Londonmetric Property
Website:
Londonmetric Property
Index:
FTSE 100
EPIC: LMP
Supersector:
Real Estate
Sector:
Real Estate Investment Trusts
Subsector:
Diversified REITs
Market Cap:
£4.25B
Payout Frequency: Quarterly
Londonmetric Property Dividend Analysis and Summary
Declared dividend details (Q4 FY26)
- Dividend per share: 3.30p (of which 1.50p is PID; 1.80p non-PID)
- Ex-dividend date: 04/06/2026
- Record date: 05/06/2026
- Payment date: 09/07/2026
- Scrip alternative: Offered
Full-year dividend and cover (FY26)
- Total FY26 dividend: 12.45p (up 3.8% year on year)
- EPRA EPS: 13.5p; dividend cover: ~1.08x (108%); cash earnings cover: ~100%
- Dividend cadence: Quarterly
- Outlook/guidance: First quarterly dividend for FY27 guided to 3.15p (+3.3% vs FY26 Q1)
Context and key financial supports
- Like-for-like income growth: 4.2%; occupancy ~98%; WAULT ~17 years
- Contracted uplifts on 69% of rent; expected rent uplift of ~£38m over next two years (plus ~£11m on letting current vacancies)
- Balance sheet: LTV 36.7%; cost of debt ~4.0%; interest cover 3.8x; 99.8% hedged; no material refinancing until FY30
- Operational efficiency: EPRA cost ratio 7.7%
Analysis: sustainability and growth
- Coverage and cash generation: FY26 dividend covered 1.08x by EPRA EPS and ~100% by cash earnings, indicating headroom to sustain a progressive policy.
- Income visibility: Long WAULT, high occupancy, and 69% of rent with index/fixed uplifts underpin forward cash flows; management expects further embedded rent capture (reversion + contractual).
- Debt profile: Extensive refinancing, low average cost (4.0%), high hedging and staggered maturities reduce interest-rate risk, supporting dividend resilience.
- Growth trajectory: DPS up 3.8% in FY26 and initial FY27 quarterly guidance (+3.3%) suggests continued, measured growth consistent with earnings momentum and rental uplift pipeline.
Structural changes and capital allocation signals
- M&A: Completed takeovers of Urban Logistics REIT and Highcroft (FY26), increasing logistics weighting and income granularity; post year-end a non-binding joint approach announced for Picton (with SREIT).
- Financing: Debut £500m unsecured bond; £1.5bn bank facilities refinanced (lower margins, longer tenor); LTV at 36.7%.
- Share issuance and scrip: Shares issued for M&A; ongoing scrip dividend (14.2m shares in FY26) reduces cash outflow but modestly dilutes per-share metrics.
Risks and flags for dividend stability
- Leverage drift: LTV 36.7% and net debt/EBITDA 7.5x higher post-M&A; manageable given hedging and ICR, but reduces buffer if valuations weaken.
- Market/liquidity risk: UK real estate liquidity remains uneven; valuation sensitivity to yields persists, though portfolio quality/disposals program mitigate.
- Tenant concentration: Top three at 22% of rent (improved), with exposure to Travelodge/Merlin; credit quality and long leases help, but remain areas to watch.
- Integration/execution: Continued asset recycling and M&A integration execution are key to realising targeted reversion and sustaining cover.
- Theme park income strip: 30% rent pay-away on two large assets is structurally embedded (treated in finance costs) and should be stable but reduces gross cash from those assets.
Read more
Londonmetric Property Annual Dividend Yield - 5.06%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 27/11/2025 |
08/01/2026 |
2nd Interim |
3.0500p |
GBX |
| 12/03/2026 |
17/04/2026 |
3rd Interim |
3.0500p |
GBX |
| 04/06/2026 |
09/07/2026 |
4th Interim |
3.3000p |
GBX |
Total (Annual Dividends Per Share):
9.40p
Dividend Yield =
Annual Dividends Per Share (9.40p)
÷ Share Price (185.6p)
= 5.06%
Londonmetric Property Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 04/06/2026 |
09/07/2026 |
4th Interim |
3.3000p |
GBX |
| 12/03/2026 |
17/04/2026 |
3rd Interim |
3.0500p |
GBX |
| 27/11/2025 |
08/01/2026 |
2nd Interim |
3.0500p |
GBX |
| 28/08/2025 |
08/10/2025 |
1st Interim |
3.0500p |
GBX |
| 29/05/2025 |
09/07/2025 |
4th Interim |
3.30p |
GBX |
| 06/03/2025 |
11/04/2025 |
3rd Interim |
3.00p |
GBX |
| 05/12/2024 |
13/01/2025 |
2nd Interim |
2.85p |
GBX |
| 29/08/2024 |
08/10/2024 |
1st Interim |
2.85p |
GBX |
| 13/06/2024 |
22/07/2024 |
4th Interim |
3.00p |
GBX |
| 29/02/2024 |
08/04/2024 |
3rd Interim |
2.40p |
GBX |
| 30/11/2023 |
11/01/2024 |
2nd Interim |
2.40p |
GBX |
| 31/08/2023 |
09/10/2023 |
1st Interim |
2.40p |
GBX |
| 01/06/2023 |
12/07/2023 |
4th Interim |
2.60p |
GBX |
| 09/03/2023 |
12/04/2023 |
3rd Interim |
2.30p |
GBX |
| 01/12/2022 |
10/01/2023 |
2nd Interim |
2.30p |
GBX |
| 01/09/2022 |
07/10/2022 |
1st Interim |
2.30p |
GBX |
| 09/06/2022 |
13/07/2022 |
4th Interim |
2.65p |
GBX |
| 10/03/2022 |
12/04/2022 |
3rd Interim |
2.20p |
GBX |
| 25/11/2021 |
07/01/2022 |
2nd Interim |
2.20p |
GBX |
| 02/09/2021 |
08/10/2021 |
1st Interim |
2.20p |
GBX |
| 10/06/2021 |
13/07/2021 |
4th Interim |
2.35p |
GBX |
| 11/03/2021 |
15/04/2021 |
3rd Interim |
2.10p |
GBX |
| 26/11/2020 |
08/01/2021 |
2nd Interim |
2.10p |
GBX |
| 27/08/2020 |
07/10/2020 |
1st Interim |
2.10p |
GBX |
| 18/06/2020 |
22/07/2020 |
4th Interim |
2.30p |
GBX |
| 12/03/2020 |
16/04/2020 |
3rd Interim |
2.00p |
GBX |
| 05/12/2019 |
10/01/2020 |
2nd Interim |
2.00p |
GBX |
| 29/08/2019 |
07/10/2019 |
1st Interim |
2.00p |
GBX |
| 06/06/2019 |
11/07/2019 |
4th Interim |
2.50p |
GBX |
| 14/03/2019 |
17/04/2019 |
3rd Interim |
1.90p |
GBX |
| 06/12/2018 |
10/01/2019 |
2nd Interim |
1.90p |
GBX |
| 30/08/2018 |
05/10/2018 |
1st Interim |
1.90p |
GBX |
| 07/06/2018 |
11/07/2018 |
4th Interim |
2.35p |
GBX |
| 15/03/2018 |
19/04/2018 |
3rd Interim |
1.85p |
GBX |
| 07/12/2017 |
10/01/2018 |
2nd Interim |
1.85p |
GBX |
| 31/08/2017 |
06/10/2017 |
1st Interim |
1.85p |
GBX |
| 08/06/2017 |
10/07/2017 |
4th Interim |
2.10p |
GBX |
| 16/03/2017 |
18/04/2017 |
3rd Interim |
1.80p |
GBX |
| 08/12/2016 |
11/01/2017 |
2nd Interim |
1.80p |
GBX |
| 01/09/2016 |
07/10/2016 |
1st Interim |
1.80p |
GBX |
| 17/03/2016 |
05/04/2016 |
Final |
3.75p |
GBX |
| 03/12/2015 |
21/12/2015 |
Interim |
3.50p |
GBX |
| 11/06/2015 |
20/07/2015 |
Special |
2.00p |
GBX |
| 11/06/2015 |
20/07/2015 |
Final |
3.50p |
GBX |
| 04/12/2014 |
19/12/2014 |
Interim |
3.50p |
GBX |
| 11/06/2014 |
21/07/2014 |
Final |
3.50p |
GBX |
| 04/12/2013 |
20/12/2013 |
Interim |
3.50p |
GBX |
| 12/06/2013 |
12/07/2013 |
Final |
3.50p |
GBX |
| 21/11/2012 |
07/12/2012 |
Interim |
3.50p |
GBX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
|
|
|
GBX |
11.100 |
14.430 |
| 2023 |
|
|
|
GBX |
9.700 |
2.640 |
| 2022 |
|
|
|
GBX |
9.450 |
6.770 |
| 2021 |
|
|
|
GBX |
8.850 |
4.110 |
| 2020 |
|
|
|
GBX |
8.500 |
1.190 |
| 2019 |
|
|
|
GBX |
8.400 |
5.000 |
| 2018 |
|
|
|
GBX |
8.000 |
5.260 |
| 2017 |
|
|
|
GBX |
7.600 |
111.110 |
| 2016 |
|
|
|
GBX |
3.600 |
-71.760 |
| 2015 |
3.500 |
7.250 |
2.000 |
GBX |
12.750 |
82.140 |
| 2014 |
3.500 |
3.500 |
|
GBX |
7.000 |
0.000 |
| 2013 |
3.500 |
3.500 |
|
GBX |
7.000 |
100.000 |
| 2012 |
3.500 |
|
|
GBX |
3.500 |
|
Londonmetric Property Dividend Calculator
Londonmetric Property Dividend Growth
| Dividend Growth (1Y) |
3.75%
|
| Dividend CAGR (5Y) |
7.56%
|
| Years of Growth |
9
|
| Payout Ratio |
95.77%
|
| Buyback Yield |
-11.31%
|
| Shareholder Yield |
-4.5%
|
| P/E Ratio (TTM) | 13.93 |
|---|
| Forward P/E | 12.93 |
|---|
| P/FCF | – |
|---|
| Earnings Yield | 6.99% |
|---|
| FCF Yield | – |
|---|
| ROE | 6.67% |
|---|
| ROCE | 5.5% |
|---|
| Profit Margin | 63.01% |
|---|
| Operating Margin | 92.2% |
|---|
| Gross Margin | 98.64% |
|---|