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)

Half Year results due 26 Nov 2015.

StockMarketWire.com
LondonMetric Property has exchanged on the sale of its Odeon Multiplex Cinema in Preston for GBP10.2 million to Blackrock UK Long Lease Property Fund reflecting a net initial yield of 5.75%. The ten screen, 33,000 sq ft cinema is let to Odeon Cinemas Ltd for a remaining term of 23 years. The lease is subject to annual rental increases of between 1% and 5% linked to RPI. The property formed part of a portfolio of ten Odeon Multiplex Cinemas acquired by LondonMetric in November 2013 at an overall net initial yield of 7.2%. It continues to own seven Odeon cinemas and one Vue cinema with an average lease length of 22 years.

Ex-divi Thurs 17th March 2016 (2.6p + 1.15p)

Numis today reaffirms its hold investment rating on LondonMetric Property (LON:LMP) and cut its price target to 164p (from 166p).

LondonMetric Property will announce its results for the year ended 31 March on 1st June 2016.

StockMarketWire.com
LondonMetric Property has acquired two convenience assets in Matlock and Leicester and a development site in Ipswich for a total cost of GBP16.2 million, reflecting a net initial yield of 7.0%.

In Ipswich, LondonMetric has acquired a three acre site from Tesco, where it intends to develop a new 30,000 sq ft retail park; 20,000 sq ft has been pre-let to Wickes. The development is expected to complete in summer 2017 at a total cost of £8.0 million, reflecting an anticipated yield of 7.7%.

In Matlock, LondonMetric has acquired a 22,000 sq ft store and pre-let 13,000 sq ft to M&S, reflecting a yield of 7.0%. Terms are agreed on the remaining space.

In Leicester, LondonMetric has agreed to buy an 18,000 sq ft development pre-let to Aldi, reflecting a yield of 5.8%. Practical completion is expected in August 2016. The weighted average unexpired lease term of the three lettings is 18.4 years.

StockMarketWire.com
LondonMetric Property's JV with Universities Superannuation Scheme Ltd, known as Metric Income Plus Ltd Partnership, has sold its retail parks in Bridgwater, Chatham and Grimsby for GBP15.9m.

LondonMetric's share of this sum, which reflects a blended NIY of 5.7%, is GBP8.0m.

The 33,000 sq ft Range store in Bridgwater has been sold to an international investor for £4.9 million, reflecting a NIY of 5.1% rising to 5.7% in 2018. The newly developed store was acquired in 2013 at a NIY of 6.8% and has an unexpired lease term of 17 years. The 26,000 sq ft Wickes store in Chatham has been sold to clients of Knight Frank Investment Management (KFIM) for £6.9 million, reflecting a NIY of 5.64%. The store was acquired in 2013 at a NIY of 7.0%. The 21,000 sq ft Wickes store in Grimsby has been sold to an international investor for £4.1 million, reflecting a NIY of 6.4%. The newly developed store was acquired in 2015 on a forward commitment basis at a NIY of 7.2%.

StockMarketWire.com
LondonMetric Property has purchased a four acre site in Crawley to develop approximately 100,000 sq ft of prime distribution space at a cost of c£20 million, reflecting a yield on cost of c6.3%.

Located on a prime South East urban logistics estate less than one mile from Gatwick Airport, the site has been purchased for GBP7.6 million. Planning for the new scheme is expected by the end of this year with build completion anticipated in the first quarter of 2018. The scheme is expected to generate a rent of GBP1.3 million p.a.

StockMarketWire.com
LondonMetric Property's recurring profits increased 19% to GBP48.5 million in the year to the end of March with the group delivering substantial earnings growth through its focus on retail distribution.

EPRA earnings totalled £48.5 million or 7.8p per share while net rental income rose 10% to £77.7 million. Contracted income up to £87.1 million.

Other highlights:

- £11.7 million pa of new rental income from 1.9 million sq ft of completed developments and £3.5 million pa from asset management transactions

- 3.1% like-for-like income growth and 6.4% ERV growth

- Full year dividend of 7.25p per share, 107% covered. Change to quarterly dividends with next payment of 1.8p per share expected October 2016

Chief executive Andrew Jones said: "Our focus on growing our income has delivered a substantial increase in EPRA earnings during the year and we will continue to grow our repetitive and predictable income further. As yield tranquillity sets in, the compounding impact of this repetitive effect is becoming increasingly attractive.

"Distribution is the best performing retail sub sector driven by rapidly changing consumer shopping patterns and the need for retailers to continually invest in their distribution capabilities to remain competitive. Since merger, we have consciously increased our distribution exposure from 20% to 54% of the portfolio by value, and this is set to grow further, capitalising on this trend and building on our retailer relationships.

"We continue to experience strong structural demand/supply dynamics in this sub sector and our 2.0 million sq ft distribution development programme will help to deliver sustainable earnings and income growth as well as incremental returns.

"Our portfolio metrics are as strong as ever and we remain highly disciplined in our investment approach."

LondonMetric Property also announced that Andrew Livingston has joined the board as an independent non-executive director with effect from 31 May. He also joins as a member of the Audit Committee. Livingston has been the Chief Executive of Screwfix since 2013

Another one being hit by the Brexit vote. Possibly it bit unjustified as their portfolio is nationwide, though partly exposed to London commercial property. Yield looking very attractive.

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."