LondonMetric Property : sites/london metric/files/report presentation/2021/hy 22 final results present…

HALF YEAR RESULTS

Half Year Ended 30 September 2021

www.londonmetric.com

AGENDA

Highlights

Financial Review

Property Review

Outlook

Q&A

2

Key Highlights

Sector calls, asset selection and income focus continue to deliver portfolio outperformance

• Macro trends remain supportive
• • Tailwinds favouring our logistics & long income strategies
  • Favourable demand/supply delivering continued income growth
• Our sector calls are delivering
• • Total property return1 +10.4% v IPD +7.6%
  • Like for like income growth +3.0%
  • Rent reviews +13%2 : contractual +12%2, open market +20%
• Disciplined capital allocation
• • £305m acquired YTD, WAULT of 18 years
  • £168m disposed YTD, WAULT of 10 years, mature and non-core assets
• Proposed £175m equity placing
• • Attractive opportunities to grow the portfolio
  • £282m3 of deals committed or under offer, c.80% logistics

Portfolio

£3.0 billion

March 2021: £2.6 billion

Logistics

74%

Urban Logistics: 42%

Occupancy

98.9%

March 2021: 98.7%

WAULT

11.6 years

Up from 11.4 years

1.	Compared to IPD/MSCI All property	3
2.	Five yearly equivalent uplift
3.	Consists of £243m of deals under offer and a recently announced £39m development commitment in Ipswich

Financial Highlights

Half Year to 30 September 2021

	September	September	Change
	2021	2020
EPRA Earnings	£44.2m	£42.3m	+4.5%
EPRA Earnings (pps)	4.87p	4.75p	+2.5%
Dividend (pps)	4.4p	4.2p	+4.8%
EPRA Net Tangible	213.4p	190.3p1	+12.1%
Assets (pps)

H1 2022 dividend progression

+4.8%

To 4.4p, 111% covered

Valuation gain (H1)

+£207m

18 bps yield compression

TAR (H1)

+14.5%

FY 2021: +16.7%

1. Comparative as at 31 March 2021

4

FINANCIAL REVIEW