Londonmetric Property Plc · LSE:LMP
Londonmetric Property — Investor Presentation (March 2026)
19 slides from Londonmetric Property's investor presentation, March 2026
Slide 1: LondonMetric Property Plc Investor Presentation
LondonMetric Property Plc Investor Presentation March 2026 1
Slide 2: LondonMetric Property
LondonMetric Property UK’s leading NNN REIT delivering long-term income growth A £5bn FTSE 100 Company, the UKs leading triple net (NNN) REIT Market Position1 • £7.4bn portfolio across 680 assets, £11m average asset size #2 UK REIT • £421m annual rent, very high gross: net income of 98.5% Net Contra
Slide 3: Delivering Long Term Shareholder Returns
Delivering Long Term Shareholder Returns Focused on generating progressive and covered dividends EPRA Earnings Dividend Total Property Return Total Shareholder Return (pps) (pps)1,4 (rebased to 100)1,2 (rebased to 100)1,3 14.0 200 400 350 13.0 LondonMetric London Metric Dividends 190 12.0 CPI MSCI A
Slide 4: Capital Allocation
Capital Allocation Focused on thematics, mission critical assets and strong occupiers Technology continues to drive modern shopping habits & consumer behaviours. Logistics Occupier demand continues to grow, fuelled by retailers upgrading their facilities, companies positioning for future e-commerce
Slide 5: Aligned to Structurally Supported Sectors
Aligned to Structurally Supported Sectors Prioritising asset selection, patience and strong conviction 1.6% 30 September Assets Value1 Rent2 WAULT NIY3 EY3 2025 # £m £m Years % % 12.5% Logistics 323 3,987 216.9 9.9 5.0 6.1 13.5% Portfolio Entertainment & weighting1 Leisure 119 1,361 84.6 32.9 5.7 7.
Slide 6: Investment Activity
Investment Activity Liquidity still affected by economic outlook and swap rates Disposals - £0.3bn YTD Acquisitions - £1.5bn YTD Hotels & pubs, 9% Convenience, 5% Hotels , Convenience & 14% Logistics, retail, 17% 44% Car parks, offices & care Logistics, homes, 11% 81% Large food stores , 19% • Macro
Slide 7: M&A Activity
M&A Activity Efficient platform & NNN approach delivering tangible benefits Warrington M&A adding quality businesses, driving scale Net Contracted Rent ▪ Four public takeovers over two years, added £4.4bn of assets +£267m Successfully exiting non-core and weaker assets Asset Sold ▪ £0.4bn sold (9% o
Slide 8: Occupier-led Business Model
Occupier-led Business Model Frames our Buy, Hold and Sell decisions Warrington Top 10 occupiers1 Income with contractual uplifts1 Actively managing income granularity 9.3% Ramsay 11.3% 20.0% ▪ Top 10 occupiers - down from 38% to 33% Merlin 8.0% 9.4% (2019: 51%) 5.0% 33.0% Travelodge 6.3% ▪ Top 3 occ
Slide 9: Asset Management
Asset Management £10m pa additional rent from occupier initiatives in H1 2026 Like for like income growth Rent Reviews Lettings +5.2% Annualised (+2.6% for 6 months) Occupancy 98.1% WAULT: 16.4 years Future rental growth1 Driving income growth Extending leases, adding amenities +£28m Over 18 months
Slide 10: Financial Highlights
Financial Highlights Half Year Performance Income Statement September September September Net rental income (H1 26) 2025 2024 2023 £221m EPRA Earnings £148.6m £135.4m £53.1m +15% EPRA Earnings (pps) 6.7p 6.6p 5.3p Dividend progression 11th year Dividend (pps) 6.1p 5.7p 4.8p +7% in H1 26 Balance Shee
Slide 11: Debt Maturity Profile & Highlights
Debt Maturity Profile1 & Highlights Positioned for flexibility and long-term strength Average cost Average Net Debt / LTV 35.1% of debt 4.1% debt maturity 4.2 yrs EBITDA 6.9x Available Credit Rating BBB+ (Corporate) Interest cover Facilities 1 £0.6bn Hedging 94.2% (Fitch) A- (On issuance) ratio (ICR
Slide 12: Appendices
APPENDICES LONDONMETRIC PROPERTY PLC 12
Slide 13: Portfolio Metrics
Portfolio Metrics Net Index/ Valuation H1 26 Revaluation MSCI H1 WAULT Contracted fixed Average 1) Area (Share) Surplus/(Deficit) CVg2,3) Occupancy NIY4) (years) Rent reviews Rent 30 September 2025 (m sq ft) (£m) (£m) (%) (%) (%) (%) Expiry Break (£m) (%) (£psf) Mega 2.4 316.1 1.3 0.4 0.3 100.0 4.6
Slide 14: Logistics Portfolio
Logistics Portfolio Aligned to a structurally supported sector enjoying favourable demand/supply dynamics Urban Regional Mega Value £3,987m FY25: £2,838m Occupancy ▪ Value: £2,930m ▪ Value: £741m ▪ Value: £316m 97.5% FY25: 97.1% ▪ £159m rent (£8.50 psf) ▪ £37m rent (£6.80 psf) ▪ £16m rent (£6.50 psf
Slide 15: Long Income Portfolio
Long Income Portfolio Assets with long, reliable income and contractual uplifts, generating strong property returns Entertainment & Leisure Convenience Healthcare & Education Value £3,279m Theme parks – 46% of subsector Foodstores – 43% of subsector Hospitals – 86% of subsector Four assets at Thorpe
Slide 16: Our NNN Lease Business Model
Our NNN Lease Business Model Net lease returns driven by reliable, repetitive and growing income The Net Lease Business Model Adopting a proven model: Long and Sector leading WAULT of 16.4 years, across a Embracing the triple net lease business model that 1 secure WAULT broad range of underlying use
Slide 17: Net Zero to Further Improve Asset Quality
Net Zero to Further Improve Asset Quality We are supporting the UK transition to a low carbon economy Carbon Net Zero for 51% modelled reduction in carbon Electrification of heating Fully Net Zero, incl. Neutrality Scope 1 and 2 emissions against baseline systems on 100% of the units tenant emission
Slide 18: Debt Facilities - 30 September 2025
Debt Facilities - 30 September 2025 Lender Facility (£m) Drawn (£m)1) Maturity (yrs)2) Debt cost (%)3) Expiry Merlin Entertainments Unsecured RCF (2021) Repaid Syndicate4) 225.0 150.0 0.6 Variable 2026 'Income Strip’ Unsecured RCF (2021) Repaid Wells Fargo4) 175.0 115.0 0.6 Variable 2026 ▪ As part o
Slide 19: Our Focus
Our Focus Full occupancy, exceptional income with longevity and certainty of income growth Winning ▪ Logistics is our conviction sector, >50% exposure sectors ▪ Convenience and hotel opportunities attractive, time an increasingly valuable commodity Strongest ▪ Continue to sell non-core and mature as
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