The board of long income specialist LXi REIT has announced that Freddie Brooks has decided to step down as chief financial officer of the company’s investment advisor, LXi REIT Advisors, and will resign as a statutory director of the company’s subsidiaries, to pursue other opportunities.
Whilst this will become effective on September 3, Brooks will continue to work as a consultant to the investment advisor for the remainder of the calendar year in order to help ensure a smooth transition and orderly handover.
During this period, Brooks will advise the investment advisor in respect of the company’s finance and reporting functions and on identifying an appropriate long-term replacement. The investment advisor has commenced a formal search process for his successor and the board will make an announcement in due course.
During Brooks' time at LXi REIT Advisors, the company's portfolio has grown tenfold from £0.3 bn (€0.35 bn) to £3.4 bn, the group has successfully concluded multiple equity capital raises, debt issuances and a £773 mln refinancing in April 2023, while the company’s annual dividend has grown at a compounded rate of 5% per annum.
In July 2022, LXi REIT completed the largest ever consensual merger in the UK REIT sector, with Secure Income REIT, to create a significant long-income REIT with a substantial portfolio.
Cyrus Ardalan, chairman of LXi REIT, said: 'On behalf of the board, I would like to express my thanks to Freddie for his invaluable contribution to the growth and success of the company.
'Freddie leaves the investment advisor with the company’s portfolio well positioned to provide further value to shareholders through defensive, inflation-protected income returns with the potential for capital growth. He will depart with our very best wishes.'
