Q1 Rent Collection/Increased Q1 dividend guidance
18 January 2021
LXi REIT plc
(the "Company" or the "Group")
98% Q1 2021 RENT COLLECTION
NEW INCREASED QUARTERLY DIVIDEND GUIDANCE
Q1 2021 rent collection of 98%
The Company has continued to actively engage with all of its tenants and is pleased to report rent collection to date of 96% for the quarter ending March 2021 (Q1 2021).
This figure is calculated on the basis of cash received versus contractual rent due and does not include rent deferrals. Rent collection will increase to 98% following receipt of rent deferrals agreed with tenants.
New increased quarterly dividend guidance
As a result of its robust rent collection, the Board is pleased to report that it has today increased its dividend target to 1.46 pence per share for the quarter ending 31 March 2021*. This dividend is expected to be fully covered by net rental income for the quarter and is a higher level than the pre-Covid quarterly dividend rate.
FOR FURTHER INFORMATION, PLEASE CONTACT:
LXI REIT Advisors Limited
Simon Lee (Partner, Fund Manager)
John White (Partner, Fund Manager)
Peel Hunt LLP
Luke Simpson/Liz Yong
Tel: 020 7418 8900
Ed Matthews/Tom Yeadon
Tel: 020 7029 8000
Maitland/AMO (Communications Adviser)
Tel: 07747 113 930
Email: [email protected]
The Company's LEI is: 2138008YZGXOKAXQVI45
LXI REIT plc invests in UK commercial property assets let, or pre-let, on very 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 quarterly dividend of 1.44 pence per ordinary share for the quarter which commenced on 1 October 2020 and 1.46 pence per ordinary share for the quarter which commenced on 1 January 2021*.
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 Listing 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 EPRA/NAREIT and MSCI indices.
Further information on the Company is available at www.lxireit.com
* These are guidance levels or targets only and not a profit forecast and there can be no assurance that they will be met.