- Real estate investment company LXi REIT reported that annual profit more than doubled as a 5% rise in the value of its portfolio and higher rental income boosted net assets.

For the year ended 31 March 2020, pre-tax profit jumped to £73.6m from £34.1m on-year as net rental income climbed to £38.5m from £21.6m on-year.

Net asset value (NAV) return for the year was 13.4%, up from 12.1%, and ahead of the company's medium-term annual target of at least 8%.

EPRA NAV per share increased in the year by 9.7p to 124.3p.

As at 31 March 2020, the portfolio was independently valued at £914.0m reflecting a valuation yield of 5.0%, the company said.

The company proposed a final quarterly dividend for the year of 1.4375p, taking the dividend for the year to 5.75, up from 5.50p a year earlier.

The company confirmed that it expected to approve the payment of its first quarterly dividend for the financial year ending 31 March 2021 at the rate of 1.30p per share.

'We will continue to monitor the improving visibility on future rent collection as the UK moves out of lockdown and will keep dividend guidance under careful review on a quarterly basis,' it added.

At 8:17am: [LON:LXI] Lxi Reit PLC share price was +3p at 98p

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