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Londonmetric Property (LMP) investor relations material

Londonmetric Property H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary20 Nov, 2025

Executive summary

  • Net rental income increased by 15% year-over-year to £221.2m, supporting a 7% dividend increase and sector-leading cost efficiency.

  • Portfolio value rose 20% to £7.4bn, with logistics now comprising 54% of the portfolio and occupancy at 98.1%.

  • Active asset management and M&A activity, including the acquisitions of Highcroft and Urban Logistics, added £1.2bn in value and significant new rental income.

  • Four public takeovers in two years added £4.4bn in assets and £267m in rental income.

  • WAULT extended to 16.4 years, with gross to net income ratio at 98.5%.

Financial highlights

  • EPRA earnings reached £148.6m, up 9.7% year-over-year, with EPRA EPS at 6.7p.

  • Dividend per share increased 7% to 6.1p, fully cash covered with 111% dividend cover.

  • Total accounting return was 4.1%, or 3.3% including M&A costs.

  • Portfolio revaluation uplifted by £29.1m; IFRS profits at £130.3m, down from £163.8m due to acquisition-related costs.

  • EPRA NTA per share at 199.5p; net assets rose to £4.7bn.

Outlook and guidance

  • Expectation of further income, earnings, and dividend growth, supported by resilient UK consumer trends and low unemployment.

  • Rental growth in logistics and other core sectors anticipated to remain strong, with additional upside from asset management and lease renewals.

  • Additional £28m of rental uplift anticipated over the next 18 months.

  • Macro uncertainty persists, but interest rate cuts and lower inflation are expected to boost market confidence.

  • Focus remains on disciplined capital allocation, sector consolidation, and maintaining a progressive dividend.

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Frequently asked questions

LondonMetric Property PLC is a UK-based Real Estate Investment Trust (REIT) that specializes in owning and managing commercial properties. The company focuses on key sectors such as logistics, grocery-led long income, healthcare, entertainment, and leisure. The company is headquartered in London and is listed on the London Stock Exchange.

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