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LXi REIT swings to H1 loss on lower portfolio value
StockMarketWire.com
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Long income real estate investment trust LXi REIT swung to a first-half loss as higher rental income was offset by a pandemic-fueled fall in the value of its property portfolio.
For the six-month period from 1 April 2020 to 30 September 2020, the company reported a pre-tax loss of £4 million year-on-year, compared with a profit of £33.8m a year earlier. Rental income rose to £20.3m from £16.7m.
The portfolio was independently valued at £892.7m as at 30 September 2020, down from £914.0m seen on 31 March 2020.
Net asset value return fell 0.6%, and the average annual NAV return of 9.9% per year, was down from 11.7% per year.
The company proposed a dividend of 2.65p, down from 2.875p a year earlier.
Having collected 97% of the rents due, in early October, the company said it was currently targeting a dividend of 1.44p per share for the quarter ending 31 December 2020.
'There is now greater optimism that there will be a workable vaccine by the end of 2020, that will have a significant benefit to the economy, and in particular the leisure and hospitality sectors. However, it is clear that with the impact of the crisis the UK will continue to suffer from challenging economic conditions in 2021,' the company said.
At 8:26am: (LON:LXI) Lxi Reit PLC share price was 0p at 122.6p
Story provided by StockMarketWire.com
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