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LMP Londonmetric Property Plc

0.40 (0.20%)
24 May 2024 - Closed
Delayed by 15 minutes
Londonmetric Property Investors - LMP

Londonmetric Property Investors - LMP

Share Name Share Symbol Market Stock Type
Londonmetric Property Plc LMP London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.40 0.20% 201.40 16:35:18
Open Price Low Price High Price Close Price Previous Close
199.50 199.40 202.00 201.40 201.00
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Industry Sector

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Top Posts
Posted at 04/3/2024 21:07 by sleepy
Re 188 - I recommend Sky’s REIT posts to everyone (not so sure as to his oils, minerals etc). If you keep your eyes open and are prepared to trade then it is very likely that you will make money which puts him in a very select band of posters

Some investors prefer to buy and hold and it seems to me understandable that they would buy a REIT with quality property and quality management at a discount and a reasonable yield
Posted at 20/11/2023 18:49 by nexusltd
@alan. In this instance The Times is correct.
Thursday, 23 November 2023 @ 08:45 Interim Results Presentation
Posted at 22/10/2023 16:25 by nexusltd
@skyship. I too have been adding to LMP, started with 1st tranche in late June & added last week. Accepted the 1 yr chart; lower highs, and lower lows does not look great. So why am I adding?
1) I think they have excellent managers; not seen a miss-step.
2) Notwithstanding apparent better value in SREI and API, do you think the investors are more likely to pocket dividend growth from the likes of LMP and SGRO, or from API and SREI?
Posted at 31/8/2022 13:48 by skyship
218p - "Elsewhere among mid-caps, LondonMetric was down 3.3%. Berenberg cut the property investor to 'sell' from 'hold' as part of a comprehensive note on the real estate sector."
Posted at 11/6/2020 04:13 by rambutan2
Webcast available for the always interesting presentation by Mr Jones:
Posted at 19/11/2018 12:08 by skinny
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."
Posted at 29/11/2017 10:57 by speedsgh
Half-Year Report -

EPRA earnings up 14% to £28.8m, (up 5% on a per share basis)
· Net rental income up 12% to £44.5m1 reflecting deployment of equity raise and portfolio activity
· Reported profit of £79.6m driven by £52.8m1 revaluation surplus reflecting a 3.2% uplift

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%

Distribution weighting increased to 67.4%; targeting 75%+
· Distribution acquisitions of £171m at 6.0% yield, further investment announced separately today
· Regional distribution sale of £49m at 5.0% yield, further regional disposal PPE
· Urban logistics grown to 40 assets, representing over 25% of our end to end logistics portfolio
· Non distribution disposals of £131m, including sale of our last office
· Long income and convenience acquisitions of £65m at 6.4% yield

Continued income growth from asset management activity
· £2.3m pa income uplift from rent reviews and lettings. New leases signed with WAULT of 14.3 years
· £1.8m pa of income from letting activity PPE, including £1.0m of terms agreed at our Crawley and Frimley developments
· In H1, achieved 2.7% like for like income growth and 1.8% ERV growth, 4.9% on urban logistics

Short cycle developments creating future long income at attractive yields
· 0.8m sq ft under construction in H2 at a yield of 6.2%, 84% pre-let
· 0.7m sq ft development pipeline at a 7.0% yield, including our Bedford development

Portfolio metrics reflect our focus on long income, contractual uplifts and low operational requirements
· Occupancy of 99.4%, WAULT of 12.4 years and only 3.5% of income expiring within three years
· 48.4% of income is subject to contractual uplifts and 98.7% gross to net income ratio

Finances strengthened and improved
· Debt maturity increased to 5.3 years and LTV at 34% (FY 17: 30%)
· Average cost of debt fallen to 3.0% from 3.5% with marginal cost at 1.8%
· EPRA cost ratio reduced to 15% from 17%

Andrew Jones, Chief Executive of LondonMetric, commented:

"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."
Posted at 31/5/2017 16:44 by speedsgh
Final Results -

> EPRA earnings of £51m or 8.2p per share, up 5%
> Dividend increased 3% to 7.5p for year, 109% dividend cover in year
> EPRA NAV of 149.8p (FY 16: 147.7p)
> Distribution weighting up to 64% following post period end activity, retail parks down to 13%
> Strong income growth across the portfolio
> Short cycle development activity creating future long income and capital growth
> Portfolio metrics reflect income longevity, contractual uplifts and occupier contentment
> Finances strengthened and diversified by private debt placement and equity placing

Andrew Jones, Chief Executive of LondonMetric, commented:
"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."
Posted at 20/2/2013 15:04 by skyship
Irene - "This is one of the best property companies around"

How do you define that? What metrics are you looking at?

Certainly it is very well managed; but as an investment prospect are you not concerned at paying a premium to the NAV?

You do say you are a long term investor; and I grant you over the long term you should do well, assuming they still pay that 7p dividend. To that 6% yield you can surely add 5%+ of capital gain; so the gross yield of 11%pa has its attractions.

Personally I prefer a more activist approach, buying perfectly good companies when on much higher discounts and prepared to take quick profits as excessive discounts close - recent plays being APT, CIC, PCTN & SREI. Still hold the first two; and have recently added DSC where George Soros recently followed me in!

These and others are discussed on the secondary real estate companies thread - under the epic CP+
Posted at 20/2/2013 12:43 by irenekent
This is one of the best property companies around. I believe they are going into residential as well. Long term investor.

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