Investment Trusts

LXI REIT

LXI:LSE

LXI REIT

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  • Price (GBX)115.00
  • Today's Change1.20 / 1.05%
  • Shares traded13.23m
  • 1 Year change-21.41%
  • Beta0.6026
Data delayed at least 20 minutes, as of Dec 02 2022 12:17 GMT.
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About the company

LXi REIT plc is a United Kingdom-based real estate investment trust (REIT). The Company's investment objective is to sustainably grow the dividend in absolute terms through upward-only inflation-protected long-term lease agreements and provide capital growth over the medium-term. It invests in United Kingdom commercial property assets let on long (20 to 30 years to first break), inflation-linked leases to institutional-quality tenants across a range of structurally supported property sub-sectors. Its portfolio consists of over 193 properties across 11 sectors with multiple underlying uses, let on long leases to over 70 separate tenant operators. It invests in in various sectors, including food stores and essentials, industrial, hotels, healthcare, car parks, life sciences, garden centers, drive-thru coffee, pubs and education. Its portfolio of properties includes Travelodge, Q-Park, Bombardier, Greene King, Tesco, BUPA, and others. Its investment advisor is LXI REIT Advisors Limited.

  • Revenue in GBP (TTM)108.60m
  • Net income in GBP58.50m
  • Incorporated2016
  • Employees0.00
  • Location
    LXI REITMermaid House, 2 Puddle DockLONDON EC4V 3DBUnited KingdomGBR
  • Phone+44 203 597 7900
  • Websitehttps://www.lxireit.com/
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Profile

Management group(s)LJ Capital limited
AIC sectorProperty - UK Commercial
ISINGB00BYQ46T41
Launch date27 Feb 2017
Share typeOrdinary Share
StructureInvestment Trust
Base currencyGBP

Objective

The Company will target inflation-protected income and capital returns through acquiring a diversified portfolio of UK property assets, let or pre-let to a broad range of tenants with strong covenants on long and index-linked leases. The Company will invest in these assets directly or through holdings in special purpose vehicles and will seek to acquire high quality properties, taking into account the following key investment considerations: the properties will be let or pre-let to institutional grade tenants, with strong financials and a proven operating track record; long unexpired lease terms (typically 20 to 30 years to expiry or first break); rent reviews to be inflation-linked or contain fixed uplifts; and each property should demonstrate strong residual land value characteristics.

Managed by

John White, Simon Lee

Management & contract fees

The fee is payable monthly in arrear and is at the rate of: (i) one-twelfth of 0.75% per calendar month of Market Cap up to or equal to GBP 500m; and (ii) one-twelfth of 0.65% per calendar month of Market Cap above GBP 500m. (iii) one-twelfth of 0.55%. per calendar month on that part of the Market Capitalisation in excess of £2 billion. No performance fee will be payable to the Investment Advisor. The Investment Management Agreement may be terminated on 12 months written notice.

Mergers & acquisitions

Acquired companyDeal statusDateDate /
Deal status
LXI:LSE since
announced
Transaction
value
J Sainsbury Plc-Supermarket Stores(18)Deal withdrawn21 Sep 202221 Sep 2022Deal withdrawn-16.91%568.95m
Secure Income REIT PLCDeal completed11 May 202211 May 2022Deal completed-19.13%1.88bn
Marks & Spencer Group PLCAnnounced22 Apr 202222 Apr 2022Announced-23.64%--
Property Portfolio(2)Deal completed03 Mar 202203 Mar 2022Deal completed-17.27%97.84m
Tesco Home Bargains & Co-Op Foodstore Properties(3)Deal completed24 Feb 202224 Feb 2022Deal completed-16.18%35.21m
Data delayed at least 20 minutes, as of Dec 02 2022 12:17 GMT.

Peer analysis

Key Information
CompanyRevenue (TTM)Net income (TTM)Market capEmployeesPrice/earnings (TTM)Price/book value (MRQ)Price/cash flow (TTM)Price/sales (TTM)EPS (excl. extraordinary items, TTM)EPS (incl. extraordinary items, TTM)Revenue per share (TTM)Book value per share (MRQ)Asset turnover (TTM)Inventory turnover (TTM)Receivables turnover (TTM)Revenues per employee (TTM)Return on avg assets (TTM)Return on avg assets (5 yr avg)Return on investment (TTM)Return on investment (5 yr avg)Gross margin (TTM)Gross margin
(5 yr avg)
Net profit margin (TTM)Net Profit margin
(5 yr avg)
Quick ratio (MRQ)Interest coverage (TTM)Total debt to capital (MRQ)Payout ratio
(5 yr avg)
Revenue
(YOY change %)
Revenue
(5 yr growth rate)
Net income
(YOY change %)
Net income
(5 yr growth rate)
Capital expenditure
(5 yr growth rate)
Dividend
(5 yr growth rate)
Hammerson plc122.70m-4.20m1.18bn426.00--0.38821.629.59-0.0007-0.00050.02650.6070.0244--1.27288,028.20-0.0834-6.83-0.0882-7.0980.8578.99-3.42-306.85--2.180.3993---9.83-11.7176.43---15.86-50.82
Great Portland Estates PLC85.50m18.40m1.27bn131.0068.920.632762.9014.860.07260.07260.3387.910.0324--9.72652,671.800.69610.96130.70871.0264.2147.4221.5217.69----0.252895.93-4.86-7.13182.81---42.8012.16
Supermarket Income REIT PLC72.11m110.30m1.31bn0.009.010.9132--18.180.11710.11710.07391.160.0464--35.58--7.09--7.20--86.96--152.96------0.1957--50.41--34.59------
Savills plc2.25bn135.00m1.36bn40.09k10.371.926.260.6020.90540.905415.174.891.15--4.4956,168.626.975.7312.3211.25----6.044.98----0.45628.7123.368.23116.2716.926.96-8.35
Shaftesbury plc123.10m119.10m1.38bn47.0011.600.559811.5311.180.30870.30870.32016.400.0361--6.28--3.50-3.143.54-3.1770.5175.0496.75-94.17----0.2795--9.232.00161.11-16.96----
Primary Health Properties PLC150.70m175.80m1.51bn2.009.800.9575--9.990.1150.1150.10471.180.0527--9.0875,350,000.006.153.406.383.5392.9795.22116.6662.19----0.456581.594.7516.6425.0926.24---0.6058
Assura PLC146.40m117.40m1.65bn79.0013.800.9255--11.270.04040.04040.05010.60240.049--5.451,853,165.003.934.614.014.7492.4992.8180.1989.46--23.150.412466.1513.3314.0043.9510.34--3.07
IWG PLC2.45bn-171.60m1.68bn8.24k--7.191.820.6869-0.1703-0.11072.430.23220.27241,543.083.03297,159.80-1.99-2.16-2.73-3.0918.0716.65-7.29-5.330.44730.43560.9618---8.39-0.049359.07---4.46--
Londonmetric Property PLC141.40m237.00m1.78bn35.007.220.7838--12.600.25110.25110.14592.310.043--19.644,040,000.007.2411.487.3911.7199.0198.82168.39240.11----0.342227.119.0011.99185.4663.43--4.56
Grainger PLC286.90m229.40m1.81bn322.007.910.92067.866.310.30870.30870.38612.650.08380.236612.34--6.704.656.974.8656.7458.6379.9649.001.36--0.408428.0111.371.06109.5025.5619.606.29
LXi REIT PLC108.60m58.50m1.97bn0.0012.460.8054--18.160.09230.09230.10591.430.0391--11.37--2.10--2.50------53.87----7.140.3816--36.68--306.02------
Derwent London Plc242.10m267.40m2.65bn140.009.920.58659.8310.952.382.382.1540.240.0417--6.641,729,286.004.623.644.763.7778.0377.27110.9583.99----0.235745.07-10.574.40425.1333.86-18.688.52
Tritax Big Box REIT PLC198.70m1.05bn2.75bn0.002.510.61622.6113.860.58680.58680.11082.390.036--13.16--19.1111.5419.6111.83----530.30282.25----0.245223.0314.3019.87116.4260.30--0.7674
Data as of Dec 02 2022. Currency figures normalised to LXI REIT's reporting currency: UK Pound GBX

Institutional shareholders

26.35%Per cent of shares held by top holders
HolderShares% Held
Artemis Investment Management LLPas of 22 Jul 2022137.59m8.03%
The Vanguard Group, Inc.as of 31 Oct 202249.75m2.90%
Quilter Cheviot Ltd.as of 07 Jul 202247.82m2.79%
Thames River Capital LLPas of 30 Sep 202236.18m2.11%
Cohen & Steers Capital Management, Inc.as of 01 Jul 202235.80m2.09%
Threadneedle Asset Management Ltd.as of 30 Jun 202234.45m2.01%
Brooks Macdonald Asset Management Ltd.as of 05 Jul 202229.42m1.72%
Schroder & Co. Ltd.as of 06 Jul 202227.90m1.63%
BlackRock Investment Management (UK) Ltd.as of 31 Oct 202227.52m1.61%
BlackRock Fund Advisorsas of 03 Nov 202225.32m1.48%
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Data from 30 Sep 2022 - 30 Nov 2022Source: FactSet Research Systems Inc.
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