Londonmetric Property (LMP) H1 2025 earnings summary

Executive summary

• Achieved transformational growth and strong financial performance through LXI and CTPT acquisitions, with 155% EPRA earnings growth to £135.4m and 154% net rental income increase to £193.1m, cementing position as UK's leading triple-net income REIT.

• Delivered significant cost synergies, earnings progression, and material dividend growth, with dividend per share up 18.8% to 5.7p, fully covered by earnings.

• Portfolio reshaped for long-term performance, focusing on high-quality, mission-critical assets in logistics (now 45% of portfolio), convenience retail, healthcare, and selective entertainment/hospitality.

• FTSE 100 status achieved, providing enhanced access to capital and external growth opportunities.

• Balance sheet strength with over £660m firepower and 100% debt hedged.

Financial highlights

• Net rental income rose 154% to £193.1m, driven by LXI and CTPT acquisitions.

• EPRA earnings increased 155% to £135.4m; EPRA EPS up 26.5% to 6.64p.

• Dividend per share up 18.8% to 5.7p, with 117% cover.

• Portfolio value increased to £6.2bn, up 1.1%, with a £41m revaluation uplift.

• IFRS profit of £163.8m, up from £81m last year.

Outlook and guidance

• On track for a tenth consecutive year of dividend progression, targeting a full year dividend of 12p per share.

• Rent roll forecast to exceed £364m by March 2026, supported by £26m short-term reversion.

• Continued focus on growing logistics exposure and recycling capital from non-core disposals into higher growth sectors.

• Macro environment remains challenging but resilient UK consumer and sector tailwinds support confidence.