Londonmetric Property (LMP) H2 2026 TU earnings summary

Executive summary

• Achieved strong rental income growth and dividend progression, supported by successful integration of acquired portfolios and active asset management.

• Portfolio occupancy remained high at 98% with average lease lengths of 17 years, reflecting robust tenant demand.

• Continued to improve portfolio quality through targeted disposals and acquisitions, focusing on structurally supported sectors.

Financial highlights

• Net rental income increased by approximately 16% year-over-year to over £450 million.

• Like-for-like income growth reached 4.2% year-over-year.

• Rent reviews delivered an average uplift of 19%, with logistics open market reviews achieving 38%.

• EPRA cost ratio fell to 7.7%, with expectations for further reduction.

• Full year dividend per share expected to rise 4% to 12.45 pence, marking eleven consecutive years of growth.

Outlook and guidance

• Confident in managing finance costs to prevent material increases in the coming years.

• Expect continued sustainable income growth and further dividend progression.