Londonmetric Property (LMP) H2 2026 earnings summary

Executive summary

• Portfolio value increased 23% year-over-year to £7.6bn, driven by acquisitions and growth in logistics, leisure, convenience, and healthcare sectors.

• Net rental income rose 17% to £455m, with high occupancy at 98% and embedded rent growth.

• Dividend per share increased 3.8% to 12.45p, marking 11 consecutive years of growth.

• EPRA earnings rose 14% to £305.3m, supported by record net rental income.

• Disciplined capital allocation and sector-leading EPRA cost ratio of 7.7%.

Financial highlights

• Net rental income reached £455.3m, up 16.6% year-over-year.

• EPRA earnings per share increased to £0.1345, up 2.4% year-over-year.

• IFRS profits were £295.7m after exceptional costs of £42.8m.

• Portfolio value rose to £7.6bn, including £1.23bn from acquisitions.

• Total property return was 7.1%; total accounting return 6.9% (7.7% excluding non-recurring items).

Outlook and guidance

• Expect to add £38.3m of short-term reversion by 2028 and £11m from letting vacant assets, targeting rent roll above £480m.

• Announced intention to increase Q1 2027 dividend by 3–3.3% over Q1 2026.

• Confident in continued dividend growth, supported by strong earnings visibility and resilient, structurally supported sectors.