LondonMetric Property PLC

Latest Results (20.11.2025):

LondonMetric Property PLC — Q2 2026 (H1 2026) summary: The group reports a stronger first half driven by £1.2bn+ of accretive M&A (notably the ULR takeover), with net rental income up 14.6% to £221.2m and EPRA earnings up 9.7% to £148.6m (EPRA EPS 6.7p). Dividend up 7.0% to 6.1p (Q2 dividend 3.05p); portfolio value increased to £7.4bn and balance sheet metrics show LTV 35.1%, debt maturity 4.2 years and cost of debt 4.1%.

Income & earnings

Net rental income +14.6% to £221.2m (includes three months’ contribution from ULR). EPRA earnings +9.7% to £148.6m and EPRA EPS +1.5% to 6.7p (+28% over two years). IFRS reported profit £130.3m (H1 2025: £163.8m).

Dividend

Dividend increased 7.0% to 6.1p for the period, with 111% cover by earnings; Q2 dividend declared today of 3.05p.

Portfolio growth & M&A

Portfolio value £7.4bn (2025: £6.2bn). Acquisitions in period £1,298.9m (91% urban logistics) including ULR assets; further £55.4m acquired post period. Disposals £185.3m in period, £26.3m post period.

Operational performance & valuation

Total property return 3.3% (50bps ahead of MSCI); yields flat, ERV growth 0.9%. Like‑for‑like annualised income growth 5.2% (6 months +2.6%), generating a valuation uplift of £29.1m. EPRA NTA per share up 0.2% to 199.5p.

Leases, occupancy & income momentum

WAULT 16.4 years, occupancy 98.1%, gross‑to‑net income ratio 98.5%. Contractual rental uplifts on 67% of income (down from 77%). Asset management added £10m pa of net contracted income; rent reviews +18% on a five‑yearly equivalent basis and logistics market reviews +27% (c.5% CAGR). Embedded income uplift of £28m expected over next 18 months (16% embedded reversion on logistics).

Balance sheet & financing

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, supporting greater debt optionality and liquidity in shares.

Asset quality & sustainability

Portfolio weighting to logistics increased from 46% to 54%. Top ten occupiers now 33% of rent (down from 38%). 91% of portfolio EPC A‑C rated and 2.5MWp of solar PV added.