LondonMetric Property saw its net rental income increase by 154% to £193.1m and its IFRS reported profit more than double to £163.8m in the six-month period ended 30 September 2024.
Its EPRA earnings grew 155% to £135.4m and the value of its portfolio rose to £6.2bn compared with £6bn as at 31 March 2024.
Logistics assets now represent 45% of LondonMetric’s portfolio and the company is targeting 50% by the year end. In the reporting period, it acquired £193.3m of logistics assets, with £10m acquired post period end and £116m under offer. It disposed of £155.4m of assets in the reporting period – mainly LXi and CTPT properties.
Andrew Jones, chief executive of LondonMetric, said: “Following the transformational LXi deal, we have further cemented our position as the UK’s leading triple net real estate income investor. The benefits of our actions are evidenced by the portfolio’s exceptional income characteristics, our sector leading EPRA cost ratio of 7.6% and our strong financial performance in the period which saw earnings per share grow by 26%.
“Our £6.2bn portfolio is aligned to the strongest thematics of logistics, convenience, hospitality and healthcare, and is invested in mission critical real estate with high occupier contentment. Importantly, our transactional capabilities, greater scale and strong shareholder alignment is ensuring our portfolio is constantly re-shaping, with £234m of lower growth disposals and £203m of high quality acquisitions year to date. This activity along with further external growth and consolidation opportunities that are presenting themselves is supporting our target to grow our logistics exposure to 50% by year end.”
“Our all-weather portfolio with guaranteed rent growth, greater scale and a well positioned balance sheet underpins our earnings growth and our ability to deliver a tenth year of dividend progression and maintain our path to dividend aristocracy. After all, we continue to believe that income compounding is the eighth ‘wonder of the world’ – the secret ingredient that creates wealth over time.”
