Important information

You must read the following information before proceeding. It explains certain legal and regulatory restrictions which apply to the information contained on this website. By accessing this website, you agree to be bound by the terms and conditions below. If you do not agree to the notices and disclaimers below, do not access this website.

This website provides general information about LXi REIT plc (the "Company") only and does not constitute investment, tax, legal or other advice. The information contained on this website is intended only for professional and retail investors (as those terms are used in the Alternative Investment Fund Managers Directive 2011/61/EU) who are resident in the United Kingdom and may not be accessed by persons who are located in the United States, Canada, Australia, the Republic of South Africa or Japan. Viewing the materials you are seeking to access may not be lawful in jurisdictions other than the United Kingdom. In some jurisdictions, only certain categories of person may be allowed to view such materials. Any person who wishes to view these materials must first satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so.

If you are not permitted to view this website or are in any doubt as to whether you are permitted to view this website, please exit this website immediately by clicking on the "I do not accept" button below.

You may download or print copies of the reports or information contained within this website for your own private use only; all other copying, reproducing, transmitting, distributing or displaying of material on this website (by any means and in whole or in part) is prohibited. The contents of this website must not be released or otherwise forwarded, distributed or sent, directly or indirectly, in whole or in part, outside the United Kingdom and in particular in or into any other Member State of the EEA, the United States, Canada, Australia the Republic of South Africa or Japan or any other jurisdiction where the distribution of such materials would or may breach any applicable law or regulation or would require any registration or licensing within such jurisdiction. Persons receiving any such materials (including, without limitation, custodians, nominees and trustees) should observe these restrictions and must not, directly or indirectly, in whole or in part, forward, distribute or send them in, into or from any jurisdiction outside the United Kingdom. None of the Company, LXI REIT Advisors Limited, Alvarium Fund Managers (UK) Limited nor any of their respective representatives accepts any responsibility for any violation by any person of any of these restrictions.

The information on this website may be subject to amendment and updating without notice. None of the Company, LXI REIT Advisors Limited, Alvarium Fund Managers (UK) Limited nor any other person guarantees the accuracy or completeness of any information on this website and each such person disclaims all representations and warranties, whether express or implied, to the greatest extent permitted by applicable law and regulation. By continuing to use this website, you agree to the exclusion by such persons, to the greatest extent permitted by applicable law and regulation, of any and all liability for any direct, indirect, punitive, consequential, incidental, special or other damages, including, without limitation, loss of profits, revenue or data arising out of or relating to the provision of and your use of this website and its content.

This website may contain or link to content which is generated by third parties. None of the Company, LXI REIT Advisors Limited, Alvarium Fund Managers (UK) Limited nor any other person accepts any responsibility in respect of any information contained on any other website which may be linked to or from this website.

The information on this website is for information purposes only and does not constitute or form a part of any offer or invitation to sell or issue, or the solicitation of any offer to purchase or subscribe for, securities in any jurisdiction. If you are considering any investment in the Company's shares and are unsure as to whether the investments described on this website are suitable for you, we strongly recommend that you seek professional advice from a financial adviser before making any investment or financial decisions. All investment is subject to risk. The value of the shares in the Company may go down as well as up. Past performance is no guarantee of future returns and there is no guarantee that the market price of the Company's shares will fully reflect their underlying net asset value. There is also no guarantee that the Company's investment objective or return objectives will be achieved.

This website is governed by the laws of England.

By clicking the "I accept" button below, you warrant that you are located in the United Kingdom, you are not a resident of, or physically present in, the United States, Canada, Australia, the Republic of South Africa or Japan or any other territory where to do so would breach applicable laws, rules or regulations, and you agree that you will not transmit or otherwise send any of the information on this website to persons outside the United Kingdom.
Inflation-protected, sustainable income and capital growth underpinned by a secure, resilient and diversified portfolio of UK commercial property assets let or pre-let on very long-term, inflation-linked leases, to a wide range of strong tenant covenants across a diverse range of robust property sectors. 

The Company has delivered an average annualised total accounting return of 10.1% pa on a compounded basis (versus a target of at least 8%), and a compounded annual dividend growth rate of 5% (CPI: 2.9% pa, RPI: 4.0% pa) since our IPO in 2017.

Continuing to invest to further grow and diversify the portfolio with secure commercial property assets predominantly in the UK, let on long (typically 20 to 30 years to first break), inflation-protected leases to institutional-quality tenants across a diverse range of structurally supported property sub-sectors

Focus on forward fundings and sale & lease backs, structurally supported sub-sectors and strong underlying property fundamentals.

Low starting rents, embedded indexed uplifts, capital recycling and asset management allowing passing rents to remain in line with ERVs across the portfolio despite rates of inflation.

Inflation protected income to support progressive dividend growth through upward only, index linked rent reviews.

LATEST NEWS

INVESTMENT ADVISOR UPDATE

06 September 2023

Read more

DIVIDEND DECLARATION

06 September 2023

Read more

PROFITABLE £31M SALE OF ST ALBANS RETAIL PARK

08 June 2023

Read more

Please click here to access and subscribe to research on LXi REIT provided by Edison Group.

The Company, a real estate investment trust ("REIT"), 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, EPRA/NAREIT and MSCI indices. 

News & Media
Find out more >
About Us
Find out more >
Contact Us
Find out more >

Highlights from the Company’s Annual Results 31 March 2023

  • EPRA earnings per share (“EPS”) up 36.1% to 8.3p (31 March 2022: 6.1p), and Adjusted cash EPS up 17.5% to 6.7p for the year (31 March 2022: 5.7p), primarily driven by material cost savings resulting from the merger with Secure Income REIT plc (“SIR plc”) (the “Merger”) and representing full dividend cover for the year, underpinning the Company’s progressive dividend policy
  • Sector leading EPRA cost ratio of 9.5% (31 March 2022: 15.9%) and total expense ratio of 0.9% (31 March 2022: 1.0%)
  • Dividend per share of 6.3p in respect of year (31 March 2022: 6.0p per share), representing 5% growth on the prior year
  • Portfolio independently valued at £3,356.3m (31 March 2022: £1,544.4m), reflecting a like for like change of (9.6)%. The movement reflects an outward yield shift of 90 bps to 5.4% at 31 March 2023 (31 March 2022: 4.5%), offset by 2.3% like for like rental growth5
  • EPRA NTA per share of 121.1p (31 March 2022: 142.6p), reflecting a fall of 15%, primarily driven by yield expansion across certain property sectors in response to wider economic conditions and the costs associated with the Merger, which represented less than 1% of the combined portfolio value1
  • Pro forma net loan to value (“LTV”)2 ratio of 37% (31 March 2022: 22%), with headroom to our medium-term borrowing policy cap of 40% and substantial covenant headroom on the loan facilities
  • Contractual rental increases due in the next two financial years expected to reduce LTV to 35.5% in FY24 and 33.8% in FY25, assuming no change in valuation yield. The Board remains committed to a conservative medium-term LTV target of 30%
The UK’s leading sector diversified, long income REIT
  • During the year, LXi REIT plc merged with Secure Income REIT plc to create the UK’s leading sector-diversified, long income REIT, with a substantial, defensive and resilient portfolio
  • The scale achieved provides a strong foundation to deliver secure attractive long-dated and growing income returns and capital protection to our shareholders
  • The Group owns an inflation linked portfolio of 350 properties that are 100% occupied with an aggregate valuation of £3.4bn at 31 March 2023, contracted annual rental income of £202.2m and a WAULT to first break of 27 years
  • Assets are well diversified across a broad range of resilient sub-sectors with high barriers to entry, strong underlying property fundamentals and low starting rents, and are let on very long-term leases to tenant counterparties that have demonstrated strong performance throughout previous economic cycles
  • Properties are strategically important to the operations of our broad range of institutional-quality tenants underpinning the longevity and security of the Group’s income streams
  • Shareholders continue to benefit from the certainty provided by the Group’s fully let, highly diversified, triple-net portfolio of secure real estate assets, sector leading expense ratios and a conservative and 100% fixed or capped debt position
1 The portfolio valuation includes forward funding commitments and assets held for sale. A reconciliation between portfolio value and investment property at fair value and IFRS is included in Note 8 to the consolidated financial statements
2 Pro forma net LTV is stated after adjusting the value of investment properties (the denominator) for the acquisition price of properties that have exchanged but not completed and for costs to complete forward funded assets and net debt (the numerator) for the acquisition price of properties that have exchanged but not completed plus associated acquisition costs and for costs to complete forward funded assets