LXi REIT has reported an 8.5% jump in net asset value (NAV) in full year results.
The company, which owns a portfolio of inflation-protected very long income assets, saw NAV per share rise to 124.3p at the end of March 2020, compared to 114.6p last year.
The jump is mainly attributable to acquisitions over the year with its portfolio now valued at £914.0m compared to £589.5m at the same point in 2019. Its portfolio on a like-for-like basis increased in value by 1%.
NAV total return for the year was 13.4%, up from 12.1% a year previously. Meanwhile, adjusted earnings per share for the year was 6.3p, covering a dividend for the year of 5.75p.
Covid-19 update
The company’s first quarterly dividend for the financial year ending 31 March 2021 is expected to be approved at the rate of 1.30p per share. It said this was “an appropriate level for the period which it expects to be covered by the rents collected for the quarter ending 30 June 2020”.
Only 6.8% of the group’s rent is still outstanding for the current quarter, broken down into 3.6% with payment terms now agreed and 3.2% still outstanding.
The company said it would continue to monitor its future rent collection as the UK moves out of lockdown and keep its dividend guidance under review on a quarterly basis.
LXI : LXi REIT reports 8.5% jump in NAV