Share Name Share Symbol Market Type Share ISIN Share Description
Lxi Reit Plc LSE:LXI London Ordinary Share GB00BYQ46T41 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 131.80 1,613,414 16:35:14
Bid Price Offer Price High Price Low Price Open Price
131.80 132.00 133.00 131.40 132.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 38.50 73.60 15.20 8.7 820
Last Trade Time Trade Type Trade Size Trade Price Currency
17:29:49 O 16,972 131.80 GBX

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2021-04-16 16:30:00131.8016,97222,369.10O
2021-04-16 15:51:22131.801,9802,609.64O
2021-04-16 15:45:11132.001,3361,763.52O
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2021-04-16 15:43:13132.2596,753127,955.84O
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Lxi Reit Daily Update: Lxi Reit Plc is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker LXI. The last closing price for Lxi Reit was 131.80p.
Lxi Reit Plc has a 4 week average price of 120.20p and a 12 week average price of 118.80p.
The 1 year high share price is 133p while the 1 year low share price is currently 92p.
There are currently 621,827,616 shares in issue and the average daily traded volume is 1,114,726 shares. The market capitalisation of Lxi Reit Plc is £819,568,797.89.
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: Trding Update. TRADING UPDATE The Company is pleased to provide a trading update for the quarter ended 31 December 2020. Portfolio update The Group's portfolio has been valued by its independent valuer as at 31 December 2020 at GBP907.25 million, reflecting a 1.7% like-for-like increase on the 30 September 2020 valuation. The key drivers behind this increase are the continued outperformance of two of the sectors where the Group has some of its largest exposures, industrial and foodstores, which are benefitting from attractive supply and demand fundamentals and a strong investment market, as well as the effect of the embedded income growth within the portfolio. The portfolio has an average EPRA NIY of 5.0% which reflects a small amount of yield compression in industrials and foodstores, with the yield remaining stable in the Group's other sectors. The Company's portfolio comprises 125 properties let or pre-let to over 50 institutional quality tenants on long, index-linked leases with over 21 years unexpired to first break on a weighted average basis. The portfolio is 100% let on full repairing and insuring, triple-net leases. 96% of the Company's rental income is either index-linked or contains fixed uplifts. The index-linked reviews are predominantly RPI-based. During the quarter, the Company completed 28 rent reviews (representing 14% of the portfolio rent roll) with a weighted average uplift of 2.1% pa. The average increase outperformed both RPI and CPI inflation over the period and reflects the benefit of the collared and fixed rental uplifts which are contained in 72% of the portfolio's rent reviews (by rental value). The Company's portfolio remains focused on structurally supported sectors, including industrial (21%), budget hotels (21%), foodstores and essentials (20%), healthcare (13%), car parks (8%) and drive-thru coffee (4%). The Group remains prudently geared at 30% LTV, with long-term loans averaging 13 years to expiry at an average fixed rate of 2.84% pa. Net asset value ("NAV") and net tangible assets ("NTA") The updated portfolio valuation results in an estimated unaudited EPRA net tangible assets ("NTA") and IFRS NAV of 123.2 pence per share, as at 31 December 2020. This represents an increase of 2% over the quarter with the Group's quarterly total return, comprising growth in the EPRA NTA and dividends paid, being 3.1%. The growth in NAV reflects the like-for-like portfolio valuation increase and the value achieved through redeployment of the capital proceeds generated from disposals, invested into 'off-market' asset acquisitions and forward fundings. Disposals, acquisitions and investment pipeline During the quarter, the Company sold its BCA Facility in Corby for GBP68 million, reflecting a low 4.45% exit yield and crystallising a 14% geared IRR following its pro-active re-gear of the occupational lease to 25 years. The Company reinvested the sale proceeds at a materially higher average net initial yield of 5.7% across 13 assets let on long, index-linked leases to grocery tenants, including Aldi, Lidl, Waitrose and the Co-op. The new assets, acquired through both pre-let forward funding and built asset structures, reflect the Company's current focus on smaller lot-sized foodstores (10,000 sq ft to 30,000 sq ft) with online connectivity through home delivery/click and collect and low, sustainable rents (averaging GBP14 per sq ft). In addition, the Company, alongside its tenant partners, has been rolling out both electric vehicle charging and solar panelling initiatives across many of its sites. The Company continues to see interesting investment opportunities in long, index-linked assets in structurally supported sectors and believes material value can still be generated in these sectors, especially when targeting pre-let forward fundings in smaller lot sizes. Simon Lee, Co-Manager of LXI REIT plc, commented: "Whilst these remain challenging times, the Company's diversified long income portfolio continues to perform strongly with robust ongoing rent collection and further growth in the underlying valuations and rents during the quarter. We continue to see some exciting investment opportunities in the market, in particular through pre-let forward fundings, as demonstrated by our acquiring GBP61 million of right-sized and attractively priced foodstores in November."
skinny: LXI REIT PLC Q1 Rent Collection/Increased Q1 dividend guidance. NEW INCREASED QUARTERLY DIVIDEND GUIDANCE Q1 2021 rent collection of 98% The Company has continued to actively engage with all of its tenants and is pleased to report rent collection to date of 96% for the quarter ending March 2021 (Q1 2021). This figure is calculated on the basis of cash received versus contractual rent due and does not include rent deferrals. Rent collection will increase to 98% following receipt of rent deferrals agreed with tenants. New increased quarterly dividend guidance As a result of its robust rent collection, the Board is pleased to report that it has today increased its dividend target to 1.46 pence per share for the quarter ending 31 March 2021*. This dividend is expected to be fully covered by net rental income for the quarter and is a higher level than the pre-Covid quarterly dividend rate.
johnrxx99: Tenant can afford it, just reduce their divi. LXI could distrain and have a few bed for sale, lol.
nickrl: These have five Premier Inns that Whitbread want a 50% rental discount for next qtr albeit they have been paying fully since the start of outbreak so wont make a big dent. Hotels are 24% of portfolio but at least the Travelodge element is baked into the price already so a short term impact and thats if landlords make a concession anyhow.
nickrl: LXI trade very close to NAV so little opportunity here but divi restored to pre covid yielding 4.8%. Good lease lengths with negligible breaks within 10 years although that means nothing in this environment. Post year end have sold the BCA Corby for £68m (NRI £3.2m) and say they have acquisition in hand to acquire 13 other assets at yield of 5.7%. They have 12 travelodge hotels 6 of which suffered no rental loss rest have extended leases but lower rent and thats reduced the NAV in this part of the portfolio by 7.7%. Still biggest tenant though at 9% and the reliability of them questionable despite CVA. LTV around 30% and 13 years to run with no covenant issues at fixed rate of 2.85% vs portfolio yield of 5.2% but with most rents on RPI opportunity for dividends to keep pace with RPI. More excitement elsewhere but reliable income stream and may have a few if it drops back below 110p.
skinny: Half Year Results.
skinny: LXi REIT plc (ticker: LXI), the specialist inflation-protected very long income REIT, will announce its results for the six months ended 30 September 2020 on Monday, 23 November 2020. A Company presentation for investors and analysts will take place via a live webcast and conference call at 9.00am on the day . For those who wish to access the live webcast, please register here:
skinny: Profitable disposals & Accretive Acquisitions As part of its ongoing plan to actively manage its portfolio, LXi REIT plc (ticker: LXI) is pleased to announce three profitable disposals for a total value of GBP17 million, and two accretive acquisitions in the foodstore sector, which are being acquired for a total sum of GBP15 million, reflecting an attractive blended net initial yield of 5.5% (net of acquisition costs). Disposal of Glasgow office The Company has sold its sole office, a long-let property in Cambuslang, Glasgow occupied by the local council, to a specialist REIT for GBP8 million, reflecting a low exit yield of 4.2%. The disposal pricing reflects a premium of 17% to purchase price and generates an attractive geared IRR of over 16% per annum (double the Company's 8% per annum target return). The sale price is in line with latest book value. Disposal of social housing assets The Company has sold 11 long-let social housing assets for a combined sum of GBP8.5 million, reflecting a 5.2% exit yield, to a social infrastructure fund. The disposal pricing reflects a premium of 14% to purchase price, a 2% premium to latest book value (as at 31 March 2020) and generates an attractive geared IRR of 13% per annum. Sale of non-operational land at Travelodge property The Company has sold a non-operational plot adjacent to its Travelodge hotel in Llanelli to a petrol filling station operator for GBP500,000. The land was not used by the hotel and the sale has not reduced its rental level or capital value and thus represents an additional net receipt for the Company from land which had zero book value. The Investment Advisor is also in advanced discussions regarding further value-enhancing asset management transactions at other Travelodge sites. Forward funding acquisition of Lidl foodstore and EV charging points The Company has exchanged contracts on the pre-let forward funding acquisition of a Lidl foodstore in West Bridgford, Nottinghamshire. The foodstore has been fully pre-let to Lidl on a 25-year lease (with a one-off break right at year 15), with five yearly rental uplifts in line with annually compounded RPI inflation (capped at 3% pa and collared at 1% pa). The lease is guaranteed by the top trading company of the Lidl group, which has GBP10.5 billion of net assets, and the foodstore has a low starting rent of GBP16 per sq ft. The Company is also forward funding EV charging points at the property, pre-let on an unbroken 25-year, RPI-linked lease to a specialist EV operator. The freehold site comprises just over four acres and benefits from 180 car parking spaces. West Bridgford is an affluent town in the Rushcliffe borough of Nottingham, situated 1.5 miles south of Nottingham city centre. The immediate area is predominantly residential, with a number of schools and health facilities nearby. The attractive pricing reflects the off-market, relationship-driven nature of the acquisition and the thinner market for forward funding pre-let assets in smaller lot sizes in the current climate. The Company is forward funding the property on a fixed-price, pre-let and fully planned basis and therefore not assuming direct development risk. The Company will receive an income from the developer during the construction period at a rate equivalent to the net initial yield. Acquisition of Aldi foodstore, Lytham St Annes The Company has acquired, from an administrator, a foodstore in Lytham St Annes, which was purpose built for Aldi in 2014 and has a strong trading history. The property is fully let to Aldi Stores Limited, the principal UK trading company of the Aldi group, with over 18 years unexpired to first break and benefits from five yearly fixed uplifts of 2.5% per annum compounded. The fixed uplifts will provide rental growth of over 13% in three years' time. Aldi is one of Europe's leading discount grocers with over 10,000 stores in 20 countries. Lytham St Annes is an affluent coastal town with a strong tourism industry. Simon Lee, Co-Manager of LXI REIT plc, commented: "This capital recycling reflects the Company's continuing, but selective, expansion into the foodstore sector, with a particular focus on right-sized stores acquired off-market at attractive yields and let or pre-let to strong tenants on low, sustainable rents. The sales have crystallised attractive returns on assets from which we have extracted maximum value."
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.
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