LXi REIT’s rent roll has risen to a record £202m, with 100% of the portfolio let.
Between now and 30 September this year, a further 52% of the rent is scheduled to go through a contractual rent review. The review of 94 leases, LXi said, “should provide a more significant increase in the total rent roll”.
Since October last year, LXi has carried out 54 rent reviews, representing 6% of the rent roll, at an average uplift of 3.5% per annum and adding £1.43m to the total rent.
Chair Cyrus Ardalan said: “Despite the challenging wider macroeconomic backdrop, LXi REIT continues to deliver excellent operational results that help to underpin our growing income.”
He added that the REIT was committed to its “3R priorities for 2023” – refinancing, recycling capital and regearing leases to extend WAULT. “We have made strong progress in these areas, with a material and comprehensive refinancing at an advanced stage and the completion of the Travelodge regear in this quarter.”
LXi extended the leases and agreed rent-smoothing of 122 Travelodge hotels in December.
LXi has declared a 1.575p per share dividend, in line with its annual target of 6.3p.
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