LXi REIT has recorded an uptick in earnings and a surge in portfolio value during the six months to 30 September.
EPRA NAV per share was 119.56p, an increase of 4.33% on its equivalent in March and up 5.8% on 113p last year. Total NAV return was 6.8%.
The company’s portfolio value was £838.5m, soaring from £318.8m in the same period last year. The figure includes capital commitments on forward-funded assets as well as deals that have exchanged but not yet completed.
After the half-year end, the firm posted 100% occupancy from 50 tenants. The portfolio’s weighted average unexpired lease term to first break is 22 years.
Its loan-to-value ratio stood at 20%, down from 29% during the same period in 2018.
The company is well known for buying properties in deals that other institutions, especially open-ended funds under pressure and seeking liquidity, have dropped.
Consequently, the lead-up to the General Election could herald plenty of buying opportunities.
Simon Lee, fund manager for the REIT, told EG: “No one knows what will happen on 12 December, but either way we expect to have some trade headwinds ahead of us, which is a great time for us to pick up prelet forward fundings.”
He added that the company had “no current plans” to raise capital again. It previously raised £200m in June, as well as £175m in 2018.
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