LondonMetric Property PLC. (LMPL.L): Trading update: improving occupancy, continued capital recycling

Research evidence excerpt

LondonMetric Property PLC. (LMPL.L): Trading update: improving occupancy, continued capital recycling

Equity Research

9 July 2026 | 7:54AM BST

LondonMetric Property PLC. (LMPL.L): Trading update: improving

occupancy, continued capital recycling

LondonMetric provided an AGM trading update today (9 July), highlighting continued Jonathan Kownator

+44(20)7051-2974 |

operational momentum. Since 1 April 2026, the company has completed £139mn of jonathan.kownator@gs.com

Goldman Sachs International

investment activity and secured £6.7mn pa of additional contracted rent from 72

Kuber Sood, CFA

asset management initiatives. +1(332)245-7812 | kuber.sood@gs.com

Goldman Sachs India SPL

Operationally, leasing demand remains strong, with occupancy increasing 60 bps to Rebecca Parker

98.3% from 97.7% at FY26, with average lease lengths at 17 years. Since the start of +44(20)7051-6646rebecca.x.parker@gs.com|

the financial year, rent reviews have added £4.3mn of income at average uplifts of Goldman Sachs International

16% (vs. 19% at FY26), including logistics reviews at 23% (vs. 21% at FY26), while

lettings and regears have contributed a further £2.4mn.

From a capital allocation perspective, disposals across 26 assets accounted for £96.7

million at a 6.6% yield and the company mentioned it has a further £23 million of

sales under offer. Total acquisitions stood at £42.5 million across five assets at a

lower yield of 5.9% vs disposals, with an additional £48 million of purchases in

solicitors’ hands. Discussions regarding the acquisition of Picton Property Income

also continue to progress.

We expect this trading update to have a limited impact on the shares.

We highlight the following key points:

n Leasing and asset management: Since the start of the financial year,