance. So it looks a cautious move for a REIT which I perceived as one of the better placed in the sector. It could reflect their changing outlook on future financing rates, property valuations or even positioning for future transactions if they feel they are well placed - not sure I am keen on them doing the latter or anything too brave at the moment. Net, assuming little change. This plus the HSBC extension materially reduces their short term financing needs. HSBC was +205bp to SONIA which is currently 4.4% to the end of 2026; so 6.45%. If this is the refinancing rates available perhaps not a bad idea to move refinancing risk out into the middle of 2025 and let the portfolio inflation and fixed uplifts get to work. If financing rates drop materially it will most likely be due to a recession and maybe some opportunities there. They may also get a small windfall from exiting the hedges against the 2025 debt. I guess writing this up my initial thoughts are: @ 7% yield. I am happy to continue to hold as a long term investor. I've been with SIR since the depths of COVID where it was a complete bargain post vaccine announcement. This yield looks safer if this transaction completes which is a positive; but with a lower outlook for growth going forward (the negative). I manage to buy a significant amount of BP preference shares at 7% in October. So 7% itself isn't super exciting at the moment; but now the yield is safer will probably think about what levels I would be happy to add if we get a back up in the general sector to the Oct lower. 8%+ perhaps... |
Posted at 29/8/2023 08:06 by williamcooper104 Not just retail investors who have a problem with Alverium |
Posted at 29/8/2023 07:55 by pyufak the scale of the fee I agree with; but if people can point me in the direction of similar sized REITS with lower fee structures I'd happily take a look. I think it is an industry & finance problem which will not be fixed in the near term. If I want to own this asset pool I have little choice but to pay the management fee given it isn't something I can replicate on a personal level like buy to let residential say.Re: incentive structures I think you have a point. I'd like to see the fee changed to be linked more to share price performance than assets under management ... but again this isn't the nature of the industry and while I agree with the sentiments it isn't changing near term. Growing the portfolio - I have less concerns near term. With the share price so far below NAV and their focus being bringing down the LTV towards 30% I don't think they'll be active growing the asset base unless they really think it is a slam dunk opportunity / merger or REITs again etc. I guess this discussion does summarize a problem with the REIT. When I try and discuss dividend cover, metrics of the portfolio (which I think are attractive) it invariable ends up on the management charge and investment manager issues which I guess demonstrates how other retail investors see the name - something which is food for thought. |
Posted at 13/4/2023 17:48 by tradez4dayz Hi Pyufak,Yes they do have one of the lowest cost bases of all Reits, its just a common theme that all externally managed reits all rip profits into the IA.So it's not really a problem of lxi but of all externally managed reits.Re your second point so Lxi reit advisors is owned by alvarium. Hence Specto's hesitancy! I am on the fence about Alvarium as they are separate teams to home and that's what they stress on investor calls.However I never thought home would get as bad as it did so i could well be wrong!!! |
Posted at 21/3/2023 15:23 by js53 Yep.And of course the merger/reverse takeover results in much higher fees for LXi REIT Advisors. Self-interest always takes precedence over investors interests I am afraid. Which is why I would never touch anything run by Alvarium. See Alvarium Securities have just rebranded themselves to create a bit of distance btw. |
Posted at 15/11/2022 07:03 by skinny LXI REIT (ticker: LXI), the specialist inflation-protected very long income REIT, will announce its half year results for the six months ended 30 September 2022 on Thursday, 24 November 2022.A Company presentation for investors and analysts will take place via a live webcast and conference call at 9.00am UK on the day. To access the live webcast, please register in advance here: To register for the live conference call, please use this link to receive unique dial-in details: The recording of the webcast presentation and slides will be available later in the day via the Company website: www.lxireit.com/resu |
Posted at 20/9/2022 22:17 by speedsgh Sainsbury's in talks to offload £500m store portfolio to LXi REIT - https://news.sky.com |
Posted at 09/8/2022 13:43 by income investor Can I ask if there are any other former Secure Income holders on this site who opted for the basic entitlement under the Partial Cash Alternative? Those of us who held shares through Interactive Investor platform ended up with all cash and no LXI shares - I suspect this did not happen at any other platform provider eg AJ Bell, Hargreaves Lansdown etc , but would be good to get confirmation of this to try to persuade Interactive Investor to change their stance! |
Posted at 04/8/2022 15:30 by income investor Is anyone else a former Secure Income shareholder who held through the Interactive Investor platform and elected for the Partial Cash Alternative? As someone who simply opted for the basic entitlement under the Partial Cash Alternative, I should have received some LXI Shares and some cash. Interactive Investor are trying to claim that this option has been paid out fully in cash instead, even though this is not permitted under the terms of the offer document! I have raised a formal complaint with Interactive Investor and will see what joy that gives! I suspect Interactive Investor made the wrong election to the Registrars!! |
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