LondonMetric has reported rental income of £193.1m for the six months to September, up 154% from the same point in 2023.
In the REITs half year reports - its financial year runs from March to March - earnings were also up in the first half of its 2025 financial year.
Over this period, earnings of £135.4m were generated, up 155% from the same point in 2023. This has led to the dividend being increased by 18.8% to 5.7p per share, which is now 117% covered by earnings.
LondonMetric’s management team has been growing the portfolio during this time and increasing income through rent reviews.
The REIT’s portfolio stands at £6.2bn, up from £6bn at the start of the financial year in March 2024. Logistics makes up 45% of this, with 50% being targeted by the end of the year.
In the six months to September 2024, £193.3m of assets were acquired. Since the end of the reporting period, 30th September, £10m further of assets have been bought with £116m worth currently under offer.
The reporting period also saw £155.4m worth of disposals, with a further £78.4m of sales since then and currently £86m under offer.
Rent reviews during the period led to a 17% uplift on a five yearly equivalent basis with £7.7m per annum being added in contracted income. Over the next 18 months, this is expected to generate £26m in income.
“Our all-weather portfolio with guaranteed rent growth, greater scale and a well positioned balance sheet underpins our earnings growth and our ability to deliver a tenth year of dividend progression and maintain our path to dividend aristocracy,” commented Andrew Jones, CEO of LondonMetric (pictured above).
“After all, we continue to believe that income compounding is the eighth wonder of the world – the secret ingredient that creates wealth over time.”
