Londonmetric Property (LMP) H2 2025 earnings summary

Executive summary

• Achieved 21% EPS growth and 18% dividend progression, driven by reliable, growing income streams and sector alignment in logistics, convenience, groceries, healthcare, and entertainment.

• Built a leading portfolio valued at £6.2 billion, with FTSE 100 status and a market capitalisation of £4.0 billion.

• Successfully integrated major acquisitions, notably LXi, capturing cost synergies and sector-leading cost efficiency.

• Completed £685 million of investment activity across 104 assets, generating £15 million new income and 4.2% like-for-like income growth.

• Achieved BBB+ credit rating and 100% hedged debt profile, enhancing capital market flexibility.

Financial highlights

• Net rental income rose 123% year-over-year to £390.6 million, reflecting the full-year benefit of LXi acquisition.

• EPRA earnings increased 120% to £268 million; EPRA EPS up 20.7% to 13.1p.

• Dividend per share up 17.6% to 12.0p; dividend cover at 109%.

• Portfolio value grew 2.5% to £6.2 billion; EPRA NTA per share up 3.9% to 199.2p.

• IFRS profits of £348 million, up from £119 million last year; total accounting return of 9.7%.

Outlook and guidance

• Focus remains on full occupancy, longevity, and certainty of income growth, with logistics as the conviction sector (>50% exposure).

• Confident in continued earnings and dividend growth, supported by embedded rental uplifts and sector tailwinds.

• Expecting further opportunities from market consolidation, M&A, and structural shifts in real estate ownership.

• Strategy prioritizes selling non-core assets, owning mission-critical properties, and compounding income for dividend growth.