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LondonMetric Property PLC on Thursday gave investors a 7% dividend increase, as it reported higher revenue in first half of its financial year but mixed earnings and flat net asset value per share. The London-based real estate investment trust focuses on logistics, healthcare, convenience, entertainment and leisure properties. It follows a triple net lease business model, meaning that its tenants are responsible for paying key property expenses in addition to the base rent. It declared a 3.05 pence per share dividend for the second quarter, resulting in a 6.1p payout for the half year that ended September 30, up 7.0% from 5.7p a year before. The payout is 111% covered by EPRA earnings, LondonMetric noted. Net rental income rose by 15% to £221.2 million in the recent six month from £193.1 million a year before, and total revenue was £225.7 million, up from £195.9 million. EPRA earning rose to £148.6 million from £135.4 million, but IFRS reported profit declined to £130.3 million from £163.8 million. Pretax profit declined by 21% to £131.6 million from £165.9 million. EPRA net tangible assets per share were 199.5 pence on September 30, marginally up from 199.2p on March 31. IFRS net assets per share were 202.1p, marginally down from 202.4p. Overall portfolio value was £7.4 billion on September 30, up from £6.2 billion a year before, with it weighting to logistics properties rise to 54% from 46%. ‘Our NNN [triple net lease] income model is delivering strong income and elevated rental growth through a low cost and efficient platform,’ LondonMetric says, adding: ‘Scale and efficiency are essential in today’s environment, and we have every reason to be optimistic following our relentless expansion.’ LondonMetric shares were down 1.0% to 186.90 pence in London on Thursday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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