Londonmetric Property (LMP) H1 2025 earnings summary

Executive summary

• Achieved strong financial performance with 155% growth in EPRA earnings to £135.4m and 154% increase in net rental income to £193.1m, driven by transformational M&A, including LXi and CTPT integrations, and portfolio alignment to logistics, convenience, healthcare, and entertainment sectors.

• Dividend per share increased 18.8% to 5.7p, fully covered by earnings, with a tenth consecutive year of dividend progression targeted.

• Portfolio value rose to £6.2bn, with logistics now 45% of the portfolio and targeted to reach 50% by year end.

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

• Portfolio reshaped for long-term performance, focusing on high-growth sectors and supported by strong balance sheet and cost efficiencies.

Financial highlights

• Net rental income: £193.1m (+154% YoY); EPRA earnings: £135.4m (+155% YoY); IFRS reported profit: £163.8m (+102% YoY).

• EPRA earnings per share: 6.64p (+26.5% YoY); IFRS EPS: 8.0p.

• Dividend per share up 18.8% to 5.7p; dividend cover at 117% with 100% cash cover.

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

• EPRA cost ratio at 7.6%, sector-leading, with further non-recurring cost savings expected.

Outlook and guidance

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

• 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 sectoral tailwinds support confidence.

• Management expects further income growth from embedded reversion and contractual uplifts.

• FY25 dividend target set at 12.0p per share, up 18% year-over-year.