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LXi REIT plc is a specialist inflation-protected long income real estate investment trust, providing shareholders with regular, attractive income, with the potential to sustainably grow the dividend in absolute terms through upward-only inflation-protected very long-term leases, together with capital growth.   

The Company is a constituent of the FTSE 250, EPRA/NAREIT and MSCI indices. 
We selectively invest in UK commercial property assets let, or pre-let, on very long (typically 20 to 30 years to expiry or first break), inflation-linked, triple net leases to a wide range of strong tenant covenants across a diverse range of robust property sectors. We focus on structurally supported sub-sectors and underlying property fundamentals including low starting rents. Our key strategies include forward fundings, sale and leasebacks and recycling of capital to deliver outperformance. 

We carefully invest in fixed-price forward funded developments, provided they are pre-let to an acceptable tenant and full planning permission is in place. LXi REIT plc does not undertake direct development activity nor assume direct development risk. 

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

The Company has delivered an average annualised total shareholder return of 11.5% pa* and total NAV return of 11.2% pa on compounded basis (versus a medium-term target of at least 8%**), and a compounded annual dividend growth rate of 5% (CPI: 2.7% pa, RPI: 3.7% pa) since our IPO in 2017 to 31 March 2022. 

LXi REIT’s Investment Advisor is LXi REIT Advisors Limited, which is owned by Alvarium and the principals, shareholders and directors of Osprey Equity Partners Limited. 

Annual fees paid to the Investment Advisor are highly competitive: annual fee of 0.75% on market capitalisation up to or equal to £500 million, 0.65% on market capitalisation from above £500 million to £2 billion, and 0.55% on market capitalisation from above £2 billion. No performance fee is payable to the Investment Advisor.

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. 
Investment Objective 

LXi REIT’s investment objective is to deliver inflation-protected income and capital growth over the medium-term for shareholders through investing in a diversified portfolio of UK property, that benefits from long-term index-linked leases with institutional-grade tenants. 

Investment Policy (Summary) 

LXi REIT will target inflation-protected income and capital returns through acquiring a diversified portfolio of UK property assets, let or pre-let to a broad range of tenants with strong covenants on very long and index-linked leases. 

LXi REIT will seek to acquire high quality properties, taking into account the following key investment considerations:
LXi REIT will target a wide range of sectors, including office, retail, leisure, industrial, distribution and alternatives – including hotels, serviced apartments, affordable housing and student accommodation. It will also focus on growth sub-sector areas such as discount retailers, budget hotel operators and “last mile” distribution units fuelled by online retail.

LXi REIT will seek to only acquire assets let or pre-let to tenants with strong financial covenants and on long leases (typically 20 to 30 years to expiry or first break), with index-linked or fixed rental uplifts, in order to provide security of income and low cost of debt. LXi REIT will only invest in assets with leases containing regular upward-only rental reviews. These reviews will typically link the growth in rents to an inflation index such as, RPI, RPIX or CPI (with potentially a minimum and maximum level) or alternatively may have a fixed annual growth rate.

LXi REIT will not undertake any direct development activity nor assume direct development risk.  However, LXi REIT may invest in fixed-price forward funded developments, provided they are pre-let to an acceptable tenant and full planning permission is in place. In such circumstances, LXi REIT will seek to negotiate the receipt of immediate income from the asset, such that the developer is paying LXi REIT a return on its investment during the construction phase and prior to the tenant commencing rental payments under the terms of the lease. 

Where LXi REIT invests in forward funded developments:
The Directors currently intend at all times to  conduct the affairs of LXi REIT so as to enable it to continue to qualify as a REIT for the purposes of Part 12 of the CTA 2010 (and the regulations made thereunder).

LXi REIT’s full investment policy is included in its Prospectus, which can be found in the Documents section of this website.
Investment Advisor and AIFM

The Company has appointed Alvarium Fund Managers (UK) Limited as its alternative investment fund manager (the "AIFM"). The Company and the AIFM have appointed the Investment Advisor to provide certain services in relation to the Company and its portfolio. 

Alvarium Fund Managers (UK) Limited is 100 per cent. owned by Alvarium Investments Limited. Alvarium was established in 2009 and has grown to become a substantial, international multi-family office and asset manager, supervising in excess of US$22 billion of assets, for families, private individuals and institutions. It has over 200 employees and 12 offices around the world. 

In September 2021, Alvarium Investments Limited announced it had signed a merger agreement with two US investment houses, Tiedemann Advisors and TIG Advisors, to create a global investment management group with approximately $60 billion of AUM and which, subject to regulatory approval, is expected to complete and list on NASDAQ later this year. 

The Investment Advisor has extensive expertise in the purchase and forward funding of commercial property assets let or pre-let on long, index-linked leases to institutional grade tenants with strong financial covenants across a wide range of defensive and robust sectors. 

The Investment Advisor comprises property, legal and finance professionals with significant experience in the real estate sector, as described below. The team has capitalised and transacted over £2 billion of commercial property assets with a particular focus on accessing secure, long-let and index-linked UK commercial real estate through forward funding and built asset structures. 

The core management team of the Investment Advisor (whose details are set out below) is supported by a team of other accounting, asset management, compliance, marketing, public relations, administrative and support staff.

Management Team

The key individuals responsible for executing LXi REIT’s investment strategy are:
John White
Partner and Fund Manager
Simon Lee
Partner and Fund Manager
Freddie Brooks
CFO
Alissandra Cooke
General Counsel
Nick Barker
Compliance Officer
Alex Mattey
Head of Investor Relations
Simon Haarer
Head of Asset Management
Charlotte Price
Financial Controller
Michael Maddox
Assistant Fund Manager
Robert Ward
Property Director
Stacey Wood
Financial Controller
Non-Executive Directors

The Company's investment activities are overseen by the Company's Non-Executive Board of Directors. The Investment Advisor and the Board work together to ensure proper execution of the Company's investment strategies, consistent application of policies, compliance with procedures and compliance with local and regional regulatory requirements.

The Group has mature structures of governance, compliant with the AIC Code of Corporate Governance, which is detailed in the Group's Annual Report. The Group's governance complies with its enhanced ESG policy that has been adopted during the year.

All of the Directors are non-executive and are independent of the AIFM and the Investment Advisor.
Cyrus Ardalan
Non-Executive Chairman
Hugh Seaborn
Non-Executive Senior Independent Director
John Cartwright
Non-Executive Director
Ismat Levin
Non-Executive Director
Sandy Gumm
Non-Executive Director
Nick Leslau
Non-Executive Director
* Compounded annual total shareholder return from IPO to closing share price at 31 March 2022 assuming dividends reinvested. 
** This is a guidance level or target only and not a profit forecast.