Board Changes

RNS Number : 4115E

LXI REIT PLC

11 March 2022

 

11 March 2022

LXi REIT plc  

(the "Company" or the "Group")

BOARD CHANGES

Further to the Company's announcement on 13 January 2022, the Board of LXi REIT plc (ticker: LXI), the specialist inflation-protected long income REIT, announces that following a comprehensive handover to ensure an orderly transition Stephen Hubbard (Non-Executive Chairman of the Company) and Colin Smith OBE (Non-Executive Director and Senior Independent Director of the Company) step down from the Board today. Effective immediately, Cyrus Ardalan assumes the role of Chairman of the Company and Hugh Seaborn assumes the role of Senior Independent Director of the Company.

Cyrus Ardalan, Chairman of LXi REIT plc, commented:

" On behalf of the Board, I would like to express my deep thanks to Stephen and Colin for an efficient and orderly transition and for their invaluable contributions to the growth and success of the Company since its IPO in February 2017 and for the strong legacy they leave. Stephen and Colin depart the business with our very best wishes.

I am pleased today to assume the role as Chairman of LXi REIT and also to welcome Hugh Seaborn to his role as Senior Independent Director. The Company is in excellent shape and very well positioned to continue to deliver further attractive inflation-protected income returns and capital growth for our shareholders. I very much look forward to continuing to work closely with the Board to help steward the business to further great success."

In accordance with the Listing Rules, t here are no further matters required to be disclosed pursuant to LR9.6.13R .

FOR FURTHER INFORMATION, PLEASE CONTACT:

LXI REIT Advisors Limited Simon Lee (Partner, Fund Manager) John White (Partner, Fund Manager)	Via Maitland/AMO
Peel Hunt LLP Luke Simpson/Liz Yong	020 7418 8900
Jefferies International Ed Matthews/Tom Yeadon	020 7029 8000
Maitland/AMO (Communications Adviser) James Benjamin/Alistair de Kare-silver	07747 113 930 / 020 7379 5151 [e-mail]

The Company's LEI is: 2138008YZGXOKAXQVI45

NOTES:

LXI REIT plc invests in UK commercial property assets let, or pre-let, on very long (typically 20 to 30 years to expiry or first break), inflation-linked leases to a wide range of strong tenant covenants across a diverse range of robust property sectors.

The Company may invest in fixed-price forward funded developments, provided they are pre-let to an acceptable tenant and full planning permission is in place. The Company will not undertake any direct development activity nor assume direct development risk.

The Company is targeting a dividend of 6.3 pence per ordinary share for the year commencing on 1 April 2022 and a dividend of 6 pence per ordinary share for the year which commenced on 1 April 2021¹.

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, EPRA/NAREIT and MSCI indices.

Further information on the Company is available at www.lxireit.com

1   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.

 

END

 

 

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