UK's LondonMetric Property FY rental income rises on urban logistics reit acquisition

Londonmetric Property

21/05/2026 07:11

Overview

UK triple net lease REIT's FY net rental income rose 16.6% on Urban Logistics REIT deal

EPRA earnings up 13.9%, with EPRA EPS up 2.4% to 13.5p

Company raised annual dividend by 3.8% to 12.45p

Outlook

LondonMetric guides to a 3.3% increase in first quarterly dividend for FY27 to 3.15p

Company says macro uncertainty is impacting UK real estate liquidity, especially for larger assets

LondonMetric expects continued rental income growth, especially in urban logistics due to strong demand

Result Drivers

URBAN LOGISTICS REIT ACQUISITION - Net rental income growth was driven by a 9-month contribution from the Urban Logistics REIT takeover, which increased logistics weighting to 53% of the portfolio

RENT REVIEWS AND ASSET MANAGEMENT - Rent reviews and asset management initiatives added £17m per annum of net contracted rent, with rent reviews up 19% and urban logistics market reviews up 38%

COST DISCIPLINE - Sector leading EPRA cost ratio fell to 7.7%, and refinancing activity reduced finance costs, supporting earnings growth

Company press release: ID:nRSU1740Fa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY Rental Income
GBP 455.30 mln
FY EPS
GBP 0.13
FY Dividend
GBP 0.12
FY EPRA Earnings
GBP 305.30 mln
FY EPRA Per Share
GBP 0.14


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the diversified reits peer group is "buy"

Wall Street's median 12-month price target for LondonMetric Property PLC is GBp230.00, about 22.9% above its May 20 closing price of GBp187.20

The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 14 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)