LondonMetric Property (GB:LMP)
LSE:LMP
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LondonMetric Property
(LSE:LMP)
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Rating:80Outperform
Price Target:
237.00 p
▲(26.87% Upside)
Action:ReiteratedDate:12/07/25
LondonMetric Property's overall stock score is driven by strong financial performance and positive earnings call insights. The company's strategic acquisitions and successful bond issuance further enhance its growth prospects. While technical indicators are stable, the attractive valuation and high dividend yield add to its appeal. However, attention to rising debt levels and profit consistency is advised.
Positive Factors
Sector Focus & Occupancy
Concentration in logistics (54%) and a 98.1% occupancy rate indicate durable tenant demand for last‑mile and distribution assets. High occupancy reduces vacancy risk and supports steady contracted rental income, underpinning reliable dividends and cash flow over the medium term.
Negative Factors
Rising Finance Costs
Net finance costs up 31.5% to £59.7m reflect higher interest expense from additional debt. Persistently higher financing charges reduce distributable cash flow, compress margins and heighten sensitivity to future rate increases, limiting reinvestment and dividend flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Sector Focus & Occupancy
Concentration in logistics (54%) and a 98.1% occupancy rate indicate durable tenant demand for last‑mile and distribution assets. High occupancy reduces vacancy risk and supports steady contracted rental income, underpinning reliable dividends and cash flow over the medium term.
Read all positive factors
LondonMetric Property (LMP) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£4.36B
Dividend Yield6.67%
Average Volume (3M)6.31M
Price to Earnings (P/E)7.7
Beta (1Y)0.87
Revenue Growth43.70%
EPS Growth40.28%
CountryUK
Employees47
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.07
Shares Outstanding2,344,406,300
10 Day Avg. Volume5,980,678
30 Day Avg. Volume6,310,205
Financial Highlights & Ratios
PEG Ratio0.20
Price to Book (P/B)0.91
Price to Sales (P/S)9.43
P/FCF Ratio13.17
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£225.67Price Target Upside20.81% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)0.14
Revenue Forecast (FY)£491.79M
LondonMetric Property Business Overview & Revenue Model
Company Description
LondonMetric is a FTSE 250 REIT that owns one of the UK's leading listed logistics platforms alongside a diversified long income portfolio, with 16 million sq ft under management. It owns and manages desirable real estate that meets occupiers' dem...
How the Company Makes Money
LondonMetric Property generates revenue primarily through rental income from its portfolio of properties. The company leases its properties to a diverse range of tenants, including major retailers and logistics firms, under long-term leases, which...
LondonMetric Property Earnings Call Summary
Earnings Call Date:Nov 20, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 21, 2026
Earnings Call Sentiment Positive
The earnings call was largely positive, highlighted by substantial growth in net rental income, continuous dividend growth, and successful acquisitions. However, increased finance costs and certain challenges with acquired assets were noted as concerns.Positive Updates
Increase in Net Rental Income
Net rental income increased by 15%, driven by strong performance in logistics and other key sectors.
Negative Updates
Increased Finance Costs
Net finance costs increased to GBP 59.7 million, a rise of 31.5% due to additional debt.
Read all updates
Q2-2026 Updates
Positive
Negative
Increase in Net Rental Income
Net rental income increased by 15%, driven by strong performance in logistics and other key sectors.
Read all positive updates
Company Guidance
In the recent call, LondonMetric provided a comprehensive overview of their fiscal performance and strategic guidance for the upcoming periods. The company highlighted a 15% increase in net rental income, contributing to EPRA earnings of GBP 148.6 million, and announced a Q2 dividend of 3.05p, marking a 7% year-on-year increase. They emphasized their focus on logistics, which constitutes 54% of their portfolio, alongside hospitality and entertainment (18%), and convenience retail (14%). The company maintains a sector-leading EPRA cost ratio of 7.7% and a total property return of 3.3%. Additionally, LondonMetric's portfolio value has grown by 22% to GBP 7.4 billion, and their leverage ratio (LTV) stands at 35.1%. The firm plans to manage debt maturities strategically, leveraging their increased scale and credit rating, with a net debt-to-EBITDA ratio of 6.9x. Looking forward, LondonMetric aims to enhance income growth through asset management initiatives and M&A activities, while maintaining a strong occupancy rate of 98.1% and focusing on sectors promising superior rental growth.LondonMetric Property Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Mar 2025 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 430.50M | 396.70M | 178.00M | 133.20M | 122.20M | 113.40M |
| Gross Profit | 424.50M | 391.80M | 176.30M | 131.20M | 119.90M | 111.50M |
| EBITDA | 386.75M | 468.30M | 161.70M | 116.20M | 110.20M | 16.00M |
| Net Income | 314.40M | 347.90M | 118.70M | 734.50M | 257.30M | -5.70M |
Balance Sheet | ||||||
| Total Assets | 7.97B | 6.61B | 6.48B | 3.66B | 2.63B | 2.42B |
| Cash, Cash Equivalents and Short-Term Investments | 147.30M | 41.80M | 111.90M | 51.30M | 51.40M | 81.80M |
| Total Debt | 2.84B | 2.10B | 2.12B | 1.03B | 842.70M | 932.60M |
| Total Liabilities | 3.25B | 2.48B | 2.51B | 1.09B | 888.70M | 979.90M |
| Stockholders Equity | 4.69B | 4.09B | 3.94B | 2.56B | 1.73B | 1.43B |
Cash Flow | ||||||
| Free Cash Flow | 297.50M | 284.00M | 117.30M | 54.20M | 60.50M | 42.30M |
| Operating Cash Flow | 300.00M | 316.90M | 123.10M | 105.20M | 86.10M | 60.40M |
| Investing Cash Flow | -56.10M | -7.90M | 195.70M | -377.10M | -53.00M | -214.90M |
| Financing Cash Flow | -123.20M | -339.70M | -249.90M | 271.80M | -63.50M | 215.70M |
LondonMetric Property Technical Analysis
Negative
186.80
Price Trends
197.09
Negative
191.82
Negative
186.88
Negative
Market Momentum
-4.67
Negative
43.96
Neutral
63.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:LMP, the sentiment is Negative. The current price of 186.8 is below the 20-day moving average (MA) of 188.16, below the 50-day MA of 197.09, and below the 200-day MA of 186.88, indicating a bearish trend. The MACD of -4.67 indicates Negative momentum. The RSI at 43.96 is Neutral, neither overbought nor oversold. The STOCH value of 63.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:LMP.
LondonMetric Property Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | £4.36B | 7.70 | 7.16% | 6.67% | 43.70% | 40.28% | |
75 Outperform | £3.65B | 3.98 | 7.75% | 5.85% | -20.83% | ― | |
73 Outperform | £4.21B | 11.16 | 3.85% | 6.34% | 10.69% | 135.58% | |
71 Outperform | £157.72M | 9.16 | 7.33% | 7.43% | -10.95% | -30.09% | |
67 Neutral | £234.04M | 5.97 | 9.81% | 6.64% | ― | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | £397.33M | 6.81 | 7.51% | 5.15% | -3.98% | 412.08% |
* Real Estate Sector Average
GB:LMP
LondonMetric Property
186.80
26.95
16.86%
GB:AEWU
AEW UK REIT
99.40
10.75
12.13%
GB:BLND
British Land Company plc
365.20
44.02
13.71%
GB:LAND
Land Securities Group plc REIT
568.00
85.35
17.68%
GB:SREI
Schroder Real Estate ate ate Investment
47.85
6.98
17.08%
GB:PCTN
Picton Property Income
77.80
14.76
23.41%
LondonMetric Property Corporate Events
Dividends
LondonMetric Declares Third Quarterly Property Income Dividend
Positive
Mar 5, 2026
LondonMetric Property has declared a third quarterly interim dividend of 3.05 pence per ordinary share, to be paid as a Property Income Distribution. The payout, scheduled for mid-April 2026 with an ex-dividend date in mid-March, aligns with the c...
Executive/Board Changes
LondonMetric Adds Alistair Elliott to Remuneration Committee
Neutral
Jan 29, 2026
LondonMetric Property has appointed Alistair Elliott as a member of its Remuneration Committee, effective 28 January 2026. The addition of Elliott to the committee reflects ongoing adjustments to the company’s governance and oversight of exe...
Business Operations and StrategyM&A Transactions
LondonMetric invests £89m in nine Premier Inn hotels via Whitbread sale-and-leaseback
Positive
Jan 13, 2026
LondonMetric Property has expanded its leisure and hospitality exposure with the £89 million acquisition of nine Premier Inn hotels in a sale-and-leaseback deal with Whitbread, adding 955 South East-focused, purpose-built hotel rooms on new 3...
Business Operations and StrategyFinancial Disclosures
LondonMetric Sets Date for Full-Year 2026 Results and Analyst Presentation
Neutral
Jan 9, 2026
LondonMetric Property has announced that it will publish its full-year results for the financial year ending 31 March 2026 on 21 May 2026, accompanied by an in-person analyst presentation in London at 8:30 a.m. The company will also provide a live...
Delistings and Listing ChangesDividendsRegulatory Filings and Compliance
LondonMetric to Issue New Shares Under Scrip Dividend Scheme
Neutral
Jan 5, 2026
LondonMetric Property has confirmed that, in connection with its previously declared second quarterly interim dividend of 3.05 pence per ordinary share payable on 8 January 2026, it will issue 975,864 new ordinary shares under its scrip dividend s...
Business Operations and Strategy
LondonMetric Rotates £91m From Mature Retail into Higher-Yield Logistics Assets
Positive
Dec 22, 2025
LondonMetric Property has executed £91 million of investment activity, selling £64.4 million of mature retail assets and redeploying part of the proceeds into £26.2 million of higher-yielding warehouse assets. The disposals, which w...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.