LondonMetric Property PLC
LMP
ISIN GB00B4WFW713 / Valor 11617702
LondonMetric Property PLC
UMushroom community rating:
About company
LondonMetric Property PLC is a FTSE 100-listed real estate investment trust (REIT) based in the United Kingdom, specializing in triple net lease properties. With a portfolio valued at approximately £6 billion, the company focuses on sectors resilient to economic fluctuations, including logistics, healthcare, convenience, entertainment, and leisure. In recent years, LondonMetric has strategically transitioned from traditional retail parks, offices, and residential properties to concentrate on distribution centers and other triple net leased assets, enhancing the stability and predictability of its income streams. This strategic shift aligns with evolving market demands and helps position the company within structurally supported segments of the real estate market.
Summarized from source with an LLMView SourceSector: FinanceLatest Results (16.05.2026):
LondonMetric Property PLC — Q2 2026 (H1 2026 results): The group reports strong income-led growth driven by acquisition activity and sector focus, with net rental income up 14.6% and EPRA earnings rising 9.7%. Portfolio scale and urban logistics weighting have increased, supporting dividend growth and improved debt optionality while underlying valuation and accounting profits show modest movement versus the prior period.
Earnings and rental income
Net rental income: +14.6% to £221.2m (including three months' contribution from the ULR takeover). EPRA earnings: +9.7% to £148.6m; EPRA EPS 6.7p (+1.5% QoQ on a per‑share basis, +28% over two years). IFRS reported profit: £130.3m (H1 2025: £163.8m).
Dividend and cover
Dividend up 7.0% to 6.1p (Q2 dividend declared 3.05p). Earnings cover strong at 111%.
Portfolio scale and M&A
Portfolio value £7.4bn (2025: £6.2bn) after £1.299bn acquired in the period (91% urban logistics); a further £55.4m acquired post period. Completed an additional c.£1.2bn of accretive M&A in the half.
Occupancy, lease length and income quality
Occupancy 98.1%; WAULT 16.4 years; gross‑to‑net income ratio 98.5%. Contractual rental uplifts on 67% of income (down from 77%); top ten occupiers now 33% of rent (down from 38%). Asset management added £10m pa of net contracted income.
Valuation and returns
Total property return 3.3% (50bps ahead of MSCI); total accounting return +4.1% (+3.3% including M&A costs). Like‑for‑like annualised income growth 5.2% (6m: +2.6%) produced a valuation uplift of £29.1m. EPRA NTA per share 199.5p (+0.2%).
Rent reviews and embedded upside
Rent reviews +18% on a five‑year equivalent basis; logistics market reviews +27% (c.5% CAGR). Expected income uplift over next 18 months ~£28m; 16% embedded reversion in logistics.
Balance sheet and funding
LTV 35.1%; average debt maturity 4.2 years; cost of debt 4.1%. Signed £730m of new unsecured facilities and repaid c.£724m of secured facilities year to date, increasing debt optionality and liquidity.
ESG and asset quality
91% of portfolio EPC A–C rated; 2.5MWp of solar PV installed to date.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
5959 M
Market cap (USD)
6,259,631
Daily traded volume (Shares)
1.789 / 1.775
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
Dividend (USD)
Dividend yield (p.a.)
Est dividend (USD)
Est dividend yield
P/E ratio
Est P/E ratio
EPS (USD)
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Ratings & reviews
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