LondonMetric (LMP) is a UK REIT admitted on the Official List and to trading on the Main Market of the London Stock Exchange (“LSE”) on 28 January 2013 as a result of the merger between London & Stamford Property plc (LSP) and Metric Property Investments plc (METP). LSP was admitted to the Official List and trading on the Main Market of the LSE on 1 October 2010, and prior to that traded on the AIM market of the LSE from 7 November 2007, and METP was admitted to the Official List and trading on the Main Market of the LSE since its IPO on 24 March 2010.
LondonMetric aims to deliver attractive returns for shareholders through a strategy of increasing income and improving capital values. It invests across the UK in Retail and Distribution properties as well as Greater London real estate opportunities. It employs an occupier-led approach to property investments through opportunistic acquisitions, joint ventures, active asset management and short cycle developments. The asset focus is on properties with enduring occupier appeal providing opportunities to improve both rental values and the security and longevity of income; and limited risk redevelopments with the aim of enhancing shareholder returns.



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LondonMetric Property Fundamentals (LMP)

Possibly, HARRYCAT though the StockMarket fears that BrExit will move some Companies to down-grade any expansion plans - and some may leave!
The net result is that any deals "now" are UNlikely to be in the Property-Market's favour, as was the situation for many years.
LMP has many clients with good business models and in the short-term the ability to pay rents ( London-rents?), but over a few years there could be a minor fall-back.
Yet long-term UK will have to demonstrate this is a minor-glitch and our ability to work our passage in the World-Trade is "better for leaving".

Almost back to pre-Brexit level.

Numis today reaffirms its hold investment rating on LondonMetric Property (LON:LMP) and cut its price target to 150p (from 160p).

StockMarketWire.com
LondonMetric Property has sold a retail park in Warrington for £6.6 million, at a NIY of 5.4% and acquired an 89,000 sq ft distribution warehouse in Hemel Hempstead for £8.3 million, at a NIY 6.4%.

The Fordton retail park in Warrington comprises 20,200 sq ft and is let to Aldi, Greggs, Betfred, Barnardo's and Costa.

There is an adjoining pub which has recently been developed and sold off on a long leasehold.

The weighted unexpired lease term is 14.8 years. The sale is marginally ahead of March 2016 book value. In Hemel Hempstead, the recently refurbished distribution warehouse is located on Maylands Business Park, close to J8 of the M1 and J21A of the M25. The warehouse is let to ITAB, the shop concept company, at a rent of £6.24 psf and has an unexpired lease term of 8.3 years. The next rent review is in December 2019. Chief executive Andrew Jones said: "We continue to recycle equity from our mature retail parks into well located logistics assets, which we are confident will benefit from the ongoing structural changes impacting occupiers and deliver superior rental growth."

LONDONMETRIC £130 MILLION PRIVATE PLACEMENT

LondonMetric Property Plc ("LondonMetric" or "Company" or "Group") announces that it has entered into a £130 million private placement at a blended fixed rate coupon of 2.70% and a weighted average maturity of 8.3 years ("Private Placement").

The Private Placement was placed with US and UK institutional investors in three tranches:

· £65 million 2.62% Senior Notes due 2023;
· £40 million 2.72% Senior Notes due 2024; and
· £25 million 2.88% Senior Notes due 2028 ("Notes").

The proceeds of the Private Placement will be used to pay down some of the debt drawn under the Company's existing unsecured credit facility, which will remain available to draw in full. The Notes have the same financial covenants as the unsecured credit facility.

As a result of the Private Placement, the Group's weighted average debt maturity as at 30 September 2016 is expected to increase to 5.7 years.

Any views on this - increase in Debt? For a property Co whose assets last decades, I guess this is a means of raising capital ( against other property? ), which doesn't dilute retail-shareholders. This has been a reasonably proficient Co. and presumably "in time" this will shine through, although the sp has been somewhat "stuck" of late. Whilst "Brexit" may cause some loss of business like Head-Offices, -there is generally a rising demand for London Office-space and I can't see that falling too soon . . . esp as the life of buildings is approaching 100 years.
Currently 161p.

StockMarketWire.com
LondonMetric Property has acquired a distribution warehouse in Stevenage for £7.3m at a NIY of 6.25%. The 74,000 sq ft distribution warehouse is located immediately adjacent to the A1(M), on an established South East distribution park.

The unit is let to Dixons Carphone for a further 9 years at a rent of £6.50 psf with a break clause in 4 years.

Jefferies International today upgrades its investment rating on LondonMetric Property (LON:LMP) to buy (from hold) and left its price target at 172p.

StockMarketWire.com
LondonMetric Property has acquired eight 'last mile' distribution warehouses for £39.9 million at a blended yield of 6.2% and with a WAULT of 9.0 years.

Six of the distribution warehouses have been acquired from Helical for £26.0 million at a NIY of 6.5%. The 382,000 sq ft of warehouses are in established distribution locations and benefit from strong motorway connectivity and severely restricted levels of supply. The portfolio has a WAULT of 7.0 years and is let at a low average rent of £4.71 psf (ERV of £5.32 psf).

LondonMetric has also exchanged on a 53,000 sq ft distribution development in Crawley for £10.7 million at a yield on cost of 5.2%. The development has been pre-let to retailer Barker & Stonehouse for 15 years at a rent of £10.77 psf (ERV of £12.00 psf). Practical completion is expected in March 2017.

Furthermore, it has acquired a 30,000 sq ft distribution warehouse in Bicester for £3.2 million at a NIY of 5.9%. The warehouse is let to DPD Group with a WAULT of 9.5 years.

Chief executive Andrew Jones said: "These are important acquisitions as we continue to build critical mass within the 'last mile' distribution sector, which now extends to 19 assets across 1.2 million sq ft."

StockMarketWire.com
LondonMetric's EPRA earnings rose to £25.3m in the six months to the end of September - upf rom £23.4m last time - with net rental income up 8% to £39.7 million.

The group has declared a second quarterly interim dividend of 1.8p with scrip alternative. The dividend cover increased to 112% with further progression expected in final quarter.

Other highlights:
EPRA NAV of 143.0p (FY 16: 147.7p)

- Portfolio revaluation deficit1 of £23.0 million, contributing to a reported loss of £13.1 million

- Property total return of 1.5% compared to IPD of 0.2%, 130 bps outperformance � Portfolio valued at £1,482 million, core portfolio valuation fall of 1.1%

Distribution weighting up to 58.5% of portfolio

- £78.4 million of retail assets sold, reducing retail park weighting to 16.8%

- £32.2 million of distribution investments acquired, with a further £47.2 million post period end Income growth with structural support

- £4.0 million of new income secured from completed developments

- £2.0 million of additional income from 11 lettings and 22 rent reviews

- 1.9% like-for-like income growth on core portfolio

- Rent reviews at 4.8% above previous passing and new lettings at 2.1% above ERV

Short cycle development activity

- Post period end, terms agreed to let our 357,000 sq ft development in Warrington and 140,000 sq ft at our Stoke development. These two lettings represent £2.9 million additional rent

Portfolio metrics reflect income security, reliability and growth

- Occupancy of 98.5% and WAULT of 12.6 years (12.0 years to first break)

- 22% of rental income subject to RPI uplifts and 29% subject to fixed uplifts

Finances strengthened and diversified by £130 million private debt placement

- Net debt of £590.7 million (FY 16: £591.2 million) and undrawn facilities of £183.8 million

- Debt maturity of 5.7 years (FY 16: 5.6 years) and average cost of debt at 3.3% (FY 16: 3.5%)

Chief executive Andrew Jones said: "At a time when the political and economic outlook remains uncertain, investors are increasingly looking for predictable income returns with the security of capital preservation. We continue to focus on compounding our long and strong income and value highly the repetitive, reliable and secure nature of our rents which gives us confidence to deliver dividend progression.

"Our income is structurally supported by our investment in the winning sectors and we continue to draw on our deep occupier relationships to make the correct investment decisions and create value. We have continued to sell down our mature retail parks and have further sharpened our focus on the distribution sector which offers higher growth opportunities. In particular, we have grown our 'last mile' distribution portfolio where we are capitalising on attractive demand/supply dynamics arising from consumer delivery demands for instant gratification."

LONDONMETRIC AGREES LETTING OF ITS 357,000 SQ FT OMEGA SOUTH DISTRIBUTION WAREHOUSE

LondonMetric Property Plc ("LondonMetric") is pleased to announce that it has conditionally exchanged contracts to let its 357,000 sq. ft. development in Warrington.

The property has been let to a major international retailer on a new 15 year lease with contractual uplifts. The terms of the letting are in line with LondonMetric's original business plan.

The letting takes place within five weeks of successful completion of the development on 7 November 2016; on budget and on time. The agreement is expected to become unconditional in January 2017.

LondonMetric was advised by DTRE and Jones Lang LaSalle. The distribution warehouse was developed in conjunction with Miller Developments.

StockMarketWire.com
LondonMetric Property has acquired a regional distribution warehouse in Wakefield for £9.5m and a last mile distribution warehouse in Dartford for £6.3m; reflecting a blended NIY of 5.8% and a reversionary yield of 6.4%. At Wakefield, LondonMetric has acquired a well specified 120,000 sq ft regional warehouse located on a premier distribution park at J.31 of the M62, close to J.42 of the M1.

The warehouse is let for a further 6.2 years to One Stop Stores, a 100% owned subsidiary of Tesco. It serves the North of England and Scotland, which account for half of One Stop's 750 convenience store estate.

The next open market rent review is in April 2018.

At Dartford, LondonMetric has acquired a well specified 49,000 sq ft last mile warehouse on a prime distribution site 1.5 miles from J.1A of the M25.

The warehouse was built in 2003 and is let to Antalis, a major European paper and packaging distributor, on a new ten year lease with a break clause and a rent review in year five; the review is at the higher of open market and RPI.

Chief executive Andrew Jones said: "The urban logistics and convenience sectors continue to grow rapidly, as shopping patterns evolve and customers migrate towards internet and convenience shopping.

"The strong demand for well-located logistics assets is part of their ambition to meet increasing delivery demands."

StockMarketWire.com
LondonMetric Property has exchanged contracts with Eddie Stobart to build a single new 180,000 sq ft distribution unit at its logistics centre in Dagenham. Under the terms of the transaction, Eddie Stobart has signed a new 26 year lease across the enlarged 436,000 sq ft logistics centre at an increased rent, subject to five yearly RPI rent reviews.

LondonMetric said planning consent had already been received and construction was expected to commence next month with completion by April 2018.

LondonMetric said that as part of the redevelopment, two existing units totalling 150,000 sq ft would be demolished.

LondonMetric has also exchanged contracts with Michelin to build a new 137,000 sq ft distribution centre at its site in Stoke. It said that Michelin has signed a new 15 year lease at a rent of £5.35 psf, subject to five yearly reviews, at the higher of open market and guaranteed fixed uplifts.

The anticipated yield on cost was 6.3% and construction was expected to commence shortly, with completion by the end of 2017. LondonMetric said it would also look to build out the remaining c130,000 sq ft unit upon completion of the new Michelin accommodation.

And it said that at Omega South, Warrington, all conditions relating to the new letting of 357,000 sq ft to Amazon had been satisfied.

It said Amazon had taken occupation and signed a new 15 year lease with rent reviews linked to CPI.

StockMarketWire.com
LondonMetric Property has announced a placing of up to 62,804,390 new ordinary shares representing approximately 9.9% of the company's issued share capital.

The company said it intended to use the net proceeds to fund the acquisition of predominantly "last mile" distribution assets and to finance newly committed distribution developments. It said the proposed placing would raise approximately £97 million of gross proceeds (based on the closing share price on 22 March) and would enable the company to accelerate its portfolio alignment towards distribution by:

- increasing its exposure to the attractive returns available from last mile distribution

- building out three new developments following material progress on pre-lettings, which were announced separately today.

Liberum Capital Hold 155.30 155.00 155.00 Reiterates

StockMarketWire.com
LondonMetric's net rental income rose by 5% to £82m in the year to the end of March and EPRA earnings increased to £51.0m from £48.5m.

Chief executive Andrew Jones said: "On top of political and economic uncertainty, the World continues to be transformed by technological innovation and continuing social change.

"This is having a profound impact on real estate. The tectonic plates in retail are shifting and the industry is experiencing radical disruption driven by these trends.

"Retailers are closing marginal stores and investing in 'flagship' destinations and new supply chains to service ever-increasing online sales and consumer expectations.

"Retailers are prioritising distribution and fulfilment ahead of their stores, which is why we have repositioned LondonMetric's portfolio from retail into logistics.

"Logistics will soon represent more than 70% of our investments as our urban logistics portfolio grows further and our short cycle developments complete.

"In a low interest rate environment, investors are increasingly searching for reliable and repetitive income streams.

"Compounding our income returns is central to our strategy as we embrace the very purpose of a REIT. Our logistics focus has enhanced our portfolio's income characteristics and we believe that it is these structural calls that will help define the real estate winners."

Highlights:
- Dividend increased 3% to 7.5p for year, 109% dividend cover in year

- EPRA NAV of 149.8p (FY 16: 147.7p)

The group also announced the acquisition of three separate urban logistic warehouses in Crawley, Coventry and Huyton for £23.9 million.

The purchase price reflects a blended yield of 6.0% and a reversionary yield of 6.8%. The WAULT is 11.7 years.

JP Morgan Cazenove Overweight 168.95 175.00 175.00 Reiterates

Jefferies International Hold 168.95 170.00 185.00 Reiterates

Why is the divi total 1.84p and not 2.1p as stated in the finals?

Div should be 2.1p I think. Ex-divi 8th June 2017.

Shows the Divi at 2.1p still but have not recieved more than 1.84p. Anyone know whats happened?