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.
I Do AcceptI Do Not Accept
Share Price      Full Details >
Annual results 31 March 2022 RNS
VIEW >
Annual results presentation 31 March 2022
VIEW >
Weblink to annual results presentation 31 March 2022
VIEW >
Annual report 31 March 2022
VIEW >
Financial highlights
 
Alternative performance measures 31 March 2022 31 March 2021 Change
Total NAV return 18.2% 5.6% +12.6pts
EPRA NTA per share 142.6p 125.7p +13.4%
Total shareholder return 23.3% 21.7% +1.6pts
Portfolio value 1 £1,544.4m £938.4m +64.6%
Loan to value 22% 23% -1pt.
Adjusted EPS 7.0p 7.5p -6.7%
Dividend per share 6.0p 5.55p +8.1%
Total expense ratio 1.0% 0.9% +10bps
IFRS performance measures 31 March 2022 31 March 2021 Change
Rental income £58.5m £42.8m +36.7%
Operating profit before fair value changes 2 £49.2m £36.9m +33.3%
Equity raised in the year £354m £125m +183.2%
Earnings per share 22.8p 7.6p +200.0%
Investment property at fair value £1,499.1m £887.5m +68.9%
Total assets £1,592.9m £990.1m +60.9%
Net assets £1,300.7m £781.4m +66.5%
NAV per share 142.7p 125.7p +13.5%
  • EPRA net tangible assets (“NTA”) per share of 142.6p (up 13.4% on prior year), with growth predominantly driven by like for like portfolio value growth in the year and the value achieved at purchase on new acquisitions
  • 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 target3
  • Portfolio independently valued at £1,544.4m reflecting like for like growth of 10.5% in the year. The growth was broadly spread across sub-sectors as follows, with detail of the key drivers given in the Investment Advisor’s report:
  • • Foodstores and essentials like for like growth of +10.2%
    • Industrial assets like for like growth of +18.5%
    • Hotels like for like growth of +4.3%
    • Healthcare like for like growth of +4.2%  
    • Car parks like for like growth of +3.4%  
    • Drive-thru coffee like for like growth of +9.2%  
    • Pubs like for like growth of +10.4%
    • Garden centres like for like change of +9.9%
  • Loan to value (“LTV”) ratio of 22% with significant headroom to our medium-term borrowing policy cap of 35% and banking covenant of 50%
  • 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
  • Dividends paid and declared in respect of the year total 6p per share (31 March 2021: 5.55p), up 8.1% on the prior year
  • 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
Operating highlights
 
31 March 2022 31 March 2021
Average NIY on acquisitions to date 5.5% 5.7%
Average geared IRR on disposals to date 24% pa 23% pa
Rents containing index-linked/fixed uplifts 96% 96%
Rents containing minimum uplifts 76% 69%
Average minimum uplift 2% pa 2% pa
WAULT to first break 21-years 21-years
EPC A or B on forward fundings 99% 98%
Triple-net leases 100% 100%
Portfolio let or pre-let 100% 100%
Property sectors 11 8
Separate tenants >70 >50
  • 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%)
  • 65 separate properties acquired during the year, including acquisitions that had exchanged but not completed at the reporting date, with the proceeds from two equity raises, for a combined purchase price of £558.2m (including forward funded commitments) at an accretive average NIY of 5.2%
  • 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 target3
  • Two separate disposals during the year, generating an average geared IRR on disposal of 24% pa to date
  • The portfolio now comprises 193 separate properties and is spread across 11 subsectors, having entered two new subsectors during the year in education and life sciences and splitting out garden centres into a separate sector (on which more detail is given in the Investment Advisor’s report)
  • 96% of contracted rents contain upward only index-linked rent reviews or fixed uplifts (31 March 2021: 96%)
  • 76% of contracted rent reviews contain either a collared or fixed uplift (31 March 2021: 69%), averaging 2% pa (31 March 2021: 2% pa), an effective income growth hedge in a lower inflationary environment
  • Portfolio weighted average unexpired lease term (“WAULT”) of 21-years (31 March 2021: 21-years) to first break option
  • 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%)
  • 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
  • We are focussing on our reporting and the reduction of the portfolio’s carbon footprint and our Climate Risk Working Group is developing asset management initiatives and carefully evaluating our policy towards new acquisitions
  • 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 instalments3. This represents a 5% increase over the 6.0p per share dividend target for the year ending 31 March 2022
  • Stephen Hubbard, Non-Executive Chairman of the Company, and Colin Smith OBE, Non-Executive Director and Senior Independent Director of the Company, stepped down from the Board on 11 March 2022. The Board appointed three new members on 13 January 2022: Cyrus Ardalan as Non-Executive Chairman, Hugh Seaborn as Non-Executive Senior Independent Director and Ismat Levin as Non-Executive Director
Post year end highlights
Dividends
  • The Board proposed and approved a dividend of 1.5p per share for the quarter ended 31 March 2022, meeting the Group’s dividend target for the year ending 31 March 2022
Acquisitions and disposals
  • The Group completed on an Asda foodstore in Halesowen, Birmingham with a 22-year unexpired lease term and five yearly fixed uplifts of 3% per annum compounded. The asset exchanged pre-year end and completed in May 2022
  • The Group exchanged contracts to forward fund an M&S grocery store in Scotland, with a total funding commitment of £5.7m
  • Further details of the acquisitions and disposals during and since the year end are included in the Investment Advisor’s report
Recommended share & cash offer for Secure Income REIT plc
  • On 11 May 2022, the Company announced the terms of a proposed merger with Secure Income REIT plc. The merger remains conditional on, inter alia, shareholders voting to approve the transaction as outlined in the Company’s circular to shareholders posted on 1 June 2022 with the vote expected to be held at a general meeting of shareholders on 22 June 2022
Previous Financial Reports and Presentations
2022
2021
2020
2019
2018
2017
Date
Financial Reports and Presentations
31 March 2022
Annual report 31 March 2022
Download
31 March 2022
Annual results presentation 31 March 2022
Download
31 March 2022
Preliminary results announcement 31 March 2022
Download
Date
Financial Reports and Presentations
31 March 2021
Annual report 31 March 2021
Download
31 March 2021
Preliminary results announcement 31 March 2021
Download
31 March 2021
Annual results presentation 31 March 2021
Download
30 September 2021
Interim report 30 September 2021
Download
30 September 2021
Interim results  30 September 2021 RNS
Download
30 September 2021
Interim results presentation 30 September 2021
Download
Date
Financial Reports and Presentations
31 March 2020
Annual report 31 March 2020
Download
31 March 2020
Preliminary results announcement 31 March 2020
Download
31 March 2020
Annual results presentation 31 March 2020
Download
30 September 2020
Interim report 30 September 2020
Download
30 September 2020
Preliminary interim results announcement 30 September 2020
Download
30 September 2020
Interim results presentation 30 September 2020
Download
Date
Financial Reports and Presentations
31 March 2019
Annual report 31 March 2019
Download
31 March 2019
Preliminary results announcement 31 March 2019
Download
31 March 2019
Annual results presentation 31 March 2019
Download
30 September 2019
Interim report 30 September 2019
Download
30 September 2019
Preliminary interim results announcement 30 September 2019
Download
30 September 2019
Interim results presentation 30 September 2019
Download
Date
Financial Reports and Presentations
31 March 2018
Annual report 31 March 2018
Download
31 March 2018
Preliminary results announcement 31 March 2018
Download
31 March 2018
Annual results presentation 31 March 2018
Download
30 September 2018
Interim report 30 September 2018
Download
30 September 2018
Preliminary interim results announcement 30 September 2018
Download
30 September 2018
Interim results presentation 30 September 2018
Download
Date
Financial Reports and Presentations
30 September 2017
Interim report 30 September 2017
Download
30 September 2017
Preliminary interim results announcement 30 September 2017
Download
1 Includes forward funding commitments
2 Operating profit before change in fair value and gain on disposal of investment property
‍3These are targets and not profit forecasts
Signup for Alerts

‍Register your email address for the latest
alerts from LXi REIT
Signup
Connect