(Sharecast News) - Real estate investment trust LXI REIT hiked its annual dividend target to 6.0p on Thursday following successive quarters of strong rent collection and rental growth.
LXI, which also declared an interim quarterly revenue of 1.44p for the three months ended 31 December, said its new annual dividend target said its dividend would be fully covered by net rental income, assuming that rent collection levels remain in line with forecast.
The FTSE 250-listed firm stated the dividend would be payable in equal quarterly instalments of 1.50p per share and represented a 4.3% increase on its pre-Covid-19 dividend rate of 5.75p per share.
LXI, which highlighted that its guidance levels were not a profit forecast, also reaffirmed that it was targeting a dividend of 1.46p per ordinary share for the current quarter as a result of its 98% rent collection so far in the period.
As of 0820 GMT, LXI shares were up 0.16% at 126.0p.
18 May 2020 08:07
LXi REIT declares Q1 dividend after NAV return rises
(Sharecast News) - LXi REIT said it expected to declare a first quarter dividend as the commercial property investor reported an increased annual return and said it was in talks to recover unpaid rent.
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