LondonMetric Property PLC

Latest Results (14.08.2024):

Net Rental Income

LondonMetric Property PLC reported a significant increase in net rental income for the full year ended 31 March 2024. The net rental income rose by 20.6% to £177.1 million, compared to £146.8 million in the previous year. This growth was driven by the company's strategic focus on structurally supported sectors and successful merger activities.

Reported Profit

For the year ended 31 March 2024, LondonMetric Property PLC achieved a reported profit of £118.7 million under IFRS, a substantial turnaround from the loss of £506.3 million reported in the previous year. This improvement reflects the company's enhanced portfolio quality and strong income performance.

Dividend Growth

LondonMetric Property PLC announced a 7.4% increase in its dividend per share, reaching 10.2p for the year ended 31 March 2024. The dividend was 107% covered by earnings, and the company declared a Q4 dividend of 3.0p. The outlook for FY 2025 includes a Q1 dividend of 2.85p, an 18.8% increase from Q1 FY24.

Portfolio Value

The portfolio value of LondonMetric Property PLC doubled to £6.0 billion as of 31 March 2024, up from £3.0 billion in the previous year. This increase was primarily due to the merger with LXi REIT plc and the acquisition of CT Property Trust Limited, which added £2.9 billion and £0.3 billion to the portfolio, respectively.

Occupancy and WAULT

LondonMetric Property PLC reported an occupancy rate of 99.4% and a weighted average unexpired lease term (WAULT) of 19.4 years as of 31 March 2024. These metrics highlight the company's strong and stable income characteristics, with a gross to net income ratio of 99.0% and significant contractual rental uplifts on 79% of its income.