Londonmetric Property (LMP) H1 2026 TU earnings summary

Income and dividends

• Six-month net rental income rose more than 8% to ~£240m, supported by the ULR acquisition, high occupancy and strong rent reviews and leasing.

• Average rent review uplift was 17%; annualised like-for-like income growth reached 5.8% (2.9% in the six months).

• Rent collection was 99.3%, occupancy 97.4% and WAULT over 16 years; top three occupiers represented 20% of rent, down from 22% at the start of the year.

• On track to meet FY27 analysts’ EPRA EPS consensus of 13.9p; Q1 dividend rose 3.3% to 3.15p, with the same Q2 dividend expected and FY27 DPS consensus at 12.8p.

Investment activity

• Portfolio valuations were flat despite a ~50 bps rise in the five-year swap rate over the period, supported by income growth and sector alignment.

• Sold £185m across 36 assets at 31 March 2026 book values and a blended NIY of 6.6%; cumulative sales of former LXi and ULR assets reached £563m.

• Acquisitions totalled £424m, including £307m of Picton assets, 83% logistics warehouses; £117m of direct property was acquired at a 6.5% NIY and 19-year WAULT.

• Direct acquisitions included a £31m Waitrose/John Lewis store in Horsham, let for 15 years with contractual rental uplifts; further acquisitions under offer include Lidl, M&S, Tesco and Waitrose foodstore developments.

Asset management

• 179 asset management initiatives added £11.8m p.a. of rent, including £7.9m p.a. from rent reviews at a 17% average uplift and £3.9m p.a. from lettings and regears.

• Logistics rent reviews added £3.2m p.a. at a 24% uplift (4.4% CAGR); logistics regears delivered a 23% uplift.

• Annual net contracted rent rose to £452m from £432m at the start of the period; lettings under offer, predominantly on vacant space, could add ~£6m p.a.