Dividend declaration & increased target dividends
20 May 2019
LXi REIT plc
(the "Company" or the "Group")
DIVIDEND DECLARATION AND INCREASE IN TARGET DIVIDENDS
The Board of LXi REIT plc (ticker: LXI), the specialist inflation-protected very long income REIT, is pleased to announce a proposed final quarterly dividend in respect of the year ended 31 March 2019 of 1.375 pence per ordinary share, subject to approval at the Company's Annual General Meeting, payable on 3 July 2019 to shareholders on the register at 31 May 2019. The ex-dividend date will be 30 May 2019.
The dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business.
Following the payment of this dividend, the Company will have paid, in aggregate, 5.50 pence per ordinary share in dividends in respect of the year ended 31 March 2019, in line with its revised target for the year and 10% ahead of the target set at IPO.
Increased dividend target
Consistent with its progressive dividend policy, the Company today confirms it is targeting an increased aggregate dividend of 5.75 pence per ordinary share for the year ending 31 March 2020*, an increase of 4.55% over the dividend target of 5.50 pence per ordinary share for the year ended 31 March 2019.
FOR FURTHER INFORMATION, PLEASE CONTACT:
|
LXI REIT Advisors Limited John White (Partner, Fund Manager) Simon Lee (Partner, Fund Manager) |
Via Maitland/AMO |
|
|
|
|
Peel Hunt LLP Luke Simpson |
Tel: 020 7418 8900 |
|
|
|
|
Maitland/AMO (Communications Adviser) James Benjamin |
Tel: 020 7379 5151 |
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 5.75 pence per ordinary share, starting from the financial period commenced 1 April 2019, with the potential to grow the dividend in absolute terms through upward-only inflation-protected long-term lease agreements, and is targeting a total NAV return of a minimum of 8 per cent. 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.
Latest directors dealings
- 2 minutes ago CLS Holdings
- 10 minutes ago British American Tobacco
- 15 minutes ago British American Tobacco
- 19 minutes ago B.P. Marsh & Partners
- 20 minutes ago British American Tobacco