LondonMetric Property has delivered strong half-year results in which net tangible assets (NTA) jumped 3%.
The company saw the value of its portfolio, which comprises industrial and logistics and long-income assets, increased by 2.3% to £2.4bn.
As a result, EPRA NTA for 30 September 2020 was 175.5p, compared to 170.3p in March 2020.
Net rental income was up 12% to £61.3m, while EPRA earnings was up 20% to £42.3m, or 4% on a per share basis to 4.75p. The company paid or declared a dividend in the period of 4.2p, a 5% progression on the 4p it paid in the same period last year.
The company’s portfolio is now 68.2% weighted to the industrial and logistics sector. Long income assets, such as supermarkets, now account for 26.4% of the portfolio after significant investment in grocery/convenience retail and roadside assets during the period.
Rent collection has been strong, with 98% of rent for the current quarter received, 1% forgiven or outstanding and 1% deferred.
During the period, the group completed 75 letting, rent reviews and renewals resulting in a £2.8m per annum uplift in income and a 2.9% like-for-like income growth.
On the development side of the business, the group completed 251,000 sq ft of developments and has a further 657,000 sq ft under construction, including a 350,000 sq ft logistics facility at Bedford Links.
Andrew Jones, chief executive, said: “Whilst society and economies will undoubtedly recover from the pandemic, COVID-19 has accelerated a number of structural changes which are having a profound and permanent impact on real estate. Market conditions are exposing both winning and losing strategies which, combined with a continuation of low for longer interest rates, is intensifying the demand for the right real estate that can deliver a reliable, repetitive and growing income.”
LMP : LondonMetric delivers strong half-year results