Londonmetric Property PLC
LSE:LMP

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Londonmetric Property PLC
LSE:LMP
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Price: 181 GBX
Market Cap: 4.2B GBX

Londonmetric Property PLC
Investor Relations

LondonMetric Property PLC is a notable player in the UK's real estate investment trust (REIT) arena, with its fingers deftly on the pulse of the ever-evolving property market. Established with a strategic focus, LondonMetric navigates the captivating realm of logistics and long-income properties, where it has carved out its niche. The company has demonstrated an astute understanding of shifting retail dynamics, pivoting away from the traditional high street exposure to capitalize on the burgeoning demand for distribution and e-commerce facilities. By doing so, LondonMetric has positioned itself as a purveyor of warehouse and logistics spaces, serving vital supply chains for major retailers, a shrewd oversite given the explosive growth of online shopping.

Their revenue model is intricately tied to long-term leases and stable rent roll, which, in turn, supports a steady flow of income. LondonMetric's robust portfolio boasts assets that offer a blend of stable and secure cash flows. By engaging in value-enhancing activities, such as development and asset management, the company effectively boosts the value of its holdings while maximizing shareholder returns. Their proficiency in securing long leases with high-quality tenants means a consistent revenue stream, further underlined by their strategic investments in the burgeoning logistics sector. This approach mirrors a larger narrative of structural change in the real estate market, one that LondonMetric has responded to with both foresight and precision, ensuring its role as a key stakeholder in the future of UK property development and investment.

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LMP
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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Nov 20, 2025
AI Summary
Q2 2026

Income Growth: Net rental income rose by 15%, supported by recent acquisitions and strong rent reviews, driving ongoing dividend progression.

Dividend Increase: The half-year dividend was raised to 6.1p, up 7% year-on-year, with management highlighting 111% cash cover and expectations for further growth.

M&A Activity: Major acquisitions, including Urban Logistics and Highcroft, added significant scale and rental income, with the portfolio now valued at GBP 7.4 billion.

Portfolio Focus: Logistics exposure increased to 54%, delivering the strongest rental growth, with ongoing asset recycling to strengthen sector positioning.

Cost Efficiency: Sector-leading EPRA cost ratio improved to 7.7%, reflecting continued operational discipline and synergy capture.

Debt Management: Average cost of debt rose slightly to 4.1%, but management expects finance costs to remain flat due to refinancing and bond plans.

Positive Outlook: Management expects further income and dividend growth, supported by structural sector trends and ongoing asset management.

Key Financials
Net Rental Income
GBP 221.2 million
EPRA Earnings
GBP 148.6 million
Earnings Per Share
6.7p
Dividend
6.1p (half year)
Portfolio Value
GBP 7.4 billion
Total Property Return
3.3%
Total Accounting Return
4.1%
EPRA Cost Ratio
7.7%
Gross Debt
GBP 2.8 billion
Loan to Value (LTV)
35.1%
Average Cost of Debt
4.1%
Rent Collection
99.5%
Occupancy Rate
98.1%
Contracted Rent Roll
GBP 421.1 million
EPRA Net Tangible Assets
GBP 4.67 billion or 199.5p per share
Net Debt to EBITDA
6.9x
Dividend Cover
111%
Earnings Call Recording
Other Earnings Calls
2026

Management

Mr. Andrew Marc Jones B.Sc, B.Sc., BSc (Hons), MRICS
CEO & Executive Director
No Bio Available
Mr. Martin Francis McGann ACA, B.Sc (Hons)
Finance Director & Executive Director
No Bio Available
Mr. Darren Richards
Chief Investment Officer
No Bio Available
Mr. Gareth Price
Head of Investor Relations & Sustainability
No Bio Available
Ms. Jackie E. Jessop
Head of Finance
No Bio Available
Mr. Mark Andrew Stirling
Asset Director
No Bio Available
Mr. William Evers
Joint Head of Investment
No Bio Available
Ms. Jadzia Zofia Duzniak
Company Secretary
No Bio Available
Mr. Valentine Tristram Beresford
Investment Director
No Bio Available
Mr. Andrew Smith
Strategy Director
No Bio Available

Contacts

Address
London
1 Curzon Street
Contacts
+442074849000.0
londonmetric.com