LONDONMETRIC PROPERTY PLC
(“LondonMetric” or the “Group” or the “Company”)
FULL YEAR RESULTS FOR THE YEAR ENDED 31 MARCH 2026
Delivering reliable and growing income from the UK’s leading Triple Net Lease REIT
LondonMetric today announces its full year results for the year ended 31 March 2026.
| Income Statement | FY 2026 | FY 2025 |
| Net rental income (£m) | 455.3 | 390.6 |
| EPRA earnings1 (£m) | 305.3 | 268.0 |
| IFRS reported profit (£m) | 295.7 | 347.9 |
| EPRA earnings per share1 (p) | 13.5 | 13.1 |
| IFRS earnings per share (p) | 13.0 | 17.1 |
| Dividend per share (p) | 12.45 | 12.00 |
| Balance Sheet | FY 2026 | FY 2025 |
| EPRA net tangible assets1 (NTA) (£m) | 4,698.1 | 4,071.0 |
| EPRA NTA per share1 (p) | 200.6 | 199.2 |
| IFRS net asset value (£m) | 4,732.9 | 4,123.9 |
| IFRS net asset value per share (p) | 202.7 | 202.4 |
1. Further details on alternative performance measures can be found in the Financial Review and definitions can be found in the Glossary
2. Like for like growth in contracted rental income
Focus on best assets in winning sectors drives rents, earnings and eleventh year of dividend progression
- Net rental income increased 16.6% to £455.3m, 9 months contribution from Urban Logistics REIT (‘ULR’) takeover
- Sector leading EPRA cost ratio down a further 10bps to 7.7%
- EPRA earnings up 13.9% to £305.3m, +2.4% on a per share basis to 13.5p (+24% over two years)
- Dividend up 3.8% to 12.45p, 108% covered by earnings and including Q4 dividend declared today of 3.3p.
Delivering reliable, repetitive and growing income
- Total property return of 7.1%, outperforming MSCI All Property UK Index by 170bps
- Like for like income growth2 of 4.2%, contributing to a valuation uplift of £68m
- Valuation yields unchanged and ERV growth was 3.3%, EPRA topped up NIY of 5.3% (equivalent yield of 6.4%)
- EPRA NTA per share up 0.7% to 200.6p
- IFRS reported profit of £295.7m
- Total accounting return of 6.9%
£7.6bn portfolio aligned to strongest thematics and mission critical assets
- Logistics weighting increased from 46% to 53%, urban logistics 38% of the portfolio (2025: 29%)
- £1,549m acquired in year (80% logistics) primarily through the takeover of ULR
- £318m disposed in year (54% former M&A assets) through 57 disposals
- Post year end: Acquired four convenience food pre-let developments anchored by M&S for £40m and sold £49m of further assets
Activity enhancing portfolio quality and strength of income, capturing reversion
- Rent reviews in year +19% on five yearly equivalent basis, with urban logistics market reviews +38%
- Asset management added £17m pa of net contracted rent
- Contractual uplifts on 69% of rental income (2025: 77%), expect £38m of rent uplift over next two years
- WAULT of 17 years, gross to net income ratio of 99% and occupancy at 98%
- Top three occupiers represent 22% of rent, down from 27%
- 92% of portfolio EPC A-C rated (A-B: 60%) with 4MWp of solar PV added
Scale is allowing us to benefit from greater debt optionality and has enhanced our debt structure
- £2.7bn of new/ refinanced debt in year with £1.1bn repaid, diversifying our lending pool and reducing finance costs
- Debt maturity of 4.4 years (5.2 years including extension options) with no material refinancing until FY30
- Low cost of debt maintained at 4.0%, 99.8% hedged and LTV at 36.7%
Andrew Jones, Chief Executive of LondonMetric, commented:
“Our results today reflect the progress that we have made over the last few years to create the UK’s largest and most efficient NNN REIT. Despite macro uncertainty, our relentless focus on income and ongoing rental growth, has again delivered.
“Our investment activity through further M&A and direct transactions has maintained our strategy of owning high quality assets in winning sectors. This has helped to propel our rental income to a new record which has allowed us to progress our dividend for the eleventh consecutive year and put us a step closer to dividend aristocracy. We are grounded in the belief that income compounding is one of the true wonders of investing – the essential ingredient and rocket fuel of long term wealth creation.
“As owners of the business, our interests are fully aligned with our investors and we remain focused on our mission to operate, execute and allocate capital with discipline, experience and ruthless efficiency. We believe this represents the right way to invest. In today’s environment, scale and efficiency are essential, and our relentless expansion has put us in a strong position with every reason to be optimistic. After all market uncertainty will undoubtedly throw up new opportunities.”