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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
- LocationLXI REITMermaid House, 2 Puddle DockLONDON EC4V 3DBUnited KingdomGBR
- Phone+44 203 597 7900
- Websitehttps://www.lxireit.com/
Profile
| Management group(s) | LJ Capital limited |
|---|---|
| AIC sector | Property - UK Commercial |
| ISIN | GB00BYQ46T41 |
| Launch date | 27 Feb 2017 |
| Share type | Ordinary Share |
| Structure | Investment Trust |
| Base currency | GBP |
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 company | LXI:LSE since announced | Transaction value |
|---|---|---|
| J Sainsbury Plc-Supermarket Stores(18) | -16.91% | 568.95m |
| Secure Income REIT PLC | -19.13% | 1.88bn |
| Marks & Spencer Group PLC | -23.64% | -- |
| Property Portfolio(2) | -17.27% | 97.84m |
| Tesco Home Bargains & Co-Op Foodstore Properties(3) | -16.18% | 35.21m |
Peer analysis
- Key Information
- Stock Performance
- Per Share Data
- Efficiency
- Management Effectiveness
- Profitability
- Financial Strength
- Growth Rates
| Company | Revenue (TTM) | Net income (TTM) | Market cap | Employees | Price/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 plc | 122.70m | -4.20m | 1.18bn | 426.00 | -- | 0.388 | 21.62 | 9.59 | -0.0007 | -0.0005 | 0.0265 | 0.607 | 0.0244 | -- | 1.27 | 288,028.20 | -0.0834 | -6.83 | -0.0882 | -7.09 | 80.85 | 78.99 | -3.42 | -306.85 | -- | 2.18 | 0.3993 | -- | -9.83 | -11.71 | 76.43 | -- | -15.86 | -50.82 |
| Great Portland Estates PLC | 85.50m | 18.40m | 1.27bn | 131.00 | 68.92 | 0.6327 | 62.90 | 14.86 | 0.0726 | 0.0726 | 0.338 | 7.91 | 0.0324 | -- | 9.72 | 652,671.80 | 0.6961 | 0.9613 | 0.7087 | 1.02 | 64.21 | 47.42 | 21.52 | 17.69 | -- | -- | 0.2528 | 95.93 | -4.86 | -7.13 | 182.81 | -- | -42.80 | 12.16 |
| Supermarket Income REIT PLC | 72.11m | 110.30m | 1.31bn | 0.00 | 9.01 | 0.9132 | -- | 18.18 | 0.1171 | 0.1171 | 0.0739 | 1.16 | 0.0464 | -- | 35.58 | -- | 7.09 | -- | 7.20 | -- | 86.96 | -- | 152.96 | -- | -- | -- | 0.1957 | -- | 50.41 | -- | 34.59 | -- | -- | -- |
| Savills plc | 2.25bn | 135.00m | 1.36bn | 40.09k | 10.37 | 1.92 | 6.26 | 0.602 | 0.9054 | 0.9054 | 15.17 | 4.89 | 1.15 | -- | 4.49 | 56,168.62 | 6.97 | 5.73 | 12.32 | 11.25 | -- | -- | 6.04 | 4.98 | -- | -- | 0.456 | 28.71 | 23.36 | 8.23 | 116.27 | 16.92 | 6.96 | -8.35 |
| Shaftesbury plc | 123.10m | 119.10m | 1.38bn | 47.00 | 11.60 | 0.5598 | 11.53 | 11.18 | 0.3087 | 0.3087 | 0.3201 | 6.40 | 0.0361 | -- | 6.28 | -- | 3.50 | -3.14 | 3.54 | -3.17 | 70.51 | 75.04 | 96.75 | -94.17 | -- | -- | 0.2795 | -- | 9.23 | 2.00 | 161.11 | -16.96 | -- | -- |
| Primary Health Properties PLC | 150.70m | 175.80m | 1.51bn | 2.00 | 9.80 | 0.9575 | -- | 9.99 | 0.115 | 0.115 | 0.1047 | 1.18 | 0.0527 | -- | 9.08 | 75,350,000.00 | 6.15 | 3.40 | 6.38 | 3.53 | 92.97 | 95.22 | 116.66 | 62.19 | -- | -- | 0.4565 | 81.59 | 4.75 | 16.64 | 25.09 | 26.24 | -- | -0.6058 |
| Assura PLC | 146.40m | 117.40m | 1.65bn | 79.00 | 13.80 | 0.9255 | -- | 11.27 | 0.0404 | 0.0404 | 0.0501 | 0.6024 | 0.049 | -- | 5.45 | 1,853,165.00 | 3.93 | 4.61 | 4.01 | 4.74 | 92.49 | 92.81 | 80.19 | 89.46 | -- | 23.15 | 0.4124 | 66.15 | 13.33 | 14.00 | 43.95 | 10.34 | -- | 3.07 |
| IWG PLC | 2.45bn | -171.60m | 1.68bn | 8.24k | -- | 7.19 | 1.82 | 0.6869 | -0.1703 | -0.1107 | 2.43 | 0.2322 | 0.2724 | 1,543.08 | 3.03 | 297,159.80 | -1.99 | -2.16 | -2.73 | -3.09 | 18.07 | 16.65 | -7.29 | -5.33 | 0.4473 | 0.4356 | 0.9618 | -- | -8.39 | -0.0493 | 59.07 | -- | -4.46 | -- |
| Londonmetric Property PLC | 141.40m | 237.00m | 1.78bn | 35.00 | 7.22 | 0.7838 | -- | 12.60 | 0.2511 | 0.2511 | 0.1459 | 2.31 | 0.043 | -- | 19.64 | 4,040,000.00 | 7.24 | 11.48 | 7.39 | 11.71 | 99.01 | 98.82 | 168.39 | 240.11 | -- | -- | 0.3422 | 27.11 | 9.00 | 11.99 | 185.46 | 63.43 | -- | 4.56 |
| Grainger PLC | 286.90m | 229.40m | 1.81bn | 322.00 | 7.91 | 0.9206 | 7.86 | 6.31 | 0.3087 | 0.3087 | 0.3861 | 2.65 | 0.0838 | 0.2366 | 12.34 | -- | 6.70 | 4.65 | 6.97 | 4.86 | 56.74 | 58.63 | 79.96 | 49.00 | 1.36 | -- | 0.4084 | 28.01 | 11.37 | 1.06 | 109.50 | 25.56 | 19.60 | 6.29 |
| LXi REIT PLC | 108.60m | 58.50m | 1.97bn | 0.00 | 12.46 | 0.8054 | -- | 18.16 | 0.0923 | 0.0923 | 0.1059 | 1.43 | 0.0391 | -- | 11.37 | -- | 2.10 | -- | 2.50 | -- | -- | -- | 53.87 | -- | -- | 7.14 | 0.3816 | -- | 36.68 | -- | 306.02 | -- | -- | -- |
| Derwent London Plc | 242.10m | 267.40m | 2.65bn | 140.00 | 9.92 | 0.5865 | 9.83 | 10.95 | 2.38 | 2.38 | 2.15 | 40.24 | 0.0417 | -- | 6.64 | 1,729,286.00 | 4.62 | 3.64 | 4.76 | 3.77 | 78.03 | 77.27 | 110.95 | 83.99 | -- | -- | 0.2357 | 45.07 | -10.57 | 4.40 | 425.13 | 33.86 | -18.68 | 8.52 |
| Tritax Big Box REIT PLC | 198.70m | 1.05bn | 2.75bn | 0.00 | 2.51 | 0.6162 | 2.61 | 13.86 | 0.5868 | 0.5868 | 0.1108 | 2.39 | 0.036 | -- | 13.16 | -- | 19.11 | 11.54 | 19.61 | 11.83 | -- | -- | 530.30 | 282.25 | -- | -- | 0.2452 | 23.03 | 14.30 | 19.87 | 116.42 | 60.30 | -- | 0.7674 |
| Holder | Shares | % Held |
|---|---|---|
| Artemis Investment Management LLPas of 22 Jul 2022 | 137.59m | 8.03% |
| The Vanguard Group, Inc.as of 31 Oct 2022 | 49.75m | 2.90% |
| Quilter Cheviot Ltd.as of 07 Jul 2022 | 47.82m | 2.79% |
| Thames River Capital LLPas of 30 Sep 2022 | 36.18m | 2.11% |
| Cohen & Steers Capital Management, Inc.as of 01 Jul 2022 | 35.80m | 2.09% |
| Threadneedle Asset Management Ltd.as of 30 Jun 2022 | 34.45m | 2.01% |
| Brooks Macdonald Asset Management Ltd.as of 05 Jul 2022 | 29.42m | 1.72% |
| Schroder & Co. Ltd.as of 06 Jul 2022 | 27.90m | 1.63% |
| BlackRock Investment Management (UK) Ltd.as of 31 Oct 2022 | 27.52m | 1.61% |
| BlackRock Fund Advisorsas of 03 Nov 2022 | 25.32m | 1.48% |
