Londonmetric Property Plc (LNSPF) Q2 2026 Earnings Call

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WEBVTT 00:00:00.554 -- 00:00:05.222 I'm delighted to be joined today by Andrew Jones, who's the CEO of London Metric. 00:00:05.222 -- 00:00:08.368 And today, their half-year results were announced. 00:00:08.368 -- 00:00:12.916 Andrew, thank you for joining us. So Andrew, you've delivered strong growth in net rental 00:00:12.916 -- 00:00:16.041 income and earnings in the half-year period. 00:00:16.041 -- 00:00:20.045 What have been the drivers of this growth and how is the business performing more widely? 00:00:20.045 -- 00:00:24.111 We've had a great period. It's been a strong half year. 00:00:24.111 -- 00:00:29.480 We've successfully acquired two public companies, and so we've been integrating those. 00:00:29.480 -- 00:00:34.648 So that's helped drive our net rental income up, as you say, we're up 15% at just 00:00:34.648 -- 00:00:39.976 over £220 million. But also, as well as the external growth, we've 00:00:39.976 -- 00:00:45.143 also executed some internal growth through rent reviews, leasing, 00:00:45.143 -- 00:00:51.011 and lease renewals. Our rent reviews have delivered rental uplifts of about 18%, 00:00:51.011 -- 00:00:54.256 driven by open market rent reviews that were even higher. 00:00:54.256 -- 00:00:59.366 They were up at 24%. And then our leasing team have done a 00:00:59.366 -- 00:01:05.361 fantastic job in negotiating new lettings or indeed lease renewals. 00:01:05.361 -- 00:01:10.634 And again, they've secured rental uplifts across those various buildings 00:01:10.634 -- 00:01:14.467 of 24% higher than the previous passing rent. 00:01:14.467 -- 00:01:20.053 So it's been a combination of external and internal growth that's allowed us to 00:01:20.053 -- 00:01:21.155 print those numbers. 00:01:21.155 -- 00:01:25.279 So, Andrew, with your increased scale...