Londonmetric Property Plc · LSE:LMP
Londonmetric Property — Investor Presentation (September 2025)
23 slides from Londonmetric Property's investor presentation, September 2025
Slide 1: LondonMetric Property Plc Investor Presentation
LondonMetric Property Plc Investor Presentation September 2025 www.londonmetric.com
Slide 2: LondonMetric - Overview
LondonMetric - Overview A FTSE 100 real estate company delivering reliable, repetitive and growing income • The UKs leading Triple Net (‘NNN’) lease REIT Portfolio1 – £4.5bn of transformational M&A: CTPT, LXi, Highcroft & Urban Logistics £7.4bn – 21% earnings per share growth in 2025, dividend progr
Slide 3: Investment Strategy
Investment Strategy Focused on thematics, mission critical assets and strong occupiers • Disruptive technologies driving modern shopping habits Logistics • Logistics is our leading sector & strongest conviction call Entertainment • Economic/generation shift drive memories over material things & Leis
Slide 4: Aligned to structurally supported sectors
Aligned to structurally supported sectors Prioritising asset selection, patience and strong conviction Value1 NIY2 EY ERVg CVg3 TPR3 31 March 25 (£m) (%) (%) (%) (%) (%) (adjusted for M&A)6 Convenience, 13.7% Logistics 4,029 4.9 6.0 3.8 2.3 7.1 Healthcare, Entertainment & Leisure 1,306 5.8 7.6 n/a4
Slide 5: M&A - Urban Logistics REIT
M&A - Urban Logistics REIT Growing our urban logistics exposure and supporting our triple net strategy Rationale Offer value Consolidates LondonMetric’s position 1 as the UK’s Leading Triple Net REIT £699m 0.5612 shares & 42.8p cash Combined £7.4bn Portfolio Aligned to 2 Structurally Supported Secto
Slide 6: Acquisition activity
Acquisition activity Increasing our logistics exposure, adding assets with stronger income growth prospects Logistics • Thematic investor, allocating to structurally supported sectors 87% • Logistics sector remains highly attractive, urban logistics our conviction call Of acquisitions (FY25) • Marke
Slide 7: Disposal activity
Disposal activity Market sentiment improved but liquidity still affected by economic outlook and swap rates Premium to prevailing book • Current swap rates continue to dictate real estate liquidity +1% FY25 disposals • Healthy activity across the ‘winning’ sectors • Greatest liquidity for smaller lo
Slide 8: Asset Management (FY25)
Asset Management (FY25) £15.3m pa additional rent from occupier initiatives in year Like for like income growth Rent Reviews Lettings +4.2% 340 transactions Occupancy1 98% WAULT: 17 years Income growth expected Drive income growth Extend leases, add amenities +£27m Over next two years (ex M&A assets
Slide 9: Debt Metrics
Debt Metrics Continued disciplined approach to capital structure Pro-forma4 31 March 2025 31 March 2024 Credit rating3 Drawn Debt £2,726m £2,091m £2,109m BBB+ Optionality for financings Total debt facilities £3,756m £2,922m £2,790m New facilities Hedging 100% 100.0% 100.0% £525 million £175m in FY25
Slide 10: Financing
Financing Diversified sources of funding and significant flexibility Debt maturity profile (£m) - 30 June 2025 Access to debt markets Full optionality 900 Varied funding sources Drawn Undrawn 800 Available facilities 700 £1.0bn 600 - Providing flexibility 215 461 500 130 400 300 130 603 200 418 428
Slide 11: Financial Highlights
Financial Highlights Full Year to 31 March 2025 Income Statement March 2025 March 2024 Change Net rental income £390.6m EPRA Earnings £268.0m £121.6m +120.4% Up from £175.3m EPRA Earnings (pps) 13.1p 10.9p +20.7% Dividend progression Dividend (pps) 12.0p 10.2p +17.6% 10 years Q1 26: +7% Balance Shee
Slide 12: Delivering Long Term Shareholder Returns
Delivering Long Term Shareholder Returns EPRA Earnings Dividend Total Property Return Total Shareholder Return (pps) (pps) (rebased to 100)1,2 (rebased to 100)1,3 14.0 13.0 350 400 Dividends 13.0 12.0 12.0 Share price 11.0 350 11.0 300 10.0 10.0 9.0 300 9.0 8.0 250 8.0 7.0 7.0 250 6.0 6.0 5.0 200 5.
Slide 13: 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 opportunities attractive, time an increasingly valuable commodity Strongest • Continue to sell non-core and mature assets with
Slide 14: Appendices
LONDONMETRIC [ay PROPERTY PLC APPENDICES
Slide 15: Portfolio evolution
Portfolio evolution Continually reshaping and pivoting the portfolio to align to structural trends 2014 2019 2025 pro-forma1 Entertainment & Office & Residential, Leisure, 2.8% 2.9% Retail Parks, 3.7% Convenience, Logistics, 13.7% 21% Convenience, Healthcare, 19.4% 12.6% Office & Convenience, Reside
Slide 16: Distribution Portfolio
Distribution Portfolio3 Aligned to a structurally supported sector enjoying favourable demand/supply dynamics Urban Regional Mega Value £4,029m FY24: £2,563m Occupancy 96% FY24: 99.4% WAULT 10 years • Value: £2,981.5m • Value: £732.5m • Value £315.1m FY 24: 12.4 years • £160m rent (£8.10 psf) • £36.
Slide 17: Long Income Portfolio
Long Income Portfolio2 Assets with long, reliable income and contractual uplifts, generating strong property returns Entertainment & Leisure Convenience Healthcare & Education Value £3,207m Contractual Uplifts Theme parks – 47% of subsector Foodstores – 43% of subsector Hospitals – 85% of subsector
Slide 18: Top Assets and Occupiers
Top Assets and Occupiers Top 10 Assets – 17.4% of value Ramsay Rivers Hospital Alton Towers Park Thorpe Park, Egham Bell Farm 2 £7.4bn Primark, T2, Islip Ramsay Rivers Hospital, Bedford Link, Great Bear, Portfolio Sawbridgeworth Bedford Dagenham Great Bear, Dagenham Value Ramsay Springfield Hospital
Slide 19: Diversified Occupier Base by Type
Diversified Occupier Base by Type Healthcare & Education Other Logistics 2% 12% Convenience 15% Rent 51% £414m 20% Entertainment & Leisure Figures on this page reflect the proforma for the group as at 31 Mar 2025 incorporating the acquisitions of Highcroft and Urban Logistics. 19
Slide 20: Income Certainty & Growth
Income Certainty & Growth Warrington Contractual Uplifts: 67% of rent Inflation capture through contractual rent reviews2 CPI. Our index linked (RPI/CPI) reviews have 100% RPI Linked Fixed, a range of collars and caps typically 1% 90% 20.0% to 4% over a five-year period: Market 80% Review, • At 16%
Slide 21: Sustainability
Sustainability • Continue to upgrade our portfolio and work with occupiers on environmental initiatives • Conducted science based portfolio carbon analysis in year and set our Net Zero Pathway1,2 Our Net Zero Pathway EPC A-B: 58% (up from 52%) Solar installed: 8.1MWp (+3.6MWp in FY25) GRESB 2 Star r
Slide 22: Portfolio Metrics (excluding recent M&A)
Portfolio Metrics (excluding recent M&A) Net Index/ Valuation Revaluation MSCI WAULT Average Area Occupancy NIY4 Contracted fixed Rent (Share)1 Surplus/(Deficit) CVg2,3 (years) Rent reviews As at 31 March 2025 (m sq ft) (£m) (£m) (%) (%) (%) (%) Expiry Break (£m) (%) (£psf) Mega 2.4 315.1 3.3 1.1 1.
Slide 23: Debt Facilities – June 2025
Debt Facilities – 30 June 2025 Lender Facility Drawn Maturity Debt cost Expiry Merlin Entertainments (£m) (£m)1 (yrs)2 (%)3 'Income Strip’ Unsecured RCF (2021) Syndicate 225.0 130.0 0.8 Variable 2026 As part of the merger with LXi, the Group acquired a financial liability Unsecured RCF (2021) Wells
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