Highlights

• LondonMetric Property declared a full-year Dividend of 12.45p per share, up 3.8% and covered 108% by earnings.

• EPRA Earnings rose 13.9% to £305.3m, equal to 13.5p per share, in the year to March 2026.

• The £7.6bn portfolio is 53% logistics, with net tangible assets rising 0.7% to 200.6p per share at year end.

• Cost of Debt is 4.0%, 99.8% of borrowings are hedged and loan-to-value stands at 36.7% at 31 March 2026.

Big landlords rarely announce their dividend cover so plainly. LondonMetric Property (LSE:LMP) does, and the figure is reassuring: its payout is covered 108% by earnings. As a FTSE 100 member with a £7.6bn portfolio built around logistics, it combines scale with a steadily growing payout.

Payments in the window

Four quarterly dividends had ex-dividend dates inside the trailing window: 3.05p on 27 November 2025, 3.05p on 12 March 2026, 3.30p on 4 June 2026 and 3.15p on 27 August 2026. They add to 12.55p. At a delayed price of 172.2p on 9 October 2026, the trailing Yield is about 7.3%. The full-year dividend reported for the year to 31 March 2026 was 12.45p.

Earnings and cover

EPRA earnings rose 13.9% to £305.3m, or 13.5p per share. Against a 12.45p dividend that confirms the 108% cover reported. That means cover rests on recurring rental earnings rather than on valuation gains.

Portfolio and debt

The £7.6bn portfolio is weighted 53% to logistics. Net tangible assets per share rose 0.7% to 200.6p, which is above the share price quoted in October. Cost of debt is 4.0%, 99.8% of debt is hedged and loan-to-value is 36.7%, a moderate level that limits sensitivity to higher interest rates.

Risks

A cover ratio of 108% leaves a thin buffer, so a drop in rental income or a rise in refinancing costs would narrow it quickly. Property valuations remain exposed to UK real estate conditions, and growth by Acquisition brings integration demands. Investors should check occupancy and risk disclosures in the full results.

Scale and structure

The £7.6bn portfolio gives LondonMetric the size to sit in the FTSE 100, and a 53% weighting to logistics shapes its income profile. Net tangible assets per share of 200.6p rose 0.7%, a modest move that suggests valuations held steady. Debt costs 4.0% and 99.8% is hedged, so near-term Interest Rate swings have limited effect on earnings. Yet the combination of 108% dividend cover and a loan-to-value of 36.7% means growth in payout will rely on continued earnings growth, either through rent rises or further deals.

Understanding cover of 108%

Cover of 108% means that EPRA earnings were 1.08 times the dividend, or that earnings exceeded the payment by 8%. A figure above 100% means that the dividend is paid from recurring earnings rather than from reserves, which is a healthy sign for a REIT. LondonMetric Property (LSE:LMP) has built a pattern of paying out most of its earnings while keeping a small margin. A small Margin leaves less room for error but still shows discipline.

Why logistics matters

Logistics property includes warehouses and distribution centres, which have benefited from online shopping and Supply chain changes. Rents have risen in many locations because supply of modern space is limited. A portfolio with a 53% weighting to logistics therefore has exposure to a growing sector. The risk is that Demand slows or that new supply reduces rental growth, which would affect earnings and the dividend.

Debt, hedging and rates

A cost of debt of 4.0% with 99.8% hedged means that most borrowing has a fixed or capped rate. This lowers the impact of rate rises on profit in the near term. Loan-to-value of 36.7% is moderate, giving room to borrow more if good opportunities arise. For LSE:LMP, the balance between debt, acquisitions and dividends will shape growth.

Quarterly payments and the trailing sum

The four quarterly payments within the window total 12.55p, slightly above the 12.45p declared for the financial year, because the window and the financial year do not match exactly. This is a good reminder to check the dates behind any yield. The difference is small, but it shows how a trailing figure can differ from a declared annual dividend.

How to read a trailing yield

A trailing yield divides the dividends paid over the past twelve months by the current share price. It describes what has happened, not what will happen, and it changes whenever the price moves. A rising yield can reflect a higher dividend or a falling share price, so the reason behind the change matters. Comparing yields across companies is useful only when the same period and the same type of payment are used in each case.

Ex-dividend dates explained

The ex-dividend date is the first day on which a buyer of the shares no longer qualifies for the next dividend. Anyone who holds the shares before that date receives the payment, normally a few weeks later. Share prices often fall by about the amount of the dividend on the ex-date, which is why a dividend on its own does not create value. The payment date is when the cash reaches the account.

What to watch next

The next signals are the half-year results, the quarterly dividends and any change in the cover ratio. Investors should look at rent growth, acquisitions and the share price relative to the net tangible assets of 200.6p.