LONDONMETRIC PROPERTY PLC
(“LondonMetric” or the “Group” or the “Company”)
HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
As the UK’s leading Triple Net Lease REIT, our scale and mission critical real estate in the winning sectors is delivering reliable and growing income at the lowest cost.
LondonMetric today announces its half year results for the six months ended 30 September 2025.
| Income Statement | H1 2026 | H1 2025 |
| Net rental income (£m) | 221.2 | 193.1 |
| EPRA earnings (£m) | 148.6 | 135.4 |
| IFRS reported profit (£m) | 130.3 | 163.8 |
| EPRA earnings per share (p) | 6.7 | 6.6 |
| IFRS earnings per share (p) | 5.9 | 8.0 |
| Dividend per share (p) | 6.1 | 5.7 |
| Balance Sheet | H1 2026 | FY 2025 |
| EPRA net tangible assets (NTA) (£m) | 4,671.3 | 4,071.0 |
| IFRS net assets (£m) | 4,716.0 | 4,123.9 |
| EPRA NTA per share (p) | 199.5 | 199.2 |
| IFRS net assets per share (p) | 202.1 | 202.4 |
Focus on best assets in winning sectors drives rents, earnings and dividend
- Net rental income increased 14.6% to £221.2m, 3 months’ contribution from Urban Logistics REIT (‘ULR’) takeover
- EPRA earnings up 9.7% to £148.6m, +1.5% on a per share basis to 6.7p (+28% over two years)
- Sector leading EPRA cost ratio at 7.7%
- Dividend increased 7.0% to 6.1p, 111% covered by earnings, including Q2 dividend declared today of 3.05p
Delivering reliable, repetitive and growing income
- Total property return of 3.3% (50bps outperformance of MSCI), yields flat and ERV growth of 0.9%
- Like for like annualised income growth of 5.2% (6 months: +2.6%), generating valuation uplift of £29.1m
- EPRA NTA per share up 0.2% to 199.5p
- IFRS reported profit of £130.3m (H1 2025: £163.8m)
- Total accounting return +4.1% (+3.3% including M&A costs)
Portfolio aligned to strongest thematics and mission critical assets
- Portfolio value of £7.4bn (2025: £6.2bn) with logistics weighting increasing from 46% to 54%
- £1,298.9m acquired in period (91% urban logistics) including ULR assets, £55.4m acquired post period end (PPE)
- £185.3m disposed in period, £26.3m sold PPE
Activity enhancing portfolio quality and strength of income
- WAULT of 16.4 years, gross to net income ratio of 98.5% and occupancy at 98.1% reflecting addition of ULR assets
- Contractual rental uplifts on 67% of income, down from 77%
- Top ten occupiers represent 33% of rent, down from 38%
- Asset management activity added £10m pa of net contracted income
- Rent reviews +18% on five yearly equivalent basis, with logistics market reviews +27% (5% CAGR)
- Income uplift expected over next 18 months of £28m, 16% embedded reversion on logistics
- 91% of portfolio EPC A-C rated with 2.5MWp of solar PV added
Scale delivering economies of opportunities and enhancing our debt structure
- Successfully completed further £1.2bn of accretive M&A
- LTV at 35.1%, debt maturity of 4.2 years and cost of debt at 4.1%
- £730m of new unsecured debt facilities signed and £724m of secured facilities repaid year to date
- Benefitting from greater debt optionality, credit rating and liquidity in shares
Andrew Jones, Chief Executive of LondonMetric, commented:
“During the period we successfully completed the takeover of two subscale listed businesses which added £1.2 billion of assets and further established LondonMetric as the UK’s leading triple net lease REIT. Our investment in the winning property sectors and assets through our low cost and efficient platform continues to deliver strong income and attractive rental growth. Over the past two years, earnings and dividends per share have both grown by over 27%, putting us on track for our eleventh year of dividend progression as we strive for dividend aristocracy.
“As material investors in the business, management is fully aligned with shareholders and continues to proactively manage the portfolio to ensure it is fit for purpose with high occupier contentment. Despite an uncertain macroeconomic backdrop and elevated swap rates, we have successfully sold £212 million year to date, continuing the sell down of non core assets inherited through M&A. Our increased scale is presenting numerous opportunities, and the sale proceeds have been reinvested into higher quality and growth logistics, convenience and hotel investments – it’s a case of selling your losers and running your winners.”