www.londonmetric.com
HALF YEAR RESULTS TO SEPT 2016
AGENDA
2
Highlights
Strategy
Financial
Investment & Development
Property
Outlook
Questions
HIGHLIGHTS
Key Highlights Actively generating long term secure and sustainable income with value upside
4
1. Including developments
Portfolio positioned around strong fundamentals:
Logistics and convenience retail benefiting from structural support
Growing income with security and reliability
Occupier relationships providing superior intelligence
Delivering de-risked developments
Finance and costs aligned to our real estate strategy
Distribution Exposure1
58.5% Up from 35.7% two years’ ago
Retail Park Exposure1
16.8% Down from 30.1% two years’ ago
WAULT
12.6 years Core portfolio 12.9 years
Contractual rental uplifts
50.7% Of rent roll
Debt Maturity
5.7 years Up from 3.6 years two years’ ago
Financial Highlights
5
EPRA Earnings
+8.1%
Increases to 4.0p
Net Rental Income¹
+7.6% +£2.8m
Dividend progression
+2.9% 112% dividend cover
EPRA NAV
143p -3% since March 16
Debt refinancing
£130m 8.3 year term at 2.7%
1. Including JV rental income
2. LTV includes deferred consideration on sales at Kings Lynn and Warrington
3. Based on annual EPRA earnings and opening NAV
4. March 2016 numbers used as comparative
Sept 2016 Sept 2015
EPRA Earnings £25.3m £23.4m
EPRA Earnings per share 4.0p 3.7p
Dividend per share 3.60p 3.50p
EPRA NAV per share 143p 148p4
Earnings yield3 5.5% 5.3%
Reported (Loss)/ Profit £(13.1)m £64.3m
LTV 36%2
38%4
Total Accounting Return (0.5)% 8.2%
Operational Highlights
6
1 Growing Reliable
Rental Income
£4.0m p.a. of rental income from completed developments
£2.0m p.a. additional rent through 33 asset management actions
1.9% like for like income growth1
2 Efficient
Capital Allocation
£82m retail, leisure & residential disposals, 6.4% NIY
£32m last mile acquisitions, 6.4% NIY
£56m of PPE acquisitions at 6.3% NIY
3 Relative
Outperformance
Capital return -1.3% v IPD All Property -2.1%
Total return +1.5% v IPD All Property +0.2%
3 year total return outperformance of 130 bps
1. Core portfolio
STRATEGY REVIEW
Investment Strategy Income growth with structural support
8
Income
Asset
Management
Development
In a yield starved environment, compounding income will be the largest
contributor of total returns
Repetitive and dependable income is increasingly attractive
Look to durable/sustainable cash flows with growth opportunities and high
terminal value – not all income is the same
Income compounding strategies will outperform hyper active ones
Working with our key customers to deliver fit for purpose real estate
Investing opportunistically to deliver income growth and capital appreciation
Delivering de-risked short cycle developments
Access structural growth sectors at attractive entry levels
Our Portfolio Income growth with structural support
9
Net
Initial
Yield1
WAULT
(Years)
Income
Uplifts4
Total
Property
Return
Distribution
£867m2 5.2% 12.7 57% +2.8%
Convenience & leisure
£141m 5.5% 19.4 88% +3.3%
Retail parks
£249m2 5.7% 10.3 23% 0.0%
Long Income JVs
£104m 6.8% 11.7 16% +2.1%
Office & Residential
£121m - - - -6.2%
Total Portfolio3
£1,482m 5.4% 12.6 51% +1.5%
58.5%
9.5%
16.8%
7.1%
8.1%
1. Topped up NIY
2. Including developments
3. NIY, WAULT and Income uplifts are for investment portfolio
4. Fixed and RPI contractual uplifts
September
2016
Rental Income Profile Delivering long term repetitive & dependable income
10
98%
2%
Net Income Income Leakage
28.5%
22.2%
45.9%
3.1%
0.3%
Fixed Indexed Linked
Market Review No review
Turnover linked
1.0%
38.7%
33.2%
13.1%
14.0%
0-3 yrs 4-10 yrs 11-15 yrs
16-20 yrs >20 yrs
Contractual Rent Reviews Unexpired Lease Terms Income Leakage
11.6
12.7 13.1
12.8 12.6
10.5
11.0
11.5
12.0
12.5
13.0
13.5
2013 2014 2015 2016 1H17
95.0%
99.6% 99.7% 99.3% 98.5%
92.0%
93.0%
94.0%
95.0%
96.0%
97.0%
98.0%
99.0%
100.0%
2013 2014 2015 2016 1H17
Historical Occupancy Rate (% rent roll) Historical WAULT (years)
FINANCIAL REVIEW
Rental Income Progression
12
Warrington
1. £0.5m reduced income from net sales, £0.5m income uplift from asset management and £2.1m income uplift from expected letting of Omega, Warrington
2. Other near term expected lettings
Net
Renta
l In
com
e
84.1 84.1 84.1 86.2
94.6
Contracted
2.0 5.0
2.1 1.2 4.0
7.2
50.0
55.0
60.0
65.0
70.0
75.0
80.0
85.0
90.0
95.0
100.0
£77.7
31 March 16
Reported Net Rent to
Contracted Income
Future Contracted
Rent Potential
(£m)
Net Divestment
30 Sept 16
Contracted Rent
PPE Activity1
Completed Developments
H1 Asset Management
Pipeline developments
Expected Lettings2
Income Statement1
13
30 Sept 2016 30 Sept 2015
Net rental income £39.7m £36.9m
Management fees £0.5m £0.6m
Administrative costs (EPRA cost ratio 17%) £(6.7)m £(6.7)m
Finance costs £(8.2)m £(7.4)m
EPRA earnings £25.3m £23.4m
EPRA EPS 4.0p 3.7p
DPS 3.6p 3.5p
Dividend Cover 112% 107%
Valuation movement £(23.0)m £47.2m
Fair value of derivatives and hedge break costs £(13.1)m £(7.0)m
Reported (Loss)/Profit £(13.1)m £64.3m
1. Proportionally consolidated basis
Balance Sheet1
14
30 Sept 2016 31 Mar 2016
Property portfolio £1,482.4m £1,520.9m
Cash £59.2m £46.7m
Bank debt £(649.9)m £(637.9)m
Fair value of derivatives £(33.4)m £(23.9)m
Other net assets /(liabilities) £2.5m £(7.6)m
Net Assets £860.8m £898.2m
EPRA Adjustments £33.4m £23.9m
EPRA Net assets £894.2m £922.1m
EPRA NAV per share 143p 148p
1. Proportionally consolidated basis
Movements in EPRA NAV
15
NAV per share (p)
147.7 138.6 148.0 144.2 143.0
4.0 3.8
Core1
Non Core
1.2
130.0
135.0
140.0
145.0
150.0
155.0
160.0
EPRA NAV Mar '16 EPRA Earnings Dividend Paid Revaluation Swap costs & other EPRA NAV Sept '16
1.7
2.0
1. Including developments
Finance Metrics1
16
30 Sept 2016 31 Mar 2016
Gross Debt £649.9m £637.9m
Undrawn facilities £183.8m £69.9m
Loan to Value 36%2 38%
Weighted average cost of finance 3.3% 3.5%
Weighted average maturity 5.7 years 5.6 years
Hedging3 82% 84%
1. Proportionally consolidated basis
2. LTV includes deferred consideration on sales at Kings Lynn and Hut Warrington
3. Assuming existing facilities are fully utilised
Historical Financial Data
Debt Maturity
(years)
17
3.0
3.7
4.2
5.6 5.7
0.00
1.00
2.00
3.00
4.00
5.00
6.00
FY 13 FY 14 FY 15 FY 16 HY 17
Interest Cover Ratio
(x)
Cost of Debt
(%)
2.2
2.9
4.0
5.0 5.0
-
1.00
2.00
3.00
4.00
5.00
6.00
FY 13 FY 14 FY 15 FY 16 HY 17
4.0% 3.9%
3.7% 3.5%
3.3%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
FY 13 FY 14 FY 15 FY 16 HY 17
Loan to Value Ratio
(%)
43%
32%
36%
38%
36%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
FY 13 FY 14 FY 15 FY 16 HY 17
INVESTMENT & DEVELOPMENT
REVIEW
Investment Market Current market backdrop
19
Investment volumes down 32% in last 6 months¹
Market has stabilised since EU Referendum vote
IPD all property capital returns up 0.1% in October
Liquidity returning, especially for
Structurally supported sectors
Digestible lot sizes
Assets with contractual income growth
Market currently driven by income-led fundamentals
1. Source: Property Data YTD
12 disposals for £6.9m1
9 under offer
79 sold / under offer
70 remaining
Disposals Monetising mature assets to reinvest into higher growth opportunities
20
Newry
Retail and Leisure
Kings Lynn MIPP
Retail
Sold Sept 16
£30.7m
7.4% NIY
Retail
Sold Sept 16
£24.0m
5.8% NIY
Taunton
Leisure
Sold Apr 16
£9.1m
5.5% NIY
£84.2m1 of retail park and leisure disposals
7 retail parks for £75.1m, NIY 6.5%
1 leisure asset for £9.1m, NIY 5.5%
Newry and Kings Lynn represented two of our larger retail parks
Continue to engage on further retail disposals
Residential
Moore House JV
Residential
LM Share:
40%
1. YTD. Investment values shown are LondonMetric’s share
Retail
Sold Various
£8.0m
5.7% NIY
Acquisitions Focus on ‘last mile’ acquisitions
21
‘Last Mile’ H1 17 - £32.2m, 3 locations
Hemel Hempstead Basildon
£8.3m
6.4% NIY
ITAB
8.5 yrs WAULT
£3.8m,
6.5% NIY
Modular Heating
4.0 yrs WAULT
£88.6m1 of acquisitions at 6.3% NIY:
£79.4m of ‘last mile’ acquisitions, NIY 6.3%
£9.2m of retail acquisitions for long income JV, NIY 6.8%
Last mile grown from 7 to 19 assets - c70% off market
Stevenage Crawley Portfolio of 6 assets
£26.0m
6.5% NIY
Various tenants
7.0 yrs WAULT
£10.7m (development)
5.2% YOC
Barker & Stonehouse
15.0 yrs WAULT
£7.3m,
6.25% NIY
Carphone Warehouse
8.7 yrs WAULT
‘Last Mile’ PPE - £47.2m, 9 locations
19 ‘Last Mile’ Assets
Acquired since March 16
1. YTD. Investment values shown are LondonMetric’s share
>1.0m sq ft
6.7% YOC2
Additional rent of £7.2m2
Developments De-risked short cycle developments
22
Bedford Stoke
Convenience
Crawley
Wakefield
112,000 sq ft
6.3% YOC2
Planning submitted
527,000 sq ft
6.3% YOC
Completed Sept 16
Omega, Warrington
660,000 sq ft
7.0% YOC2
Planning received
58,000 sq ft (3 assets)
5.7% YOC
Various Completions
270,000 sq ft
6.3% YOC2
Planning received
357,000 sq ft
7.0% YOC
Completed Nov 16
0.6m sq ft completed in H1
6.3% YOC
Addition rent of £4.0m
0.6m sq ft under development or
committed in H2
7.2% YOC1
Additional rent of £5.8m1
Committed
Pipeline
1. Includes expected rent from Warrington
2. YOC based on expected rental income
In Legals Let Let
PROPERTY REVIEW
Asset Management Activity
24
No. Area
(000 Sq Ft)
£m
uplift
% above
ERV
LFL rental
growth1
WAULT
(Years)
New Lettings 11 76 0.9 2.1 0.5 13.8
Rent Reviews 22 3,082 1.1 4.3 1.4 -
HY 17 Total 33 3,158 2.0 4.1 1.9
New Lettings PPE 4 68 0.4 5.7 0.1 15.0
Rent Reviews PPE 7 950 0.1 3.9 0.2 -
Total YTD 44 4,176 2.5 4.1 2.2
1. Core portfolio only
Distribution Portfolio 58.5% of portfolio providing end to end logistics
25
Regional Distribution Mega Distribution
7 assets, 4.7m sq ft
£24.7m rent (av £5.25 psf)
Average NIY 4.9%2
WAULT 14.7 years
‘Last Mile’
19 assets, 1.2m sq ft
£7.7m rent (av £6.30 psf)
Average NIY2 6.1%
WAULT 7.8 years
1. As at 30 September 2016, adjusted for PPE transactions and development completions. Excludes pipeline developments
2. Topped up net initial yield
3. 5 yearly equivalent uplift
3 rent reviews settled (1PPE)
+9.1%3 ahead of previous passing
3 rent review settled
+9.8%3 ahead of previous passing
2 rent reviews settled (1PPE)
+17.0%3 ahead of previous passing
11 assets, 2.7m sq ft
£15.6m rent (av £5.70 psf)
Average NIY2 5.4%
WAULT 11.0 years
Retail Portfolio Highly income generative and secure
26
Convenience Retail Retail Parks
13 assets, 0.9m sq ft
£15.7m rent (av £17.15 psf)
Average NIY2 5.7%
WAULT 10.3 years
JV Long Income
26 assets, 1.0m sq ft
£7.5m rent (av £17.40 psf)
Average NIY2 6.8%
WAULT 11.7 years
1. As at 30 September 2016
2. Topped up net initial yield
3. 5 yearly equivalent
19 assets, 0.6m sq ft
£8.7m rent (av £15.85 psf)
Average NIY2 5.5%
WAULT 19.4 years
8 rent reviews (2 PPE)
+5.4%3 ahead of previous passing
12 lettings (2 PPE)+£1.0m of rent
9 rent reviews
+8.2%3 ahead of previous passing
Convenience & Leisure Retail Parks JV Long Income
4 rent reviews settled (3 PPE)
+4.8%3 ahead of previous passing
2 letting (1PPE) +£0.2m of rent
Property Performance Continued outperformance
27
Total Return Income Return Capital Return
HY to Sept 16 LMP IPD LMP IPD LMP IPD
Distribution 2.8 1.7 2.6 2.5 0.2 -0.8
Retail 0.9 -0.5 3.1 2.5 -2.1 -3.0
Core Portfolio 2.2 3.0 -0.8
Total Portfolio 1.5 0.2 2.8 2.3 -1.3 -2.1
LMP Distribution outperformance 110 bps
LMP Retail outperformance 140 bps
OUTLOOK
Investment Market Outlook
29
Real estate returns to be dominated by income & income growth
Compounding income delivering attractive long term returns
Income strategies to outperform hyper-active
Performance will continue to polarise
Risk appetite is diminishing
Over-rented & shortening leases being re-priced
Yields tightening for assets with structural support
Investment demand attracted to fundamentals
Assets generating stable, consistent returns with potential for capital appreciation
Income as % of
Total Returns1
2016: 142%
2017: 102%
2018: 94%
2019: 87%
2020: 75%
1. Source: Capital Economics
Occupier Market Outlook
30
Polarisation of shopping patterns continues, driven by consumer
demands
Internet shopping is growing market share
Legacy retail remains exposed
Logistics demand accelerating
Retailers account for c.65% of demand
Rental trajectory positive
Last mile demand/supply dynamics highly attractive
Current headwinds & economic uncertainty likely to accelerate
occupier trends
Non food Retail Sales
20% from 13% in 2011
Online Sales Growth
+47% to 26% of all non food sales by 2020
Amazon’s take up YTD
19.2% of total logistics take up
Take up for 9 months to Sept 161
26.2m sq ft Exceeded 2015 total take up
Availability as at Q3 161
26.4m sq ft 22% down y-o-y
1. Source: Savills, warehouse sizes >100,000 sq ft
Actively generating long term secure and sustainable income with value upside
APPENDICES
32
Revaluation Rent Fixed
Area
Valuation (Share)
Surplus/ (Deficit) Occupancy NIY1 WAULT (years) roll uplifts
Average
rent
(£ psf)
As at 30-Sept-16 (m sq ft) (£m) (£m) (%) (%) (%) expiry break (£m) (%) Existing
Mega distribution 5.4 519.0 (3.8) (0.7) 100.0 5.1 14.6 14.4 28.5 64 5.25
Regional distribution 2.4 240.0 (0.1) (0.0) 100.0 5.3 10.4 8.8 13.5 56 5.70
Local distribution 0.7 73.0 (0.8) (1.1) 100.0 6.1 7.4 7.3 4.6 16 6.30
Distribution 8.5 832.0 (4.7) (0.6) 100.0 5.2 12.7 12.1 46.6 57.1 5.60
Retail – wholly owned 0.9 244.9 (8.0) (3.2) 97.3 5.7 10.3 9.1 15.7 22.9 17.15
Retail - convenience 0.3 80.0 (1.1) (1.3) 98.1 5.0 18.3 17.9 4.8 78.6 17.10
Retail - MIPP JV 0.7 73.7 (1.1) (1.5) 100.0 6.2 10.7 10.4 4.9 24.8 14.15
Retail - DFS JV 0.3 30.7 (1.0) (3.1) 100.0 8.0 13.5 13.5 2.6 0.0 30.30
Retail Subtotal 2.2 429.3 (11.2) (2.6) 98.1 5.8 12.1 11.2 28.0 30.6 17.20
Leisure 0.3 60.7 0.6 1.0 100.0 6.1 20.7 20.7 3.9 100.0 15.10
Core portfolio 11.0 1,322.0 (15.3) (1.1) 99.3 5.4 12.9 12.2 78.5 49.7 7.70
Office 0.2 72.3 (7.6) (9.6) 85.9 5.5 7.7 7.7 4.4 68.3 21.50
Investment portfolio 11.2 1,394.3 (22.9) (1.6) 98.5 5.4 12.6 12.0 82.9 50.7 8.00
Residential - 48.8 (2.9) (5.7) 0.7
Developments 0.8 39.3 2.8 7.8 0.5
Total 12.0 1,482.4 (23.0) (1.5) 84.1
Portfolio Metrics
1. Topped up NIY
33
Top 10 tenants account for 54%
of contracted rent3
80 tenants comprise the
remaining 46%3
Contractual rental uplifts on
50.7% of portfolio
Market intelligence through our
relationships allows us to better
understand trends and make the
right asset decisions
Our Income Metrics Our occupier-led approach at the centre of our decision making
Income exposure to retailers
80% of total rental income
Income exposure to PLCs
71% of total rental income
Within next 3 years
1.0% of income expires
11.3%
6.9%
6.4%
4.9%
4.5%
4.2%
4.2%
4.0%
3.7%
3.6%
0%
10%
20%
30%
40%
50%
60%
£60.4bn mkt cap. Pharmaceuticals
Mkt cap n/a. Logistics operator
Mkt cap n/a. Online retailer
£0.5bn mkt cap. Furniture retailer
£2.8bn mkt cap2. Cinema operator
£5.2bn mkt cap2. Multi-channel retailer
£5.4bn mkt cap. Food & GM retailer
£3.9bn mkt cap. Electricals retailer
£20.1bn mkt cap2. Value retailer.
£4.7bn mkt cap. Parcel delivery
Contracted rental income
£84.1m per annum
1. Top 10 Tenants as at 30 Sept 2016, Market Capitalisations as at November 2016
2. Market Capitalisation of parent company
3. Commercial portfolio
Top 10 tenants1
Top 10 Assets as at 30 Sept 2016
34
Name Principal occupiers
Annualised net
rent (£m)
Let by
income (%)
WAULT
(years)
Primark, Islip Primark 5.4 100 24.0
Primark, Thrapston Primark 4.0 100 16.0
Dixons Carphone, Newark Dixons Carphone 4.3 100 16.8
Marlow International, Marlow Allergan, Dunn &
Bradstreet 4.4 86 7.7
Argos, Bedford Argos 3.8 100 6.2
Eddie Stobart, Dagenham Eddie Stobart 3.1 100 14.8
HUT, Warrington The Hut Group 3.8 100 14.1
Royal Mail, Daventry Royal Mail 2.5 100 6.9
Marks & Spencer, Sheffield M&S 2.6 100 7.2
Kirkstall Bridge Shopping Park, Leeds Various 2.4 95 11.9
Retail Market Consumer habits have changed supported by online and more frequent top up shops
35
Share of online non food retail sales to
grow to £50bn by 2020 from £21bn in
2011
Online sales grown consistently by c.£3.5bn
p.a. since 2005 – Online growth is stable in
absolute terms
ASOS 117m website visits per month
versus super regional shopping centres of
c.25m per year
26 million households received c. 1.1 billion
parcels in 2015 - next day delivery is up
16% year on year
Internet Only Convenience
Convenience food market share grown
from 14.6% to 17.8% in last 5 years
Sector expected to grow 5% p.a., significantly
ahead of all retail sales growth forecasts
New entrants (Aldi, Lidl, B&M etc) are taking
sizeable market share
Aldi & Lidl account for c.10.5%+ of UK grocery
market
Marks & Spencer to close GM stores & convert
to Simply Food. M&S Simply Food to grow
stores by 250
Omni Channel
Internet sales make up c.30%+ of established omni
channel retailers (eg Next = c.40%; Dixons Carphone =
c.30%; John Lewis = c.40%; Argos = c.55%)
Established omni channel retailers seeing store sales fall with
internet sales rising (eg John Lewis, Argos, M&S)
The need for physical remains – click & collect and internal
showrooming
Retailers continue to re-position their store portfolio (eg
DixonsCarphone from 402 stores to 323 stores by end
2016/17) giving access to 80% of population within 20 min
drive time
Sources: Javelin, IMRG, Verdict, Experian, Mintel, Company disclosures
Evolving Retailer Landscape The modern supply chain is now consumer facing
36
INVESTMENT YIELDS
37
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
Retail - good
secondary
RW - prime
restricted solus
RW - prime
restricted RP
RW -
secondary
Distribution -
prime
Industrial -
good
secondary
Peak yields Trough yields Mean yields Current yields 1 StdDev
Source: CBRE, Oct 2016 – yields assume rack rented 15 year leases let to strong covenants with open market rent reviews
INVESTMENT ACTIVITY
H1 2016/17
38
Price LMP share NIY WAULT
AQUISITIONS Sector Date (£m) (£m) (%) to expiry to 1st break
Basildon Distribution May ’16 3.8 3.8 6.5 4.0 4.0
Crawley Distribution May ‘16 20.1 20.1 6.3 - -
Hemel Hempstead Distribution June ’16 8.3 8.3 6.4 8.5 8.5
TOTAL 32.2 32.2 6.4 7.1 7.1
DISPOSALS
Taunton Leisure April ‘16 9.1 9.1 5.5 22.2 22.2
Bridgwater Retail April ’16 4.9 2.5 5.1 16.8 16.8
Chatham Retail April ’16 6.9 3.4 5.6 17.2 17.2
Grimsby Retail May ’16 4.1 2.1 6.4 19.0 14.0
Warrington, (Fordton RP) Retail Aug ’16 6.6 6.6 5.4 14.8 14.8
Kings Lynn Retail Sept ’16 24.0 24.0 5.8 13.3 12.7
Newry Retail Sept ’16 30.7 30.7 7.4 10.1 7.6
Moore House Residential Various 9.5 3.8 2.3 - -
TOTAL 95.8 82.2 6.4 13.0 11.6
TOTAL ACTIVITY 128.0 114.4
39
INVESTMENT ACTIVITY
Post Period End
Price LMP share NIY WAULT
Acquisitions Sector (£m) (£m) (%) to expiry to 1st break
Hull Retail 9.4 4.7 7.5 12.0 12.0
Dartford Retail 9.0 4.5 6.2 20.0 20.0
Stevenage Distribution 7.3 7.3 6.3 8.7 3.7
Portfolio of 6 assets Distribution 26.0 26.0 6.5 7.0 6.5
Bicester Distribution 3.2 3.2 5.9 9.5 4.5
Barker & Stonehouse, Crawley Distribution 10.7 10.7 5.2 15.0 15.0
TOTAL 65.6 56.4 6.3 10.1 9.0
Disposals
St Albans Retail 5.8 5.8 6.1 3.9 3.9
Moore House Residential 7.7 3.1 2.1 - -
The Hut Group, Warrington Distribution 53.7 53.7 6.5 14.0 14.0
TOTAL 67.2 62.6 6.4 12.7 12.7
TOTAL ACTIVITY 132.8 119.0
Development Activity
40
Location Sector Sq ft Comment Expected
PC5 date
Rent roll /
uplift
YOC4 on
PC5
Valu’n
yield
Sept 16
(‘000) (£m) (%) (%)
Warrington1 Distribution 357 Terms agreed to let property Nov 2016 2.1 7.0 6.1
Kings Lynn1,3 Retail 64 Next, DFS, B&M, Tapi Oct 16 1.0 11.3 sold
Crawley Distribution 53 Barker & Stonehouse Mar 17 0.6 5.2 5.2
Tonbridge Retail 53 Home Bargains, Jollyes, Go-Outdoors Q3 17 0.3 6.3 6.4
Tonbridge1 Retail 18 M&S/Halfords Oct 16 0.4 10.1 5.0
Ipswich2 Retail 31 Wickes Q3 17 0.6 7.3 6.1
Coventry Retail 18 Aldi new build Feb 17 0.3 7.9 5.1
Loughborough Retail 12 Morrisons – Food store extension to 54k sq ft Dec 16 0.5 5.1 4.7
Total committed 606 5.8 7.2 5.8
Bedford2 Distribution 660 In discussions 2017/18 4.3 7.0 -
Stoke2 Distribution 270 Terms agreed to let 140,000 sq ft 2017/18 1.4 6.3 -
Crawley2 Distribution 112 In discussions Q4 17 1.3 6.3 -
Launceston2 Retail 30 B&M and 2 tenants in legals Q4 17 0.2 5.9 -
Pipeline 1,072 7.2 6.7 -
1. Completed post period end
2. Based on anticipated rents
3. Sold in the period
4. Yield on cost
5. Practical completion
41
Development Capital Expenditure1,2,3 (£m)
1. Total costs include land acquisition
2. Capex on pipeline is subject to commitment and may change
3. Development capex schedule excludes smaller asset management capex
Total Costs to H1 H2 FY FY FY
Cost 31-Mar-16 16/17 16/17 16/17 17/18 18/19
Wakefield 40 23 7 10 17
Liverpool 8 5 3 0 3
St Margaret’s, Leicester 6 4 1 1 2
Aldi, Leicester 5 2 3 0 3
Ferndown 6 4 2 0 2
Warrington 30 5 12 13 25
Kings Lynn 9 1 3 5 8
Crawley (53k sf) 11 0 0 11 11
Tonbridge (18k sf) 4 1 1 2 3
Tonbridge (53k sf) 5 0 0 3 3 2
Ipswich 8 3 0 1 1 4
Coventry 4 1 1 2 3
Loughborough 9 1 0 8 8
Total 145 50 33 56 89 6 0
Bedford 61 0 1 1 2 43 16
Stoke 23 4 1 1 2 13 4
Crawley (112k) 20 0 8 2 10 8 2
Launceston 4 0 0 1 1 3
Total 108 4 10 5 15 67 22
Co
mp
lete
d H
1
Co
mm
itte
d H
2
Pip
elin
e
Debt Facilities As at 30 September 2016
Facility Drawn Maturity
Asset(s) Sector Lender (£m) (£m) (years) Expiry
Wholly-owned portfolio
Distribution term loan Distribution Helaba 196.2 196.2 5.2 28-Nov-21
Unsecured RCF All Syndicate 443.8 265.0 5.5 01-Apr-22
Private Placement All Syndicate 65.0 65.0 7.0 21-Sept-23
Private Placement All Syndicate 40.0 40.0 8.0 21-Sept-24
Private Placement All Syndicate 25.0 25.0 12.0 21-Sept-28
Total wholly-owned 770.0 591.2 6.0
JV portfolio (LondonMetric at share)
Moore House (40%) Residential RBS 4.4 4.4 0.9 28-Aug-17
MIPP JV (50%) Retail Deutsche Pfandbriefbank 40.9 35.9 3.3 22-Jan-20
DFS JV (30.5%) Retail M&G 18.4 18.4 2.8 23-Jul-19
Total JV portfolio 63.7 58.7 3.0
Total Group and JV 833.7 649.9 5.7
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