14 Feb 2019 07:00
14 February 2019
LXi REIT plc
(the "Company" or "LXI REIT")
QUARTERLY DIVIDEND DECLARATION
The Board of LXi REIT plc (ticker: LXI), the specialist inflation-protected very long income REIT, is pleased to declare today an interim quarterly dividend in respect of the period from 1 October to 31 December 2018 of 1.375 pence per ordinary share, payable on 29 March 2019 to shareholders on the register at 8 March 2019. The ex-dividend date will be 7 March 2019. The dividend reflects an annualised rate of 5.50 pence per ordinary share, in line with the Company's current annual dividend target*.
1.253 pence of this dividend will be paid as a Property Income Distribution ("PID") and 0.122 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 returned to the Company's registrar, Link Asset Services, at The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU.
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 Email: lxireit-maitland@maitland.co.uk |
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.