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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.


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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. 

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Highlights from the Company’s Interim Results 30 September 2022

  • Dividends per share totalled 3.15p in respect of the half-year (30 September 2021: 3.00p per share), which represents 5% growth on the previous six-months
  • Total net tangible asset (“NTA”) return of 0.1% for the half-year (30 September 2021: 9.0%)
  • Since IPO, the Group has delivered an annualised total accounting return of 10.1% pa compounded, well ahead of our 8%+ medium term target1
  • EPRA earnings per share (“EPS”) were 3.6p and Adjusted cash EPS were 3.1p for the half-year (30 September 2021: 2.6p), representing full dividend cover for the period. The current run rate is materially higher than these figures given the period (i) only included two months of the merger efficiencies and benefits2, (ii) reflected deployment of a significant capital raise, and (iii) did not include the earnings accretive ‘income strip’ sale which completed following the period end
  • Portfolio independently valued at £3,656.6m, reflecting a six-month like for like change of -1.4%. The movement reflects an outward yield shift of 40 bps to 4.9% at 30 September 2022 (31 March 2022: 4.5%), offset by 2.5% like for like rental growth3
  • The Group’s net assets increased by 88.2% to £2,448.2m (31 March 2022: £1,300.7m), driven predominantly by the share for share element of the merger with Secure Income REIT plc (“SIR plc”) (the “Merger”)
  • EPRA NTA per share (ex-dividend)4 of 139.7 p (31 March 2022: 142.6p), reflecting a half-year decline in value of 2.0%, 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 value5 offset by the value generated by the Merlin ‘income strip’ sale
  • Pro forma net loan to value (“LTV”)6 ratio of 33% (31 March 2022: 22%), with significant headroom to our medium-term borrowing policy cap of 40% and substantial covenant headroom. We remain committed to a conservative medium-term LTV target of 30%
The UK’s leading sector diversified REIT
  • During the period, 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-protected portfolio of 348 properties that are 100% occupied with an aggregate valuation of £3.7bn at 30 September 2022, contracted annual rental income of £200.7m and a WAULT to first break of 26 years
  • Our 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
  • Our properties are strategically important to the operations of our broad range of institutional-quality tenants
  • Our shareholders continued to benefit from the certainty provided by the Group’s highly diversified, triple-net portfolio of secure real estate assets, our conservative and 100% fixed or capped debt position and our very low cost base
1 These are targets and not profit forecasts
2 The Merger documents included a quantified financial benefit statement that set out the Directors’ expectation that the Merger would deliver potential annual administrative cost savings of approximately £8.6m
3 Like for like statistics presented in this report are calculated by reference to combined independent valuations included in the public merger documents performed by Knight Frank in respect of LXi REIT plc and CBRE in respect of Secure Income REIT plc as at 31 March 2022
4 The EPRA NTA per share (ex-dividend) is stated after deducting the dividend of 1.575p per share in respect of the quarter ended 30 June 2022, that went ex-dividend on 29 September 2022 and was paid on 18 November 2022
5 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 condensed consolidated financial statements
6 Pro forma net LTV is stated after adjusting the value of investment properties (the denominator) for property transactions that have exchanged but not completed and for costs to complete forward funded assets and net debt (the numerator) for property transactions that have exchanged but not completed plus associated transaction costs and for costs to complete forward funded assets