LondonMetric Property PLC

Latest Results (04.04.2026):

LondonMetric Property PLC — Q2 / H1 2026 results: the group reports strong income-led growth after completing significant M&A, with net rental income up 14.6% to £221.2m and EPRA earnings up 9.7% to £148.6m. The board increased the dividend 7.0% to 6.1p (Q2 dividend 3.05p). Portfolio value rose to £7.4bn, with logistics now 54% of exposure; balance sheet metrics remain conservative (LTV 35.1%, cost of debt 4.1%). IFRS profit was £130.3m (H1 2025: £163.8m).

Earnings & dividend

EPRA earnings: £148.6m (+9.7%); EPRA EPS +1.5% to 6.7p (up 28% over two years). Dividend increased 7.0% to 6.1p, 111% covered by earnings; Q2 dividend declared 3.05p.

Rental income & growth

Net rental income £221.2m (+14.6%), including three months’ contribution from the Urban Logistics REIT takeover. Like‑for‑like annualised income growth 5.2% (6 months: +2.6%); contractual uplifts on 67% of income; rent reviews showing strong logistics uplifts (five‑year equivalent +27%).

Portfolio & M&A

Portfolio value £7.4bn (2025: £6.2bn). £1.2989bn acquired in the period (91% urban logistics), including ULR assets; further £55.4m acquired post period. Disposals £185.3m in period.

Valuation & total return

Total property return 3.3% (50bps ahead of MSCI); ERV growth 0.9%. Valuation uplift generated £29.1m; EPRA NTA per share 199.5p (+0.2%). Total accounting return +4.1% (+3.3% including M&A costs).

Balance sheet & funding

LTV 35.1%, weighted debt maturity 4.2 years, cost of debt 4.1%. £730m of new unsecured facilities signed and £724m of secured facilities repaid year to date, improving debt optionality and liquidity.

Operational metrics & ESG

WAULT 16.4 years, occupancy 98.1%, gross‑to‑net income ratio 98.5%. Top ten occupiers now 33% of rent. 91% of portfolio EPC A–C rated and 2.5MWp of solar PV added. Management expects c.£28m of income uplift over next 18 months (16% embedded reversion on logistics).