Investment Advisor Update
17 July 2023
LXi REIT plc
(the "Company" or the "Group")
INVESTMENT ADVISOR UPDATE
The Board of LXi REIT (ticker: LXI), the specialist inflation-protected long income REIT, announces that Freddie Brooks has decided to step down as Chief Financial Officer of the Company's Investment Advisor, LXi REIT Advisors Limited, and will resign as a statutory director of the Company's subsidiaries, to pursue other opportunities.
Whilst this will become effective on 3 September 2023, the Board and the Investment Advisor are pleased that Freddie will continue to work as a consultant to the Investment Advisor for the remainder of the calendar year in order to help ensure a smooth transition and orderly handover. During this period, Freddie will advise the Investment Advisor in respect of the Company's finance and reporting functions and on identifying an appropriate long-term replacement. The Investment Advisor has commenced a formal search process for his successor and the Board will make an announcement in due course.
The Board would like to express their deep thanks to Freddie for his invaluable guidance, insight and service and his significant contributions to the performance of the Company over the past six years. During his time at the Investment Advisor, the Company's portfolio has grown tenfold from £0.3 billion to £3.4 billion, the Group has successfully concluded multiple equity capital raises, debt issuances and a £773 million refinancing in April 2023, and the Company's annual dividend has grown at a compounded rate of 5% per annum.
In July 2022, the Company completed the largest ever consensual merger in the UK REIT sector, with Secure Income REIT plc. This created the UK's leading sector diversified long income REIT with a substantial, defensive and resilient portfolio and with significant merger synergies expected to continue to be delivered to the Company and its shareholders.
Cyrus Ardalan, Chairman of LXi REIT plc, commented:
"On behalf of the Board, I would like to express my thanks to Freddie for his invaluable contribution to the growth and success of the Company.
Freddie leaves the Investment Advisor with the Company's portfolio well positioned to provide further value to shareholders through defensive, inflation-protected income returns with the potential for capital growth. He will depart with our very best wishes."
FOR FURTHER INFORMATION, PLEASE CONTACT:
LXI REIT Advisors Limited
Simon Lee (Partner, Fund Manager)
John White (Partner, Fund Manager)
Via H/Advisors Maitland
Bronson Albery / Tom Macdonald / Dion Miceli
020 7623 2323
Tom Yeadon / Ed Matthews / Rishi Bhuchar
020 7029 8000
H/Advisors Maitland (Communications Advisor)
James Benjamin / Rachel Cohen
07747 113 930 / 020 7379 5151
The Company's LEI is: 2138008YZGXOKAXQVI45
LXI REIT plc invests in commercial property assets predominantly in the UK, let, or pre-let, on long (typically 20 to 30 years to expiry or first break), inflation-linked leases to a wide range of strong tenant covenants across a diverse range of robust property sectors.
The Company may invest in fixed-price forward funded developments, provided they are pre-let to an acceptable tenant and full planning permission is in place. The Company will not undertake any direct development activity nor assume direct development risk.
The Company is targeting a dividend of 6.6 pence per ordinary share for the year which commenced on 1 April 2023*.
The Company, a real estate investment trust ("REIT") incorporated in England and Wales, is listed on the premium listing segment of the Official List of the UK 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, MSCI and STOXX Europe 600 indices.
Further information on the Company is available at www.lxireit.com
* This is a target and not profit forecast.