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Weblink to annual results presentation 31 March 2023
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Financial highlights
 
Alternative performance measures 31 March 2023 31 March 2022 Change
EPRA EPS 8.3p 6.1p +36.1%
Adjusted cash EPS 6.7p 5.7p +17.5%
Dividend per share 6.3p 6.0p +5.0%
EPRA cost ratio (including and excluding vacant property costs) 9.5% 15.9% -6.4pts
Total Expense Ratio 0.9% 1.0% -0.1pts
Total accounting return (10.7)% 18.2% -28.9pts
Portfolio value 1 £3,356.3m £1,544.4m +117.3%
EPRA NTA per share 121.1p 142.6p -15.1%
Pro forma net LTV 2 37% 22% +15pts
IFRS performance measures Year to 31 March 2023 Year to 31 March 2022 Change
Rental income £198.2m £58.5m +238.8%
Operating profit before fair value changes £179.4m £49.2m +264.6%
Earnings per share (19.2)p 22.8p -184.2%
As at 31 March 2023 As at 31 March 2022 Change
Investment property at fair value 1 £3,601.9m £1,499.1m +140.3%
Net assets £2,108.1m £1,300.7m +62.1%
NAV per share 123.0p 142.7p -13.8%
  • 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
Portfolio summary
 
As at 31 March 2023 As at 31 March 2022
WAULT to first break 27 years 21 years
Number of assets 350 193
Number of tenants 84 71
Let or pre-let 100% 100%
Portfolio diversification by sector (by contracted rent)
-      Healthcare 22% 8%
-      Budget hotels 21% 13%
-      Theme parks 19% -
-      Foodstores 10% 25%
-      Industrials 7% 18%
-      Others 21% 36%
Rent review type (upward only)
-      RPI 26% 54%
-      CPI 38% 19%
-      Fixed 34% 23%
-      Open market 2% 4%
Regular predictable rental growth profile*
-      Annual reviews 56% 37%
-      Five-yearly reviews 44% 63%
-      Capped indexed linked uplifts 60% 67%
-      Average cap 3.9% 3.6%
-      Collared index-linked uplifts 56% 54%
-      Average collar 1.2% 1.5%
Post year end highlights
Dividends
  • Announced increased dividend target of 6.6p3 per share for the year ending 31 March 2024, up 5% on the dividend per share in respect of the year ended 31 March 2023
  • Announced a dividend of 1.575p per share for the quarter ended 31 March 2023, meeting the Company’s annual dividend per share target of 6.3p3
          Debt refinancing
          • Completed our significant refinancing programme comprising:
            •    A new £565 million three and five-year term loan and five year revolving credit facility, and
            •    A new £148 million 16-year debt facility
          • Achieved maiden investment grade rating and increased weighted average term to maturity of 6 years (pre refinancing: 2 years) and a weighted average interest cost of 4.7% pa (pre refinancing 4.3% pa)  
          Previous Financial Reports and Presentations
          2023
          2022
          2021
          2020
          2019
          2018
          2017
          Date
          Financial Reports and Presentations
          31 March 2023
          Annual results presentation 31 March 2023
          Download
          31 March 2023
          Preliminary results announcement 31 March 2023
          Download
          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
          30 September 2022
          Interim results presentation 30 September 2022
          Download
          30 September 2022
          Interim results 30 September 2022 RNS
          Download
          30 September 2022
          Interim report 30 September 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 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
          3 These are targets and not profit forecasts
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