Londonmetric Property (LMP) H1 2026 earnings summary

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.