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LondonMetric today announces its half year results for the six months ended 30 September 2021 . Income Statement Net rental income ( £ m ) Earnings / Reported Profit ( £ m ) Earnings per share ( p ) Dividend per share ( p ) LONDONMETRIC PROPERTY PLC ( " London Metric " or the " Group " or the " Company " ) HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021 Conviction sector calls and income focus delivers strong returns and continued dividend growth Balance Sheet Net tangible assets ( NTA ) ( £ m ) NTA per share ( p ) LTV ( % ) ● ● EPRA¹ , 2 ● H1 2022 63.5 44.2 4.87 4.4 EPRA¹ , 2 H1 2022 1,947.9 213.4 31 . H1 2021 61.3 42.3 4.75 4.2 FY 2021 1,731.9 190.3 32.3 IFRS H1 2022 61.8 Sector alignment and asset selection delivering strong portfolio performance Total Property Return of 10.4 % , outperforming IPD All Property of 7.6 % Capital return of 7.9 % ( IPD All Property : 5.4 % ) , logistics delivered 9.7 % EPRA NTA per share increased by 12.1 % to 213.4p , driven by 22.9p valuation gain Total Accounting Return of 14.5 % LondonMetric Property 254.1 28.01 4.4 1. Including share of joint ventures , excluding non - controlling interest 2. Further details on alternative performance measures can be found in the Financial Review and definitions can be found in the Glossary IFRS H1 2022 1,947.6 214.4 31.1 Continued focus on reliable , repetitive and growing income drives earnings and dividend growth Net rental income up 3.6 % to £ 63.5m , on an IFRS basis increased by 3.7 % EPRA cost ratio down 50 bps to 13.2 % EPRA earnings up 4.5 % to £ 44.2m , + 2.5 % on a per share basis IFRS reported profit up 199 % to £ 254.1m Dividend progression of 4.8 % to 4.4p , 111 % covered , including Q2 dividend declared today of 2.2p Proposed equity placing , as announced separately Attractive opportunities to grow the portfolio Opportunities consist of deals committed or under offer , c.80 % logistics H1 2021 59.6 85.1 9.54 4.2 FY 2021 1,731.3 191.3 2.3 Distribution weighting increased to 74 % , including urban logistics at 42 % , with grocery - led long income at 23 % £ 161m of acquisitions , largely urban logistics , with a WAULT of 15 years and 72 % of rent subject to contractual uplifts £ 168m of disposals , largely mature or non - core assets , with a WAULT of ten years Post period end , £ 144m acquired with a WAULT of 21 years , primarily two logistics warehouses acquired for £ 136m 76 asset management initiatives delivering £ 3.9m pa additional income and 3.0 % like for like income growth Rent reviews + 13 % with urban open market reviews + 25 % Lettings signed with WAULT of 12 years Post period end , concluded letting of our last remaining 355,000 sq ft unit at Bedford Link adding £ 2.9m p.a. of rent Strong balance sheet with additional facilities LTV of 31.1 % with weighted average debt maturity of 7.2 years and cost of debt at 2.5 % Further £ 150 million debt facility post period end extends financing arrangements Portfolio value grown to £ 3.0bn and our activity has strengthened its long and strong income characteristics Occupancy increased to 98.9 % and WAULT of 11.6 years with only 10.1 % of income expiring in next three years Gross to net income ratio of 98.7 % and contractual rental uplifts on 59.8 % of income 1