Londonmetric Property Plc (LNSPF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Great morning, ladies and gentlemen, and welcome to London Metrics half-year results presentation. Right, so normal line-up this morning. I'm going to give you a quick overview. I'm going to hog all the good numbers, pass over to Martin, he'll do a deep dive for you, and then I'll come back to talk about our activity and the makeup of the portfolio and our outlook for the periods ahead, and then we'll open it up to Q&A, and we have a our team in the front rowing, which actually now includes Carl, uh, which is good. So any really difficult questions are going his way. Um, and, uh, and, uh, and then hopefully we'll, we'll be all wrapped up, um, by, uh, by about 11. Um, so. Okay. So, um, We retain our position, in our opinion, as the UK's leading triple net income REIT. Our objective is to continue to own mission critical assets across the winning sectors of real estate. I'll come on to talk about this a little bit later because it is a theme throughout the presentation. We want to make the right macro calls. Logistics is our strongest exposure, partly because it gives us the best rental growth. So that's back up at 54%. And then we have our hospitality entertainment, which is dominated by our hotels and our theme parks at just under 18%. And then our convenience retail assets at 14%. So those are our three key areas, with healthcare making up the fourth. As a result, our objective must be to grow our income. You know, that's what we are. We are a triple net income compounding business. And our net rental income, as you can see in front of you, is up 15%. Again, we'll come on to talk about that in a little bit more detail. And that has obviously allowed us to progress our dividend. We announced this morning a Q2 dividend of 3.05 pence, which gives us sort of to the 6.1 ...