LXi REIT (LSE: LXI)

Last close As at 22/02/2024

GBP1.01

−0.30 (−0.30%)

Market capitalisation

GBP1,736m

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.

For the purposes of the Takeover Code, Edison is deemed to be connected with LXi REIT as a provider of paid-for research. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance with the requirements of the Code. Consequently we have removed our estimates until the offer period ends.

Latest Insights

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Real Estate | Outlook

LXi REIT — Stronger, leaner and fitter

Real Estate | Outlook

LXi REIT — Strong accretive growth continuing

Real Estate | Update

LXi REIT — Swift and accretive capital deployment

Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Charlotte Price

    Financial controller

  • Freddie Brooks

    CFO

  • John White

    Partner

  • Simon Lee

    Partner

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (0.78) 5.14 (11.23)
Relative (3.08) 2 (8.53)
52 week high/low 114.0p/82.8p

Financials

LXi and LondonMetric have proposed a recommended all-share merger under which LXi shareholders will receive 0.55 new LondonMetric shares for each LXi share held. If completed, the enlarged entity will represent the UK leading triple net lease REIT with £6.2bn of assets. This excludes the £210m sale by LXi of 66 Travelodge branded hotels where contracts have now been unconditionally exchanged.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 58.5 49.2 43.1 5.6 18.1 14.0
2023A 198.2 179.4 124.4 6.7 15.1 9.0
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A

Research

Update

Real Estate

LXi REIT — Swift and accretive capital deployment

Update

Real Estate

LXi REIT — Strong FY21 with increasing momentum

Initiation

Real Estate

LXi REIT — Diversified, long income

Thematics

thematic

Real Estate

South African industrial property fundamentals are strong

thematic

Real Estate

South African retail property funds remain resilient

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick

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