LXI REIT net asset value rises as portfolio value increases

(Sharecast News) - Real estate investment trust company LXI REIT said on Monday that independent valuer Knight Frank had valued the group's property portfolio at £1.22bn.
LXI said the new valuation, current as of 30 September, represented a 4.9% like-for-like increase over the six months since 31 March and a total increase of 29.7% over the period, including acquisitions and disposals.

The FTSE 250-listed firm stated on the basis of the updated property valuation, it now expects to announce a net asset value per share of approximately 133.5p, reflecting growth of approximately 6.2% over the period, while inclusive of dividends paid during the half, LXI expects to deliver a total NAV return of approximately 8.6% for the half-year, outperforming its minimum annual total NAV return target of 8%.

LXI added that it had achieved an "attractive" average rental growth level of 2.9% per annum on assets which were reviewed during the six-month period from 1 April and also highlighted that it had collected 100% of rent due for the fourth quarter.

Looking forward, LXI said it had established a "substantial and robust" long income portfolio across "resilient sectors and tenants", with virtually all rental income linked to inflation or containing fixed uplifts.

"As such, the company expects to benefit from the current higher inflationary environment and to continue to deliver attractive income and capital returns for its shareholders," said LXI.

As of 0815 BST, LXI shares were up 0.42% at 141.80p.