LXi REIT (LXI): Strong accretive growth continuing

London, UK, 24 March 2022

LXi REIT (LXI): Strong accretive growth continuing

The strong returns evident in LXi REIT's (LXi's) interim results continued through Q322, well above the company's target of at least 8%, supported by swift and accretive capital deployment. In this note we review LXi's strategy and the prospects for continued growth based on inflation-indexed rent uplifts and accretive portfolio acquisitions, reflected in our updated forecasts.

Capital growth and targeted dividend growth has seen LXi's prospective dividend yield (FY23e) widen to an attractive 4.3% while its premium to (Q322) NAV has narrowed to c 6% from c 18% in September 2021. The outlook for further inflation protected DPS growth is strong, well covered by EPRA earnings and fully covered by cash earnings as acquisitions make their full impact.

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