Londonmetric Property Plc (LNSPF) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Morning, ladies and gentlemen, and welcome to London Metrics half-year results for the period ending 30th of September 2024. Well-trodden path, this. I was just saying, I think this might be my, somewhere between my 38th and 40th time I've actually stood up to do these results. Not always in wearing the London Metric colours. I'm going to start with a brief overview, highlights of the period, pass it over to Martin, take you through the numbers in more detail. I'll come back and give you a view on the property performance, both on the sectoral performances and our activity in the investment market and how we see the investment market, and then finish with an outlook slide of what we think will come next. to pass over the course of the next six to 12 months, and then we'll open up the floor to Q&A. So our activity over the last 18 months has cemented our position as the UK's leading triple net income REIT. The CTPT and LXI takeovers are delivering cost synergies, earnings progression, and material dividend growth. We have exceptional income characteristics, both credit, occupancy, duration and growth, and that's underscored by the rent review and lease renewal re-gear settlements that we've achieved in the period on an average of 17.5% above previous passing rents. And today we now have scale and efficiencies of operation that delivered an EPRA cost ratio at 7.6%. And Martin will go through that in more detail later on in the presentation. Our investment activity over the period, 437 of selling and buying, continues to reshape the portfolio for long-term outperformance. We remain exposed to the strongest thematics and those that we think will benefit most from evolving consumer behaviour. As you can see there, just over, I think it's 234 million people of assets that ...