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 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.

Numis today reaffirms its hold investment rating on LondonMetric Property (LON:LMP) and raised its price target to 181p (from 172p).

Following day 05/06/18
Numis today reaffirms its hold investment rating on LondonMetric Property (LON:LMP) and raised its price target to 187p (from 181p).

StockMarketWire.com
LondonMetric Property said Wednesday it had acquired ten single let properties from the ACT Foundation for £55.0m.

The purchase price reflected a day one blended net interest yield of 4.4% and a reversionary yield of 5.3%, the company said.

The ten single let property portfolio consisted of nine urban logistics assets - 50% are located in London and the South East with a further 35% located in the Midlands - totalling 340,000 sq ft and a retail store let to Wickes for a further 14 years.

The portfolio generated income of £2.6m per annum and the average rent was £6.90 per square foot, which is significantly below ERV of £8.10 psf, the company said.

'The portfolio is fully income generating, offers good opportunities to capture strong income growth and increases our urban logistics portfolio to approximately £400m,' said Andrew Jones, Chief Executive of LondonMetric.

JP Morgan Cazenove today reaffirms its neutral investment rating on LondonMetric Property (LON:LMP) and raised its price target to 210p (from 200p).

StockMarketWire.com
LondonMetric said Monday that it had sold two M&S convenience stores for £10.7m, reflecting a net interest yield of 4.5%, and purchased a convenience development in Durham pre-let to Lidl for £13.3m, reflecting a yield on cost of 5.4%.

The two M&S stores that had been sold were purchased by LondonMetric in 2015 for £7.7m at a blended yield on cost of 5.9%, delivering an ungeared internal rate of return of 17% per annum.

The 58,000 sq ft convenience development in Durham had been acquired by a forward funding contract with Kier Property.

The convenience development is pre-let to Lidl for 20 years, at £13 psf, and would generate £0.8m of income per annum, 40% of which is expected to be RPI linked.

LondonMetric would benefit from a 5.5% funding coupon during construction, which is expected to be completed in the first half of 2019.

'The market for long, secure and growing income remains highly competitive, and the convenience sector continues to be well supported by shifting consumer shopping patterns,' said Andrew Jones, Chief Executive of LondonMetric

Peel Hunt Add 183.80 205.00 - Reiterates

Little gap on the chart. I have some funds seeking a home, so might put on a buy at 180p. Support from the 200 DMA also.

FWIW, I understand their focus is now on larger premises, like Warehousing and out-of-town Zones.
IMHO these are the future in Retail, as folks choose On-Line, or spend a day looking.
For on-line, there has to be Distribution and that means some form of automated warehouse ( so they can't move very easily!), it also means good Road/Rail/Airport links which LMP is well aware of. A mixture of Larger and some smaller distribution areas would seem to be a vital mix to keep each Company "sweet" while offering them some "Flexibility" as their customers' product-demand will change.

TWO URBAN LOGISTICS ACQUISITIONS FOR £24M

ACQUISITION OF TWO URBAN LOGISTICS WAREHOUSES FOR £24 MILLION

LondonMetric Property Plc ("LondonMetric") announces the acquisition of two urban logistics warehouses for £23.5 million, reflecting a blended NIY of 4.9% and rising to 5.6% after five years. The average lease length is 13 years.

A 48,000 sq ft warehouse has been acquired in Avonmouth, let to CHEP at a rent of £0.7 million pa, subject to annual RPI linked reviews of between 2 - 4%. CHEP is a global leader in pallet supplies and distribution, and is part of the Brambles Group. The warehouse was built in 2012 and has a very low site density of 14%, providing future optionality for further development. It is located on Central Park, the South West's largest distribution park.

An 80,000 sq ft warehouse has been acquired in Cambridgeshire, let to Cambridge Commodities at a rent of £0.5 million pa, subject to five yearly RPI linked reviews of between 2 - 4%. Cambridge Commodities provides nutritional ingredients to the sports, health, animal and food industries. The newly built warehouse is located on an established business park occupied by tech and R&D focused companies.

Andrew Jones, Chief Executive of LondonMetric, commented:

"These two modern warehouses are fully income generating, let for an average of 13 years to established occupiers and benefit from guaranteed rental growth.

"Following these acquisitions, our urban logistics portfolio is approximately £420 million and we will continue to take advantage of selective opportunities to grow our urban logistics portfolio above £500 million in the near term."

LondonMetric was advised by Knight Frank at Avonmouth and by FSP at Cambridgeshire.

-Ends-

Liberum Capital today reaffirms its hold investment rating on LondonMetric Property (LON:LMP) and cut its price target to 180p (from 200p).

SALE OF MARTLESHAM HEATH RETAIL PARK FOR £22M

LondonMetric Property Plc ("LondonMetric") announces that it has sold its retail park in Martlesham Heath, Ipswich, for £22.0 million, reflecting a NIY of 5.2%.

The 48,000 sq ft retail park was acquired in 2013 for £10.4 million. LondonMetric has executed a number of asset management initiatives during its ownership, which have helped attract new retailers such as Hobbycraft, Mountain Warehouse, Card Factory, Shoe Zone and Poundland, whilst existing tenant M&S, recently extended its foodhall to 20,000 sq ft on a new 15 year lease.

The park is fully let off average rents of £25.70 psf with a weighted average lease term of 12 years to expiry and 10 years to first break.

The property has generated a profit on cost of 40% and an ungeared return of 13% pa. The sale is to a long-term investor and reflects a premium to March 2018 book value.

Andrew Jones, Chief Executive of LondonMetric, commented:

"Whilst demand for physical retail assets continues to polarise rapidly, investor appetite for long and strong income remains healthy. The sale is in line with our strategy of divesting our last remaining operational retail assets upon completion of their business plans. We retain three retail parks within our direct portfolio reflecting 5% of our assets.

"Our investments will continue to target high quality opportunities within the logistics and convenience sectors where income certainty is greater and income growth prospects are superior."

19 Nov 2018 Peel Hunt Add 186.90 190.00 Reiterates

19 Nov 2018 Liberum Capital Hold 186.90 180.00 Reiterates

28 November 2018 Half Year Results Announcement

StockMarketWire.com
LondonMetric said Wednesday first-half profits were roughly flat compared with a year earlier even as a rise in net rental income boosted earnings growth.

For the six months ended 30 September, pre-tax profits fell to £79.3m from £79.6m a year earlier, while net rental income was up 5.8% to £47.1m boosting earnings -- stated as EPRA net asset value per share to 172.1p a share, up 6.6% from a year earlier.

The portfolio delivered a total property return of 5.4%, significantly outperforming the IPD All Property return of 3.3%, the company said.

The company's property portfolio was also bolstered by a revaluation gain surplus of £51.0m, reflecting a 2.7% uplift, with urban logistics increasing by 4.5%, LondonMetric added.

The dividend was increased by 2.7% to 3.8p a share.