LondonMetric's shares dipped slightly (-0.2%) following the earnings release, reflecting a mixed reaction to steady income growth offset by rising overheads and the uncertainties highlighted around valuation volatility and refinancing costs.

• Net rental income grew 16.6% to GBP 455 million, driven by acquisitions including Urban Logistics and Highcroft.
• Dividend increased by 3.8% for the 11th consecutive year, supported by a 14% rise in EPRA earnings to GBP 305 million.
• Portfolio value grew 23% with GBP 1.5 billion added, reflecting ongoing external and internal growth initiatives.
• Administrative overheads rose to GBP 30.2 million due to expanding headcount and remuneration, though cost ratio remains sector-leading at 7.7%.
• Material refinancing activity totaling GBP 2.7 billion maintained a 4% average cost of debt amid significant market volatility, weighing on reported returns.