LXi REIT plc (LON: LXI), the specialist inflation-protected very long income REIT, has announced that Patricia Dimond, Non-Executive Director of the Company, will step down from the Board with effect from today.
John Cartwright, Non-Executive Director of the Company, will take over as chair of the Audit Committee, effective immediately.
The Board will now comprise of six Non-Executive Directors of the Company: Cyrus Ardalan (Chairman), Hugh Seaborn (Senior Independent Director), John Cartwright, Ismat Levin, Nick Leslau and Sandy Gumm.
Cyrus Ardalan, Chairman of LXi REIT plc, commented:
“On behalf of the Board, I would like to thank Patricia for her invaluable insights and contribution to the growth of the Company, including the successful completion of our merger with Secure Income REIT. She leaves the business with our very best wishes for the future.”
LXI REIT plc invests in UK commercial property assets let, or pre-let, on long (typically 20 to 30 years to expiry or first break), inflation-linked leases to a wide range of strong tenant covenants across a diverse range of robust property sectors.
The Company may invest in fixed-price forward funded developments, provided they are pre-let to an acceptable tenant and full planning permission is in place. The Company will not undertake any direct development activity nor assume direct development risk.
The Company is targeting a dividend of 6.3 pence per ordinary share for the year which commenced on 1 April 2022*.
The Company, a real estate investment trust (“REIT“) incorporated in England and Wales, is listed on the premium listing segment of the Official List of the UK Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in February 2017.
The Company is a constituent of the FTSE 250, EPRA/NAREIT and MSCI indices.