LXi REIT posts resilient H1 results

LXi REIT has reported a set of “resilient” results for H1 but is bracing itself against any potential change in Covid guidance that could impact its portfolio. The REIT’s NAV per share was 120.8p at 30 September 2020, up from 119.6p in the equivalent period last year. Operating profit before valuation changes rose to £17.6m from £13.9m, and its portfolio valuation increased to £892.7m from £803.3m the year before. The company has said it will issue an interim quarterly dividend for the quarter ended 30 September of 1.35p per ordinary share. This will be payable to shareholders on 30 December. The REIT is looking to target a dividend of 1.44p per share for the quarter starting 1 October 2020. Chairman Stephen Hubbard said: “Clearly, we are in unprecedented times, and we remain cognisant of the potential for further changes to UK government guidance that would impact our portfolio. However, I take comfort in the key attributes of our properties and lease arrangements that demonstrate defensive characteristics and I remain comforted by the strength of the platform and its ability to maintain ongoing and attractive returns to our shareholders.” To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette