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LXi REIT (LSE: LXI)

Currency in GBP

Last close As at 26/01/2023

GBP1.16

▲ 0.40 (0.34%)

Market capitalisation

GBP1,989m

LXi REIT is an externally managed UK REIT investing in assets that are let on long index-linked leases to strong financial covenants across a range of sectors with defensive characteristics.

Long, upwards-only, mostly index-linked (mostly capped and collared at 2–4%) or fixed uplift leases provide significant visibility of income in the current inflationary environment although increased government bonds yields are creating a valuation headwind across the commercial real estate sector.

Latest Insights

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Real Estate

LXi REIT — Strong accretive growth continuing

Real Estate

LXi REIT — Swift and accretive capital deployment

Real Estate

LXi REIT — Strong FY21 with increasing momentum

Real Estate

LXi REIT — Diversified, long income
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Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Charlotte Price

    Financial controller

  • Freddie Brooks

    CFO

  • Jamie Beale

    Partner

  • John White

    Partner

  • Simon Lee

    Partner

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.3 (6.6) (19.8)
Relative (1.5) (15.5) (21.8)
52 week high/low 154.0p/112.4p

Financials

H123 results will be released on 24 November, the first results update since LXi’s merger with Secure Income REIT (SIR). This brought together two complementary portfolios, creating a business of substantial scale and generating immediate cost savings. The end-H123 portfolio value was £3.65bn, well diversified across sectors and tenants with a long 26-year weighted average unexpired lease term. 98% of the rent is inflation-protected or contains fixed uplifts. LTV has reduced from a pro forma post-merger 37% to 33%, in line with LXi’s aim of maintaining a medium-term LTV target of 30%. 100% of group debt is fixed or capped with a maximum cost of 4.2% and covenant headroom is significant. On a like-for-like basis, portfolio valuation was 1.4% lower, with rent growth substantially offsetting yield widening. LXi estimates EPRA NTA at end-H123 will be at least 139p per share.

Research

Thematics

Real Estate

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Real Estate

South African retail property funds remain resilient

Consumer

IPO apocalypse

TMT

ESG, moving beyond the box tick
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