LXI REIT ups quarterly dividend guidance after ‘robust’ rent collection
LXI REIT said on Monday that it was lifting its quarterly dividend guidance following "robust" rent collection.
For the quarter ending March 2021, the company - which invests in UK commercial property assets - has collected 96% of rent.
This figure is calculated on the basis of cash received versus contractual rent due and does not include rent deferrals, it said, adding that rent collection will increase to 98% following receipt of rent deferrals agreed with tenants.
As a result of its "robust" rent collection, LXI REIT has upped its dividend target to 1.46p 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.