Currency in GBP

Last close As at 09/06/2023


1.20 (1.20%)

Market capitalisation


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.

The commercial property market is cyclical, historically exhibiting substantial swings in capital values through cycles. Income returns have been significantly more stable. Across all main sectors, the significant negative end-2022 adjustment to higher bond yields and economic uncertainty, is showing increased stability in 2023 ytd and investment activity is showing improvement.

Latest Insights

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Real Estate

LXi REIT — Stronger, leaner and fitter

Real Estate

LXi REIT — Strong accretive growth continuing

Real Estate

LXi REIT — Strong FY21 with increasing momentum


Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Charlotte Price

    Financial controller

  • Freddie Brooks


  • Jamie Beale


  • John White


  • Simon Lee


Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.7) (5.2) (29.4)
Relative 0.5 (1.2) (28.6)
52 week high/low 154.0p/94.1p


With the major refinancing of shorter maturity debt completed, following drawdowns and repayments, total debt will remain at c £1.3bn with average maturity extended from three to six years. Including the finalisation of hedging arrangements, LXi expects a moderately increased fixed/hedged blended cost of 4.7% (from 4.3%). Combined with continuing indexed rent growth this has provided earnings visibility for a 4.8% increase in the annual DPS target for FY24 to 6.6p. Rent reviews representing 6% of rent roll were concluded in H2 at an annualised 3.4% uplift, but will accelerate in H124 with 48% of rent roll subject to review. H223 property valuations were not immune to yield widening, but compare favourably with the broad sector, and LXi indicates that FY23 results, to be published 7 June, will show an NAV per share of c 120p.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2021A 42.8 36.9 39.2 7.5 13.5 18.5
2022A 58.5 49.2 49.9 7.0 14.5 14.0
2023E 193.5 175.1 136.1 9.1 11.2 9.1
2024E 237.3 218.3 159.9 9.3 10.9 9.9


Real Estate

LXi REIT — Stronger, leaner and fitter

Real Estate

LXi REIT — Diversified, long income



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