LXI REIT PLC raises dividend after robust rent collections

LXI REIT PLC () has raised its dividend for the March 2021 quarter after rental collections from its property portfolio totalled 96%.

The trust said that once deferrals agreed with tenants are paid, collections for this quarter will rise to 98%.

As a result of this ‘robust’ level of collections, LXI said the dividend for the March quarter will be 1.46p and be fully covered by net rental income for the quarter.

This is a higher level than the pre-coronavirus quarterly dividend rate, the FTSE 250 trust added.

LXI, which has been shifting its portfolio more towards food stores recently, has been reviewing its dividend on a quarterly basis during the pandemic.

For the quarter ending December 2020, LXI has guided for a dividend of 1.44p.