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LONDONMETRIC PROPERTY PLC (“Londonmetric” Or the “Group” Or the “Company”) Income Statement 31 March 2020 31 March 2

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LONDONMETRIC PROPERTY PLC (“Londonmetric” Or the “Group” Or the “Company”) Income Statement 31 March 2020 31 March 2 LONDONMETRIC PROPERTY PLC (“LondonMetric” or the “Group” or the “Company”) ANNUAL RESULTS FOR THE YEAR ENDED 31 MARCH 2020 SECTOR AND ASSET CALLS CONTINUE TO DELIVER INCOME GROWTH AND PORTFOLIO OUTPERFORMANCE LondonMetric today announces its annual results for the year ended 31 March 2020. Income Statement 31 March 2020 31 March 2019 Net rental income (£m)1,2 115.9 93.8 IFRS net rental income (£m) 111.1 83.9 EPRA Earnings (£m) 2 74.5 61.0 EPRA EPS (p) 2 9.3 8.8 Dividend per share (p) 8.3 8.2 IFRS Reported (Loss)/Profit (£m) (5.7) 119.7 Reported Profit excluding exceptional acquisition costs3 (£m) 51.5 119.7 Balance Sheet 31 March 2020 31 March 2019 IFRS net assets (£m) 1,431.8 1,216.8 EPRA NAV per share (p) 2 171.7 174.9 IFRS NAV per share (p) 171.0 174.7 LTV (%)1,2 35.9 32.2 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 3. Comprising £48.3m of goodwill impairment and £8.9m of acquisition costs relating to the Mucklow acquisition Continued focus on income growth increases earnings and dividend • Contracted income up 37% to £123.3m • Net rental income up 24% to £115.9m1, on an IFRS basis net rental income increased 32% • EPRA earnings up 22% to £74.5m, +6% on a per share basis • Dividend progression of 1% to 8.3p, 112% covered, including Q4 dividend declared of 2.3p • Rent collection strong at 93% with c. 1% rent forgiven Sector alignment and asset selection delivering resilient portfolio performance • Total Property Return of 5.1%, outperforming IPD All Property by 560bps • Capital return flat (IPD All Property: -4.8%), regional and urban logistics best performing sectors • EPRA NAV per share of 171.7p (2019: 174.9p) after 2.5p of costs incurred from Mucklow acquisition • IFRS net assets increased 18% to £1,431.8m • Total Accounting Return of 3.0% Investment activity increases urban logistics weighting to 35% and reduces big box exposure to 15% • £455m Mucklow acquisition underpinned increase in urban logistics portfolio to £831m (2019: £504m) • £159m of additional logistics and long income acquisitions with a WAULT of 17 years • £179m of disposals, largely mega and regional distribution, as well as two Mucklow offices and 26 flats • PPE: long income and urban acquisitions of £15m with further £82m in legals/terms agreed 130 asset management initiatives completed • Like for like income growth of 3.8%2 • £5.2m pa income uplift: lettings signed with WAULT of 11.6 years, urban logistics open market rent reviews +32% • PPE: deals signed add £1.6m p.a. of income, including a 141,000 sq ft letting to Pets at Home as announced separately Resilient £2.3bn portfolio focused on long income and operationally light assets that can deliver income growth • WAULT of 11.2 years and occupancy increased to 98.6% (+80bps) • Gross to net income ratio improved to 98.8% (+60bps) and contractual rental uplifts on 54.5% of income • Greater income diversification and granularity with top 10 occupiers accounting for 36% of rent (2019: 51%) Balance sheet strengthened with further corporate efficiencies • LTV of 35.9% reduced to 30.9% on proforma basis following £120m equity raise post year end, providing firepower • Continued balance sheet discipline with weighted average debt maturity of 5 years and 1.5% marginal debt cost • EPRA cost ratio reduced further to 14.2% (-80bps) 1 Andrew Jones, Chief Executive of LondonMetric, commented: “These are challenging times for everyone. At LondonMetric our near-term focus has been on protecting the existing portfolio, engaging with occupiers and enhancing the strength of our balance sheet. “Whilst the timing and suddenness of the pandemic were unforeseeable, many trends that we are seeing play out were already in the system and are being accelerated as temporary behaviours become more permanent. We are seeing events that were expected to take years to emerge now happening in months or even weeks. As a result, real estate performances continue to polarise, with many distressed sectors being severely damaged whilst the winning sectors are likely to see a wider margin of victory. “Our focus on owning the right assets in the winning sectors is delivering continued outperformance. Reliable, repetitive and growing income returns are the bedrock of future returns and underpin our progressive dividend. Our portfolio was materially enhanced by our activity in the year, particularly through the Mucklow acquisition which significantly grew our urban logistics platform. Notwithstanding the uncertainty from COVID-19, we remain excited by the outlook for the portfolio. Quality investment opportunities that are seldom available in a normalised market are presenting themselves and, thanks to the support for our recent equity raise, we are approaching this environment from a position of strength and transacting on a number of excellent opportunities.” For further information, please contact: LONDONMETRIC PROPERTY PLC: +44 (0)20 7484 9000 Andrew Jones (Chief Executive) Martin McGann (Finance Director) Gareth Price (Investor Relations) FTI CONSULTING: +44 (0)20 3727 1000 Dido Laurimore / Richard Gotla [email protected] Meeting and audio webcast A live audio webcast and conference call will be held at 8.30am today. The conference call dial-in for the meeting is: +44 (0)330 330 336 9411 (Participant Passcode: 7026998). For the live webcast see: https://webcasting.brrmedia.co.uk/broadcast/5e6660e59672d83b98777d63. An on demand recording will be available shortly after the meeting from the same link and from: http://www.londonmetric.com/investors/reports-and-presentations Notes to editors LondonMetric is a FTSE 250 REIT that owns one of the UK’s leading listed logistics platforms alongside a diversified long income portfolio, with 16 million sq ft under management. It owns and manages desirable real estate that meets occupiers’ demands, delivers reliable, repetitive and growing income-led returns and outperforms over the long term. Further information is available at www.londonmetric.com Neither the content of LondonMetric’s website nor any other website accessible by hyperlinks from its 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 to acquire, continue to hold, or dispose of shares in LondonMetric. This announcement may contain certain forward-looking statements with respect to LondonMetric’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 future events and circumstances. 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 LondonMetric’s expectations with regard thereto 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. Alternative performance measures: The Group financial statements are prepared in accordance with IFRS where the Group’s interests in joint ventures and non-controlling interests are shown as single line items on the income statement and balance sheet. Management reviews the performance of the business principally on a proportionately consolidated basis, which includes the Group’s share of joint ventures and excludes non-controlling interests on a line by line basis. Alternative performance measures are financial measures which are not specified under IFRS but are used by management as they highlight the underlying performance of the Group’s property rental business and are based on the EPRA Best Practice Recommendations (BPR) reporting framework which is widely recognised and used by public real estate companies. 2 Chair’s statement The disruption caused by the COVID-19 pandemic and the speed with which it has impacted our lives is truly unprecedented. The changes it has brought are certainly proving to be one of the most defining events of my career. It is putting enormous pressure on government deficits and corporate cash flows across the world. It is also further challenging many long established practices of modern day life. Whilst there will be pain along the way and longer term economic consequences, I am in no doubt that the world will be able to ride the disruption and recover. Clearly, we can’t predict exactly how the recovery will play out but two themes I pointed to in my statement last year are likely to persist. Firstly, interest rates are unlikely to move significantly higher over the medium term from their unprecedented low levels which, together with significant cuts in corporate dividends and an ever ageing population, are intensifying the global search for income. Secondly, technological and behavioural change will continue to impact the way we live, work and socialise. COVID-19 is serving to further accelerate structural trends that were already underway. This is having a profound impact on commercial property, with the outlook for certain sectors that were already facing disruption continuing to deteriorate and the polarisation of performances widening further. It had been apparent to us for a long while that changes in consumer behaviour were going to significantly impact traditional retail property and, over the last year and particularly over recent months with ‘forced adoption’ of new living and shopping habits, this sub sector has seen materially adverse valuation movements and rental declines.
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