Edison Investment Research Limited: LXi REIT (LXI): Initiation - Diversified, long income

London, UK, 20 April 2021

LXi REIT (LXI): Initiation - Diversified, long income

LXi REIT is a diversified, multi-sector investor in high-quality, often newly built, assets let on long, upwards only, index-linked leases. Visible growth in contracted income, substantially inflation protected, supports a progressive dividend policy. An ability to source attractively priced assets, including smaller lot size forward developments, and active capital recycling further supports returns.

We expect the FY22e DPS to be fully covered by cash earnings and well covered by EPRA earnings. It represents an attractive prospective yield of 4.6%, supporting the modest 7% premium to Q321 EPRA NTA, below the peer group average.

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