LXI REIT PLC Interim Dividend & Update (8855W)
06 August 2018 - 4:02PM
UK Regulatory
TIDMLXI
RNS Number : 8855W
LXI REIT PLC
06 August 2018
This announcement contains inside information
6 August 2018
LXi REIT plc
(the "Company" or "LXi REIT")
INTERIM DIVIDEND AND UPDATE
Interim Dividend
The Board of LXi REIT plc (ticker: LXI), the specialist
inflation-protected very long income REIT, is pleased to announce
an interim quarterly dividend in respect of the period from 1 April
2018 to 30 June 2018 of 1.375 pence per ordinary share, payable on
28 September 2018 to shareholders on the register at 7 September
2018. The ex-dividend date will be 6 September 2018. The dividend
reflects an annualised rate of 5.50 pence, in line with the
Company's current annual dividend target.*
1.355 pence of this dividend will be paid as a Property Income
Distribution ("PID") and 0.02 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 return to the Company's
registrar, Link Asset Services, at The Registry, 34 Beckenham Road,
Beckenham, Kent, BR3 4TU.
Update
The Company, having successfully deployed the GBP293 million of
equity and debt capital raised since its IPO in February 2017, is
contemplating an equity raise in 2018 to fund further investments
in line with its investment policy and objectives and with a view
to delivering further value for its shareholders. Any such raise is
expected to follow the publication of an updated net asset value
for the Company and a prospectus. A further announcement will
follow in due course.
FOR FURTHER INFORMATION, PLEASE CONTACT:
LXI REIT Advisors Limited Via Newgate Communications
John White (Partner, Fund Manager)
Simon Lee (Partner, Fund Manager)
Peel Hunt LLP Tel: 020 7418 8900
Luke Simpson
---------------------------------
Newgate Communications (PR Adviser) Tel: 020 7680 6550
James Benjamin Email: lxireit@newgatecomms.com
Anna Geffert
---------------------------------
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.
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.
END
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