LondonMetric Property (LON:LMP) Releases Quarterly Earnings Results

LondonMetric Property (LON:LMP) announced its quarterly earnings data on Thursday. The company reported GBX 16.21 earnings per share (EPS) for the quarter, Digital Look Earnings reports. The business had revenue of £464.60 million for the quarter. LondonMetric Property had a net margin of 73.03% and a return on equity of 7.16%.

Here are the key takeaways from LondonMetric Property’s conference call:

• LondonMetric reported a strong year of growth, with EPRA earnings up 14% to £305.3 million and net rental income up 16.6% to a record £455.3 million, driven by acquisitions and like-for-like income growth.
• The company increased its total dividend by 3.8% to £0.1245 per share, marking the 11th consecutive year of dividend growth and maintaining full cash cover and 108% dividend cover.
• Portfolio value rose to £7.6 billion, helped by the Urban Logistics and Highcroft acquisitions, while total property return reached 7.1% and EPRA NTA increased to £200.6p per share.
• The balance sheet was strengthened through £1.2 billion of new debt facilities and £1.1 billion of repayments, lowering the average debt margin and leaving the company with no material refinancing risk until FY2030.
• Operational performance remained strong, with 99.7% rent collection, low income leakage, and a contracted rent roll expected to grow further to more than £480 million as reversion and vacant space are let.

LondonMetric Property Stock Down 0.3%

Shares of LMP stock opened at GBX 187.80 on Friday. The stock has a market cap of £4.39 billion, a P/E ratio of 12.60, a price-to-earnings-growth ratio of 3.27 and a beta of 1.02. LondonMetric Property has a one year low of GBX 175.30 and a one year high of GBX 216.20. The stock has a fifty day moving average price of GBX 188.58 and a 200 day moving average price of GBX 193.29. The company has a debt-to-equity ratio of 60.64, a current ratio of 0.38 and a quick ratio of 0.81.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on LMP. Shore Capital Group restated a “buy” rating on shares of LondonMetric Property in a research note on Tuesday, May 12th. The Goldman Sachs Group lowered their price objective on shares of LondonMetric Property from GBX 210 to GBX 190 and set a “neutral” rating on the stock in a research note on Monday, March 30th. Berenberg Bank restated a “buy” rating and issued a GBX 282 price objective on shares of LondonMetric Property in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a GBX 230 price objective on shares of LondonMetric Property in a research note on Wednesday, May 13th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, LondonMetric Property currently has a consensus rating of “Moderate Buy” and an average price target of GBX 233.20.

About LondonMetric Property

LondonMetric is a FTSE 100 REIT that owns and manages desirable real estate that meets occupiers demands and delivers reliable, repetitive and growing income-led returns and outperforms over the long term. As a real estate owner, we look to help occupiers, communities and stakeholders grow, thrive and revitalise in an evolving and complex world.