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)

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?

Looking here, you should have received 1.3p on July 10th.

I recieved a bit on the 10th and a bit on the 12th. That is all!!!

StockMarketWire.com
LondonMetric Property has sold a further two DFS retail properties in Swindon and Swansea for £13.9m on behalf of the company's DFS joint venture.

The two properties formed part of a portfolio of 27 DFS assets acquired in 2014 for £175m at a NIY of 9.3%.

It said the sales reflected a blended NIY of 7.5% and were in excess of book value.

It said the JV had now sold a total of 17 stores for a total receipt of £114.6m and had delivered an IRR to its partners of 23% pert annum and a profit of over £50m.

StockMarketWire.com
LondonMetric Property has sold a Tesco's logistics warehouse in Bolton for £24.4m, reflecting a NIY of 5.35%.

The 274,000 sq ft regional warehouse was acquired as part of the £117 million Cabot logistics portfolio in August 2017 off a blended NIY of 6.1%.

The unit is let to Tesco for a further four years at a rental of £1.395 million pa, off £5.27 psf.

LondonMetric continues to retain the remaining 13 logistics assets from the Cabot portfolio of which 11 are urban logistics.

StockMarketWire.com
LondonMetric Property has exchanged on the sale of an Odeon Cinema in Derby and a retail asset in Guisborough for £18.6m reflecting a blended net initial yield of 4.8%.

At Derby, the 10 screen, 37,000 sq ft cinema formed part of a portfolio of 10 Odeon cinemas acquired in 2013 at an overall yield of 7.3%.

LondonMetric continues to own five Odeon cinemas with a WAULT of 21 years and rents that rise annually in line with RPI between 1%-5%. At Guisborough, the 26,000 sq ft scheme is let to Aldi and Iceland for a further 12 years and was acquired in 2014 at a NIY of 5.8%.

The sales reflect a 15% premium to the March 2017 valuation and materially above the latest valuation.

StockMarketWire.com
LondonMetric's net rental income rose 12% to £44.5m inthe six months to the end of September, reflecting deployment of its equity raise and portfolio activity.

EPRA earnings rose 14% to £28.8m, (up 5% on a per share basis) and the reported profit of £79.6m compared with loss of £13.1m last time was driven by a £52.8m revaluation surplus reflecting a 3.2% uplift.

Other highlights:
- Dividend increased 3% to 3.7p, 114% dividend cover

* Second quarterly interim dividend declared of 1.85p

-EPRA NAV up 4% to 155.7p (FY 17: 149.8p)

* Portfolio valued at £1,705m1, topped up NIY of 5.2%

* Total property return of 6.1% compared to IPD All Property of 5.0%

* Total accounting return of 6.6%

Chief executive Andrew Jones said: 'Our primary goal is to allocate capital into those sectors of real estate that will generate high quality, sustainable income growth from structural changes and management actions.

'Today, almost 70% of our portfolio is allocated to the distribution sector with the balance mainly invested in long income and convenience retail; both areas that are benefiting from the changes taking place in consumer shopping habits.

'Our decision a number of years ago to pivot into these winning sectors was driven by the impact of technology on shopper behaviour.

'We were early movers into both these sectors and this is reflected in our strong financial numbers. We have performed across every key financial measure, increasing our income, earnings, profits, dividend and NAV whilst maintaining our strong portfolio metrics.

'The desperate search for yield globally is continuing to drive investor demand for income backed real estate. Our approach of patiently collecting and compounding our income remains front and centre of our strategy, and this is exactly what a REIT was designed to do.'

LondonMetric also announced the acquisition of two logistics warehouses for £47.6 million, reflecting a blended NIY of 5.0% rising to a minimum of 5.6% after five years.

The average lease length is over 18 years.

At Ollerton in Nottinghamshire, LondonMetric has agreed to acquire a 364,000 sq ft regional warehouse let to Clipper Logistics plc on a 20 year lease, at a rent of £5.04 psf, subject to annually payable RPI uplifts of between 2 - 4%.

At Speke, LondonMetric has acquired a new 132,000 sq ft regional logistics warehouse let to Gefco, on a new 15 year lease, at a rent of £5.17 psf subject to five yearly RPI linked reviews of between 2 - 4%.

divi is declared I notice but not in forward diary. Why?

It was only declared this morning, give it time.

I'll slow up george its christmas.

LondonMetric Property Plc will announce its full year results for the period ending 31 March 2018 on Wednesday 30 May 2018.

There will be a presentation for analysts at 9.00am on the morning of the results. For details of the meeting, please contact FTI Consulting.

StockMarketWire.com
LondonMetric said Thursday it plans to sell four distribution and two industrial warehouses for £36.0m to Pacific Industrial & Logistics REIT, reflecting a blended net interest yield of 5.9%.

This sale would represent a profit of £5.3m with an ungeared internal rate of return of 15% per annum.

The assets were sold to Pacific Industrial & Logistics REIT in two portfolios and the sale was said to be conditional on completion of its recently announced fundraising.

Completion of the disposals were delayed by three and five months respectively, LondonMetric said, allowing the firm to continue to receive circa £700K of additional rent.

'As evidenced by our recent acquisitions we remain focused on growing our logistics exposure, however we will always react to attractive off market approaches which offer our shareholders superior value. This transaction monetises our older and shorter let distribution assets in geographies where we believe rental growth is less certain,' said Andrew Jones, Chief Executive of LondonMetric.