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LXI Lxi Reit Plc

-2.30 (-2.38%)
07 Dec 2023 - Closed
Delayed by 15 minutes
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
  -2.30 -2.38% 94.35 11,965,567 16:35:12
Bid Price Offer Price High Price Low Price Open Price
94.70 94.90 95.15 93.60 94.95
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 203.5M -288.1M -0.1680 -5.64 1.63B
Last Trade Time Trade Type Trade Size Trade Price Currency
18:59:36 O 28,884 94.134 GBX

Lxi Reit (LXI) Latest News

Lxi Reit (LXI) Discussions and Chat

Lxi Reit Forums and Chat

Date Time Title Posts
02/12/202308:44:::: LXI REIT ::::570

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Lxi Reit (LXI) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-12-07 18:59:4894.1328,88427,189.66O
2023-12-07 18:24:2794.3010094.30O
2023-12-07 18:20:2994.264,4804,222.85O
2023-12-07 17:45:3194.3521.89O
2023-12-07 17:39:0694.359,6099,066.00O

Lxi Reit (LXI) Top Chat Posts

Top Posts
Posted at 07/12/2023 08:20 by Lxi Reit Daily Update
Lxi Reit Plc is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker LXI. The last closing price for Lxi Reit was 96.65p.
Lxi Reit currently has 1,714,473,236 shares in issue. The market capitalisation of Lxi Reit is £1,625,320,628.
Lxi Reit has a price to earnings ratio (PE ratio) of -5.64.
This morning LXI shares opened at 94.95p
Posted at 13/11/2023 19:19 by pyufak
Hi Skyship,

I politely disagree. In my opinion LXI is in a much stronger position than many other REITs which I have viewed. The only one I know well which you mention above is EBOX -I also believe this is cheap. However, EBOX is currently on such a large discount because it has yet to release its updated NAV.

Unlike LXI which has seen strong director buys EBOX has been silent - no trading updates or director buys in the respective windows which is frustrating. Also the diversification across sectors rather than been a single sector REIT has advantages in times of stress. The yield differential is smaller than you say - 7.1% given the dividend went up to 1.65p per quarter in September.

As a trading position I can understand why you may prefer EBOX or names you believe have more upside in the short term but as a long term income play I believe LXI is certainly a safer play than EBOX at present.
Posted at 02/11/2023 11:35 by wsm812
Somethings up today, aside from the LXI share price! Any news?
Posted at 27/10/2023 05:56 by spectoacc
Huge buying at CLI, the last in September at c.£1.25.

SIR directors pretty knee-deep and are much better quality than LXI (albeit Tufnells was an odd one).

RGL (! It's going to pennies IMO) had a big recent buy from Inglis, who holds big.

RLE, but that's another management con job IMO - they pay themselves £1m/year from what is an increasingly tiny IT, & allegedly use related parties. Won't say more.

Those ones off the top of my head.

Agree LXI definitely no HOME, but disagree that c.£14m/year off that rent roll is reasonable, for tenants who are supposed to need very little managing.

Main problem - again - is the sheer number of cheap alternatives.
Posted at 23/10/2023 07:18 by spectoacc
I keep returning to LXI but that hasn't included buying it again yet. Suspect I won't, and should probably strike it from watchlist.

Views as before - Alvarium, c.£14m pa fees, Travelodge, Alton Towers up for sale, the very poor (SIR) management decision during Covid to abandon uncapped RPI rent, the mis-timing of the SIR acquisition, and the slight feeling LXI's a financial vehicle more than it is property.

Wouldn't argue it's expensive tho - good luck holders. The biggest issue LXI has as an investment, is just how much other cheap stuff there is. Eg WHR nearing 70p, SHED at £1 issue price, & a plethora of non-REIT like GSF, GCP, SEIT etc.

There's a big sale on, and it's starting to feel like a closing down sale. Waiting for Black Friday.
Posted at 29/8/2023 07:11 by spectoacc
@Pyufak - fair point. Generally, LXI looks solid on other metrics. You could make an argument about the security of Travelodge, or the fact Merlin were advertised for sale recently (not sure if that got anywhere). But I fail to see how eg Alton Towers won't be successful, and fail to see how they could go elsewhere. But never say never I guess.

However, the amount stripped out of rental income each year is relevant to the rental income argument. And worth considering that LXI's "inflation-linked" increases are mostly capped.

If you (not unreasonably) judge LXI to be solid in income, debt profile, tenants, then it comes down to the margin over risk-free and more importantly, Opportunity Cost. Are they really a better bet than eg the Industrial/Last Mile like SGRO, SHED?
Posted at 29/8/2023 06:55 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 29/8/2023 05:59 by spectoacc
What irked me greatly was Alvarium stripping (by my calc) c.£14m/year out of LXI. Why? There's little management to be done, it isn't MLI where there's 10,000 tenants to pursue every month, or developments to manage. It's long lease, collect the cash.

The other thing I didn't like was their need to grow - eg the £500m SBRY deal that fell through. The bigger they grow, the more the fees rack up, hence that becomes the business model. Acquiring SIR another example, I don't see a better co as a result.

It should cost a few million at most to run LXI - being generous - a holding co of things like Alton Towers and long-lease Travelodges.

Bottom line on fees is that yes, it's a big trust & only a small % of it is taken each year, but the fees come out of income and that amounts to a large %.

Saying that, there's a price I'd buy LXI again.
Posted at 28/8/2023 18:41 by williamcooper104
And so long as LXI is managed by Alverium it will always trade at a discount Equity markets never forget being legged (fixed income often does) So if you like LXI then lobby to change the manager A new manager equals a share price re-rating
Posted at 28/8/2023 10:15 by pyufak
Effectively management can’t (and in my view shouldn’t) do anything here but let the portfolio run. Maybe the odd sale and adjustment on the financing side but they’re in a good position. The LTV will fall naturally or the portfolio yield will tick higher while the NAV treads water given the rent roll uplifts. By my calc a 90p share price implies a 7.5% portfolio yield so I think there’s a lot in the price here.
Posted at 10/1/2022 10:26 by skyship
Hi bull

If new to the excellent REIT sector, then I recommend you follow the CP+ thread for discussion across most if not all the players.

Interesting to note LXI share price performance over the past year v. a number of peers. You will note that the two laggards are the two trading at a premium to their underlying NAV, ie LMP & LXI.

Personally I'll never buy a property company trading at a premium.

Propco valuations are based upon many factors: WAULT, LTV, Debt Cost, Tenant profile, Geographical split, Sector split (Office, Industrial etcetcetc) - but the two most important factors remain NAV Prem/Disc & Yield.

With the discounts closing in from the crazy levels of a year ago, the average on my 20 company spreadsheet is down to 13.4%; or 17.6% if I exclude LMP, LXI & WHR.

My current holdings are AIRE, EPIC, HCFT & SREI. My thoughts on the current Best Buy would be the minnow HCFT. They usually trade on an horrific spread; but never as outlandish as it looks, ie they are currently available at 902.5p rather than the headline 920p! IMO the 23.8% discount & 6.32% yield places them in the good value category.

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