LondonMetric Property Plc (“LondonMetric”) announces a trading update ahead of its results for the year ended 31 March 2020 (“FY 2020”), which are expected to be announced in early June.
At this time of uncertainty caused by COVID-19, LondonMetric’s primary focus is to keep its people safe, maintain close working relationships with its occupiers and ensure that its financings can comfortably withstand a further deterioration in economic conditions.
Our strategic decisions and actions over the past few years have aligned the portfolio to structurally supported sectors that continue to offer superior growth prospects, as well as assets that are underpinned by high intrinsic values. These actions mean we have built a highly desirable and resilient portfolio that is c.99% occupied and let on long leases to a diverse range of occupiers across multiple industries. With c.70% of our portfolio in logistics, this warehousing space provides our occupiers with operationally critical infrastructure.
Our operational and financial performance to date has been strong. EPRA Earnings for FY 2020 are anticipated to be in line with expectations and our third quarter dividend of 2.0 pence per share will be paid as planned on 16 April.
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