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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 shareholder return of 11.5% pa* and a total NAV return of 11.2% pa on a 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. 

Continuing to invest to further grow and diversify the portfolio with secure UK commercial property let or pre-let on long-term, triple net, inflation linked leases to a wide range of strong tenants sourced on an off-market basis. 

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 (<1% variance between passing and ERV). 

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

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. 

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Highlights from the Company’s Annual Results for the year ended 31 March 2022

  • EPRA net tangible assets (“NTA”) per share increased 13.4% to 142.6 pence (31 March 2021: 125.77) 
  • Total NAV return of 18.2% comprising NAV growth and dividends paid during the year. Since IPO, the Group has delivered an annualised total NAV return of 11.2% pa, well ahead of our 8%+ medium-term target** 
  • Portfolio independently valued at £1,544.4m up 64.5% (31 March 2021: £938.4m), reflecting like for like growth of 10.5% in the year 
  • Adjusted EPS of 7.0p (31 March 2021: 7.5p), down slightly on the prior year as a result of the significant increase in scale of the Group’s capital base during the year, but still representing 1.17x dividend cover 
  • The Board announced a target annual dividend of 6.3p per share for the financial year commenced 1 April 2022, to be paid in four equal quarterly instalments**. This represents a 5% increase over the 6.0p per share dividend target that was paid for the year ending 31 March 2022 
  • Gross equity proceeds raised of £354m in the year and fully deployed into a pre-identified pipeline of accretive assets that further strengthened the Group’s portfolio 
  • Average net initial yield (“NIY”) on acquisitions to date of 5.5% net of purchase costs (31 March 2021: 5.7%) with significant compression to valuation at 31 March 2022, reflecting a 4.5% NIY (31 March 2021: 4.9%) 
  • Disposals to date generated a weighted average geared internal rate of return (“IRR”) of 24% pa (31 March 2021: 23% pa), well ahead of our 8+% medium-term target** 
  • Having entered two new subsectors during the year in education and life sciences and splitting out garden centres into a separate sector 
  • Portfolio indepePortfolio weighted average unexpired lease term (“WAULT”) of 21-years (31 March 2021: 21- years) to first break option ndently valued at £1,544.4m up 64.5% (31 March 2021: £938.4m), reflecting like for like growth of 10.5% in the year 
  • Of the assets that the Group has forward funded to date, 99% have achieved an EPC rating or A or B (31 March 2021: 98%) 
  • The portfolio now comprises 193 separate properties and is spread across 11 subsectors 
  • Portfolio 100% let, or pre-let, to a diverse range of over 70 separate tenants, on full repairing and insuring (“FRI”) leases (31 March 2021: 100%), avoiding exposure to void periods, cost leakage and capex requirements 
  • During the year, the Board has enhanced its own overview process to further integrate ESG factors such as energy efficiency and the ESG credentials of the tenant/use of the asset for acquisitions 
* 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.