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LXI REIT reports rise in portfolio value

LXI REIT has reported a 1.7% rise in the value of its long-income property portfolio in the quarter to the end of December 2020.

The group said its portfolio had been independently valued at £907.25m. It said the increase was mainly down to its large exposure to the industrial and foodstore sectors, which are benefitting from attractive supply and demand fundamentals and a strong investment market.

The portfolio now comprises 125 properties, let to more than 50 tenants, with a weighted average unexpired lease term (WAULT) of 21 years.

A sector breakdown of its portfolio is: industrial 21%, budget hotels 21%, foodstores (20%), healthcare (13%), car parks (8%), and drive-thru coffee (4%).

During the quarter, the group sold its BCA facility in Corby for £68m and reinvested £61m of the proceeds across 13 assets let to grocery tenants including Aldi, Lidl, Waitrose and Co-op.

Impact on NAV

The impact of the increase in its property portfolio valuation and the investments is a 2% rise in its estimated IFRS net asset value (NAV) to 123.2p per share.

LXI : LXI REIT reports rise in portfolio value

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