Real estate investment company LXI REIT Independent expert Knight Frank said on Monday valued the group’s property portfolio at Â£ 1.22 billion.
LXI said the new valuation, effective September 30, represented a 4.9% like-for-like increase over the six months since March 31 and a total increase of 29.7% over the period, including acquisitions and assignments.
The FTSE 250 listed company said based on the updated property valuation it now plans to report a net asset value per share of around 133.5p, reflecting growth of around 6.2% over period, while including dividends paid during the semester. , LXI expects to generate a return on total net asset value of approximately 8.6% for the six-month period, exceeding its target of annual total return on minimum net asset value of 8%.
LXI added that it had achieved an “attractive” average rental growth level of 2.9% per annum on assets that were reviewed during the half-year from April 1 and also noted that it had received 100 % of rents due for the fourth quarter.
Looking ahead, LXI said it has established a âsubstantial and robustâ long-term income portfolio in âresilient sectors and tenantsâ, with virtually all rental income linked to inflation or containing fixed increases.
âAs such, the company expects to take advantage of the current inflationary environment and continue to generate attractive income and returns on capital for its shareholders,â LXI said.
As of 8:15 am BST, LXI shares were up 0.42% to 141.80p.