100% Q3 Rent Collection-Reaffirms Dividend Target

RNS Number : 8210E

LXI REIT PLC

12 July 2021

 

12 July 2021

LXi REIT plc

(the "Company" or the "Group")

100% Q3 2021 RENT COLLECTION

REAFFIRMS DIVIDEND GUIDANCE

The Company is pleased to report collection of 100% of the rent due for the quarter ending September 2021 (Q3 2021).

This figure is calculated on the basis of cash received versus contractual rent due and no rents in respect of the quarter have been deferred.

Following this level of rent collection, the Board is pleased to reaffirm its intention to pay a quarterly dividend of 1.5 pence per ordinary share for the second quarter of the financial year, which is expected to be declared in November 2021 and fully covered by net rental income for the quarter.

This quarterly dividend rate reflects the second of four equal instalments totalling 6.0 pence per ordinary share that the Company is targeting for that financial year, representing a 4.3% increase on the Company's pre-Covid-19 dividend rate of 5.75 pence per share *.

FOR FURTHER INFORMATION, PLEASE CONTACT:

LXI REIT Advisors Limited Simon Lee John White Freddie Brooks	Via Maitland/AMO
Peel Hunt LLP Luke Simpson/Liz Yong	020 7418 8900
J efferies International Ed Matthews/Tom Yeadon	020 7029 8000
Maitland/AMO (Communications Adviser) James Benjamin	07747 113 930 [e-mail]

The Company's LEI is: 2138008YZGXOKAXQVI45

NOTES:

LXI REIT plc invests in UK commercial property assets let, or pre-let, on long-term, triple-net, inflation-linked leases to a wide range of strong tenant covenants across a diverse range of robust property sectors.

The Company aims to provide shareholders with an attractive return, in the form of quarterly income distributions and with the potential for capital and income growth from key strategies which include indexed rental uplifts, pre-let forward fundings, sale and leasebacks, and off-market, value driven acquisitions and sales.

The Company is targeting an annual dividend of 6.0 pence per Ordinary Share for the 12-months commencing 1 April 2021* and has delivered an average total NAV return of 11 per cent. per annum since IPO to the estimated unaudited net asset value as at 1 June 2021. The Group's medium-term total return target is a minimum of 8 per cent. per annum*.

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 Financial Conduct 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, FTSE EPRA/NAREIT and MSCI indices. 

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

* These are guidance levels or targets only and not a profit forecast and there can be no assurance that they will be met.

 

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