Londonmetric Property Plc (LNSPF) Q2 2026 Earnings Call

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I'm delighted to be joined today by Andrew Jones, who's the CEO of London Metric. And today, their half-year results were announced. Andrew, thank you for joining us. So Andrew, you've delivered strong growth in net rental income and earnings in the half-year period. What have been the drivers of this growth and how is the business performing more widely? We've had a great period. It's been a strong half year. We've successfully acquired two public companies, and so we've been integrating those. So that's helped drive our net rental income up, as you say, we're up 15% at just over £220 million. But also, as well as the external growth, we've also executed some internal growth through rent reviews, leasing, and lease renewals. Our rent reviews have delivered rental uplifts of about 18%, driven by open market rent reviews that were even higher. They were up at 24%. And then our leasing team have done a fantastic job in negotiating new lettings or indeed lease renewals. And again, they've secured rental uplifts across those various buildings of 24% higher than the previous passing rent. So it's been a combination of external and internal growth that's allowed us to print those numbers. So, Andrew, with your increased scale, can you talk about how this is benefiting London Metric and how you're positioning the business for the future? Yeah, I mean, we think about scaling in two ways. We think that it gives us increased access to new opportunities. I mean, there's a number of transactions that we've executed on over the last 12 months, which... I'm not sure would have made themselves available if we'd been a much smaller business. I mean, our portfolio has grown over the last two years from 3.2 billion to 7.4 billion. So that's a big increase. And it absolutely means that...