21st May 2018 11:13
LONDON (Alliance News) - LXi REIT PLC said Monday that its net asset value per share grew 9.9% since its initial public offering, as its total return outperformed previous targets.
As of the end of March, the company's European public real estate association net asset value per share was 107.67 pence, up 9.9% from its NAV at the time of its IPO of 90.00p per share.
The company, which invests in UK commercial property assets, said it outperformed its IPO target total return of 8%, achieving a total return of 12%.
LXi was incorporated in December 2016 and floated on the AIM market in London in February 2017.
The company's portfolio was independently valued by Knight Frank LLP at GBP278.9 million at the end of March, a 9.2% increase on GBP255.5 million at incorporation.
The company declared a final dividend of 2p per share for the financial year that just ended. LXi REIT lifted the target for its annual dividend per share to 4p.
Chairman Stephen Hubbard said: "The group's performance in its maiden annual period has been strong, meeting, and in many areas exceeding, our targets at the time of the company's initial public offering.
"The board believes that, with a backdrop of continuing economic and geopolitical uncertainty, the group's portfolio is resilient and increasingly attractive to investors seeking stable income and capital growth."
LXi shares were trading up 1.9% at 108.00p each.
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