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LXI REIT PLC  -  LXI   

Interim Dividend & Update

Released 07:02 06-Aug-2018

RNS Number : 8855W
LXI REIT PLC
06 August 2018
 

This announcement contains inside information

6 August 2018

LXi REIT plc

(the "Company" or "LXi REIT")

INTERIM DIVIDEND AND UPDATE

Interim Dividend

The Board of LXi REIT plc (ticker: LXI), the specialist inflation-protected very long income REIT, is pleased to announce an interim quarterly dividend in respect of the period from 1 April 2018 to 30 June 2018 of 1.375 pence per ordinary share, payable on 28 September 2018 to shareholders on the register at 7 September 2018. The ex-dividend date will be 6 September 2018.  The dividend reflects an annualised rate of 5.50 pence, in line with the Company's current annual dividend target.*

 

1.355 pence of this dividend will be paid as a Property Income Distribution ("PID") and 0.02 pence will be paid as an ordinary UK dividend ("non-PID"). PID dividends are paid out of tax-exempt property rental income. Dividends paid from licence fee income that the Company receives from developers during the construction period on forward funding projects are treated as non-PID dividends.

 

Shareholders entitled to elect to receive PID distributions without deduction for withholding tax should complete the declaration form which is available in the Investors section of the Company's website, www.lxireit.com and return to the Company's registrar, Link Asset Services, at The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU.

 

Update

The Company, having successfully deployed the £293 million of equity and debt capital raised since its IPO in February 2017, is contemplating an equity raise in 2018 to fund further investments in line with its investment policy and objectives and with a view to delivering further value for its shareholders.  Any such raise is expected to follow the publication of an updated net asset value for the Company and a prospectus. A further announcement will follow in due course.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

LXI REIT Advisors Limited

John White (Partner, Fund Manager)

Simon Lee (Partner, Fund Manager)

Via Newgate Communications



Peel Hunt LLP

Luke Simpson

Tel: 020 7418 8900



Newgate Communications (PR Adviser)

James Benjamin

Anna Geffert

Tel: 020 7680 6550

Email: lxireit@newgatecomms.com

 

The Company's LEI is: 2138008YZGXOKAXQVI45

 

NOTES:

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 an annual dividend of 5.50 pence per ordinary share, starting from the financial period commenced 1 April 2018, with the potential to grow the dividend in absolute terms through upward-only inflation-protected long-term lease agreements, and is targeting a net total shareholder return of a minimum of 8 per cent. plus per annum over the medium term.*

 

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 index.

 

Further information on the Company is available at www.lxireit.com

 

* These are targets only and not a profit forecast and there can be no assurance that they will be met.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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Interim Dividend & Update - RNS