Trading Update and Notice of Half Year Results.
The Board of LXI REIT (ticker: LXI), the specialist inflation-protected very long income REIT, announces an update ahead of its results for the half year ended 30 September 2022 ("the Period"), which will be released on Thursday, 24 November 2022.
Cyrus Ardalan, Chairman of LXI, commented:
" Against the challenging macroeconomic backdrop, investors can take comfort in LXI's resilient, highly diversified, triple-net portfolio of secure, long-dated and inflation-protected real estate assets. Our growing income, robust 100% fixed or capped debt position and the Board and management team's strong alignment with shareholders further supports our confidence in continuing to deliver on our fully covered and progressive dividend."
Operational metrics
Following the merger with Secure Income REIT which completed in July, the Company owns a substantial, highly diversified, triple-net portfolio of secure, long-dated, inflation-protected real estate assets.
The portfolio is 100% let on very long-term leases averaging 26 years to first break to a wide range of strong tenant covenants across a diverse range of robust property sectors . 98% of the rent is inflation-protected or contains fixed uplifts.
The Company's strategy focuses on relationship driven forward fundings and sale and leasebacks in structurally supported sub-sectors, with strong underlying property fundamentals and low starting rents.
Accretive capital recycling, inflation-protected income and a conservative, fully hedged debt pool further supports the Company's fully covered and progressive dividend. The Company has delivered a compounded dividend growth rate of 5% per annum on a fully covered basis and an average total NAV return of 10.5% per annum since IPO in 2017.*
There is strong alignment with shareholders via the largest Board and Management stake of any major UK REIT, totalling £140 million, and low management fees averaging less than 65 bps and payable on market capitalisation.
Rent collection and rental growth.
The Company has collected 100% of rents due in respect of the Period.
https://www.investegate.co.uk/lxi-reit- ... 00052453C/I hold these in my HYP, and am pleased with what they've said in this announcement. I'm likely to add to my holdings over the coming months.
Ian.