28 November 2013 LONDONMETRIC PROPERTY PLC ( London Metric or the - PDF document

28 November 2013 LONDONMETRIC PROPERTY PLC (“ London Metric” or the “Group” or the “Company”) HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2013 PORTFOLIO REPOSITIONING BUILDING MOMENTUM WITH £812 MILLION OF INCOME ENHANCING INVESTMENT ACTIVITY SINCE MERGER LondonMetric today announces its half yearly results for the six months ended 30 September 2013. HIGHLIGHTS: 1 Six months ended Six months ended Twelve months ended 30 September 2013 30 September 2012 31 March 2013 Profit before exceptional items (£m) 2 50.9 28.0 40.5 Revaluation surplus (£m) 35.6 16.9 20.3 EPRA earnings (£m) 11.7 13.4 22.0 EPRA NAV per share (p) 112 114 109 NAV per share (p) 111 112 108 EPRA EPS (p) 1.9 2.5 3.9 Dividend per share (p) 3.5 3.5 7.0 LTV (%) 30.3 28.5 43.3 1. Unless otherwise stated, all figures include LondonMetric’s net share of joint ventures 2. IFRS profit after tax of £44.1 million and before exceptional items of £6.8 million Financial:  Profit adjusted for exceptional items of £50.9 million (September 2012: £28.0 million)  Revaluation surplus of £35.6 million, a portfolio uplift of 3.5%  Interim dividend of 3.5p to be paid on 20 December 2013 (September 2012: 3.5p)  On target to cover dividend, on an annualised basis, for next financial year, 86% achieved at today’s contracted rents  EPRA net asset value per share of 112p, an increase of 2.8% over March 2013  EPRA EPS of 1.9p (September 2012: 2.5p) driven by the repositioning of the portfolio  Net debt £322.8 million (March 2013: £527.2 million)  Loan to value ratio of 30% (March 2013: 43%)  Weighted average cost of debt 4.2% (March 2013: 3.6%)  On target to achieve merger cost synergies of £3 million (£2.5 million projected at merger). Operational:  Focus on portfolio repositioning capitalising on 310bps of positive yield arbitrage between acquisitions and disposals: - Acquisitions totalling £160.4 million (£135.6 million LondonMetric share) at an average NIY of 7.2%, unexpired lease terms 11.4 years - Disposal proceeds of £456.7 million (£347.6 million LondonMetric share) at an average NIY of 4.1%, unexpired lease terms 9.7 years  Wholly-owned residential divestment programme on target releasing £109.4 million (81%) of equity to date, with a further £25.6 million expected to crystallise over the remaining half year  Post period end investment activity comprises £92.9 million of acquisitions and £80.6 million of disposals

HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2013  7.8% rise in annualised rent roll to £67.4 million, post period (March 2013: £62.5 million) driven by acquisitions funded by residential sales proceeds and underpinned by 1.6% increase in like- for-like rental growth over the last six months  190bps outperformance of IPD All Property Quarterly Index. Total property returns for the six month period on the like-for-like portfolio of 6.5% (IPD: 4.6%) - Revaluation surplus of £35.6 million contributing to a capital return of 4.0% compared to IPD All Property Quarterly Index of 1.7% - 25bps inward yield shift driven primarily by offices and distribution from both market movements and asset management initiatives  Investment portfolio continues to exhibit long and strong income with high occupier contentment: - 22 occupier transactions across 659,000 sq ft, securing an additional £4.8 million of rental income over previous passing rentals, at average lease lengths of 15.2 years (13.9 years to first break) - Long unexpired leases averaging 11.3 years (10.6 years to first break); post period end 12.5 years (11.8 years to first break)  MIPP joint venture grown to £133.9 million of assets under management at period end following net acquisitions of £37.0 million (£12.2 million at share) during the period and a further £9.6 million (£3.2 million at share) of acquisitions made post period end Patrick Vaughan, Chairman of LondonMetric, commented: “The LondonMetric team has worked diligently in their first half year together. Their principal focus has been on evolving the portfolio to focus on areas where we believe we can deliver strong long term returns as well as securing an income run rate that exceeds the dividend. Their efforts to date have achieved excellent operational results, which puts a solid foundation in place for an exciting second half to the year. “ Since the merger we have released £205.7 of equity from our office, legacy distribution and residential portfolio which has been redeployed on acquisitions in our preferred sectors of out of town and retail distribution. We have secured 310bps higher yields on the equity used for our purchases than was contributed by the assets we sold. This has given rise to an increase in our annual rent roll of 7.8% to £67.4 million, whilst also materially improving the lease lengths. We still have significant resources available to deploy which will add to our rental income. “ One of our objectives of covering the current dividend of 7p per annum with sustainable annualised income by the year-end has already been 86% achieved at today’s contracted rents . We expect to continue our current pace of strategic acquisitions to further improve the portfolio and capitalise on our strong occupier and financial relationships. “I should like to extend my thanks on your behalf to our occupiers, advisers, financiers and the home team for all that they have contributed to the half year.” For further information, please contact: LONDONMETRIC PROPERTY PLC +44 (0)20 7484 9000 Andrew Jones (Chief Executive) Martin McGann (Finance Director) Juliana Weiss Dalton (Investor Relations) LondonMetric Property Plc 2

HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2013 FTI Consulting +44 (0)20 7831 3113 Stephanie Highett Dido Laurimore Nina Legge Meeting and conference call for investors and analysts A meeting for investors and analysts will be held at 9.00am today at: FTI Consulting Holborn Gate 26 Southampton Buildings London WC2A 1PB In addition, a simultaneous conference call will also be available and the presentation will be available to download from the Company’s website www.londonmetric.com To participate in the call, please dial: Dial in number: +44 (0)20 3427 1919 Conference ID: 9716682 Event title: LondonMetric Property Half Year Results Notes to editors: LondonMetric (ticker: LMP) is a UK REIT admitted on the Official List and to trading on the Main Market of the London Stock Exchange on 28 January 2013 as a result of the merger between London & Stamford Property Plc (LSP) and Metric Property Investments plc (METP). LondonMetric aims to deliver attractive returns for shareholders through a strategy of increasing income and improving capital values. It invests across the UK in Retail and predominantly retailer led Distribution properties. It employs an occupier-led approach to property investments through opportunistic acquisitions, joint ventures, active asset management and short cycle developments. The asset focus is on properties with enduring occupier appeal providing opportunities to improve both rental values and the security and longevity of income; and limited risk redevelopments with the aim of enhancing shareholder returns. Further information on LondonMetric is available at www.londonmetric.com. Neither the content of London Metric’s website nor any other website accessible by hyperlinks from London Metric’s website are incorporated in, or form, part of this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not acquire, continue to hold, or dispose of, shares in LondonMetric. Forward looking statements : This announcement may contain certain forward-looking statements with respect to London Metric’s expectations and plans, strategy, management objectives, future developments and performance, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. Certain statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Any forward-looking statements made by or on behalf of LondonMetric speak only as of the date they are made. LondonMetric does not undertake to update forward-looking statements to reflect any changes in London Metric’s expectations with regard the reto or any changes in events, conditions or circumstances on which any such statement is based. Nothing in this announcement should be construed as a profit forecast. Past share price performance cannot be relied on as a guide to future performance. LondonMetric Property Plc 3