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Londonmetric Property : Presentation (lmp fy26 results presentation)
Londonmetric Property : Presentation (lmp fy26 results
About this update from Londonmetric Property Plc
[{"type":"text","content":"\n \n \n Full Year Results 2026\n \n \n Year ended 31 March 2026\n \n \n Overview\n \n \n Reliable, repetitive and growing income driving dividend progression\n \n \n \n \n Portfolio growth in year\n +£1.5bn\n £1.2bn from M&A activity\n WAULT\n 17 years\n Occupancy: 98%\n Total property return\n +7.1%\n 170bps outperformance4\n Dividends: G&A ratio\n 9:1\n Peer average3: 4:1The UK's leading NNN income REIT\n Portfolio grown to £7.6bn - mission critical assets in winning sectors\n \n \n Income flowing and growing - net rental income up 17% in year\n \n \n Dividend progressing - 78% uplift since formation in 2013\n \n \n Portfolio focused on reliable, repetitive and growing income\n £16.6m pa income added, 4.2% l-f-l income growth\n \n \n 19%1 uplift on rent reviews, open market +33%\n \n \n £38m2 embedded rent growth over next two years\n \n \n Scale delivering competitive advantage\n £2.7bn of new & refinanced debt on better terms\n \n \n Actively engaged on further investment opportunities\n \n \n Sector leading EPRA cost ratio of 7.7%\n \n \n Rent reviews on a 5-yearly equivalent basis\n \n \n Uplift expected on contractual reviews, open market reviews and upcoming lease events\n \n \n Based on weighted averages 2\n Against MSCI All UK Property\n Financial Highlights\n \n \n Full Year to 31 March 2026\n \n \n \n \n Net rental income\n \n \n £455m\n +17% increase\n Dividend progression\n \n \n 11 years\n Q1 27 guidance: +3.3%\n Total accounting return\n \n \n +6.9%\n Excluding M&A costs: +7.7%\n LTV\n \n \n 36.7%\n Sept 25: 35.1%\n \n Income Statement\n \n \n March 2026\n \n \n March 2025\n \n \n EPRA Earnings\n \n \n £305.3m\n \n \n £268.0m\n \n \n EPRA Earnings (pps)\n \n \n 13.45p\n \n \n 13.14p\n \n \n Dividend (pps)\n \n \n 12.45p\n \n \n 12.00p\n \n \n Balance Sheet\n \n \n March 2026\n \n \n March 2025\n \n \n Portfolio value\n \n \n £7.62bn\n \n \n £6.16bn\n \n \n EPRA NTA (pps)\n \n \n 200.6p\n \n \n 199.2p\n \n \n Average Debt Cost\n \n \n 4.0%\n \n \n 4.0%\n \n 3\n \n \n \n \n FINANCIAL REVIEW\n \n \n Income Statement\n \n \n \n \n Net rental income\n \n \n +17%\n 9 months of Urban Logistics REIT\n Gross: net income leakage\n \n \n 1.4%\n Mar 25: 1.2%\n Dividend cover\n \n \n 108%\n Full cash cover\n Exceptional costs1\n £42.8m\n One-offs\n \n 31 March\n \n \n 2026\n \n \n 31 March\n \n \n 2025\n...