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LXi REIT PLC on Tuesday reported a rise in net asset value total return and a significant profit jump in the most recent financial year.
LXi REIT is a London-based real estate investment trust focused on UK commercial property.
For the financial year that ended on March 31, the firm saw a total net asset value return of 18%, compared to 5.6% a year ago. It said that since its initial public offering in February 2017 the company has delivered an annualised total net asset value return of 11%, well ahead of its 8% medium-term target.
IFRS net value asset per share at March 31 increased by 14% to 142.7 pence from 125.7p the same date a year prior. Total net assets grew by 67% to £1.3 billion from £781.4 million. LXi REIT noted that it raised £354 million in equity in the recent financial year.
Pretax profit more than quadrupled to £161.3 million from £39.9 million a year ago. Rental income rose 37% to £58.5 million from £42.8 million.
Chair Cyrus Ardalan said: ‘This has been another transformational year for the group, delivering increased scale and diversification, as well as a strong financial performance with an 18% total NAV return.’
LXi proposed a dividend of 6.00 pence per share, up 8.1% compared to 5.55p a year ago. It's now targeting a dividend of 6.3 pence per share for the next financial year.
Looking ahead, LXi says inflation outlook remains positive for the company to produce positive returns.
LXi REIT shares were down 0.6% at 144.58 pence each on Tuesday morning in London.
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