LXI REIT PLC 97% Q4 Rent Collection/Dividend guidance increase (9651A)
October 05 2020 - 1:00AM
UK Regulatory
TIDMLXI
RNS Number : 9651A
LXI REIT PLC
05 October 2020
5 October 2020
LXi REIT plc
(the "Company" or the "Group")
ROBUST Q4 RENT COLLECTION
FURTHER INCREASE IN DIVIDEND GUIDANCE
RENT REVIEWS AND POSITIVE RENTAL UPDATE
Q4 rent collection of 97%
The Company has been actively engaged with all of its tenants
over the summer and is pleased to report robust rent collection to
date of 97% for the September to December 2020 quarter (Q4).
This figure is calculated on the basis of cash received versus
contractual rent owed and is not adjusted by rent deferrals.
Further increase in dividend guidance
As a result of its robust rent collection, the Board is pleased
to report that it has today further increased its quarterly
dividend guidance by 6% to 1.44 pence per share for the quarter
ending 31 December 2020.* This dividend is expected to be fully
covered by net rental income for the quarter.
Rent reviews
The Company is pleased to report that it completed 41 rent
reviews between 1 April 2020 and 30 September 2020 (representing
approximately 20% of the portfolio rent roll) with a weighted
average uplift of 2.1% per annum.
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 71% of the portfolio's rent
reviews (by rental value). 96% of the Company's rental income is
either index-linked or contains fixed uplifts. The index-linked
reviews are predominantly RPI-linked.
The Company's portfolio comprises 139 properties let or pre-let
to 52 tenants on long, index-linked leases with over 22 years
unexpired to first break on a weighted average basis.
Positive rental update
The Company is also pleased to report that, following further
agreements made with its tenants across a range of sites, the
temporary rent reductions granted to its tenants due to the impact
of Covid-19, as previously announced by the Company, are now
expected to be at the lower average rate of 2.85% of the Group's
total annual contracted rent for the financial years ending 31
March 2021 and 2022.
FOR FURTHER INFORMATION, PLEASE CONTACT:
LXI REIT Advisors Limited Via Maitland/AMO
Simon Lee (Partner, Fund Manager)
John White (Partner, Fund Manager)
Peel Hunt LLP Tel: 020 7418 8900
Luke Simpson/Liz Yong
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J efferies International Tel: 020 7029 8000
Ed Matthews/Tom Yeadon
----------------------------------------
Maitland/AMO (Communications Adviser) Tel: 020 7379 5151
James Benjamin Email: lxireit-maitland@maitland.co.uk
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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 quarterly dividend of 1.35 pence per
ordinary share for the quarter that commenced on 1 July 2020* and a
quarterly dividend of 1.44 pence per ordinary share for the quarter
that commenced on 1 October 2020.* It will continue to monitor the
improving visibility on its future rent collection as the UK moves
out of lockdown and is keeping its dividend guidance under careful
review on a quarterly basis.
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 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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