LXi REIT | Winterflood Research

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Interim results to 30 September 2020

On 23 November LXi REIT published its interim results for the six months to 30 September 2020, which was accompanied by a presentation by Simon Lee, fund manager, and Freddie Brooks, CFO. The fund’s investment objective is to deliver inflation-protected income and capital growth over the medium-term through investing in a diversified portfolio of UK property that benefits from long-term index-linked leases with institutional-grade tenants. The managers aim to actively manage the portfolio, with an ongoing recycling of capital through regular acquisitions and disposals, in order to grow income and capital values.

In the six months to 30 September 2020, the fund’s EPRA NTA (net tangible assets) and IFRS NAV per share fell by 2.8% from 124.3p to 120.8p, as a result of valuation declines. The NAV total return was -0.6%. Since its IPO in February 2017 the NAV per share has grown by 23%, while the NAV total return has averaged 9.9% per annum, ahead of the medium-term total return target of 8%. The two dividends paid in respect of the half-year totalled 2.65p per share, reflecting a 7.8% reduction on the previous rate as a result of reduced rent collection. These payments were 120% covered by adjusted earnings per share of 3.3p for the period. The fund’s quarterly dividend target rate for the quarter to 31 December 2020 is 1.44p per share, which is expected to be fully covered by rents collected in respect of the quarter, with 97% of this rent already received. This amount represents a marginally higher level than the fund’s pre-pandemic dividend level of 1.4375p per share per quarter.

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