Having suffered an almost-inevitable share price slump during the pandemic, long-income specialist LXi REIT has been given something of a caffeine boost during recent months – fitting given the investor’s new-found focus on drive-through coffee outlets. An equity issuance in March – its fourth since a 2017 initial public offering – was a roaring success, raising the company £125m compared to a target of £75m and bringing a raft of new investors onto its share register. Its share price is now close to its post-IPO high from late 2019.
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As we close the first quarter, we remind ourselves of the extraordinary performance of equity markets from the bear market lows of last year.