LMP’s FY21 results are in line with our expectations, confirming the accelerating growth in the Logistics market. FY EPRA NTA increased 11.7% to 190p (vs Lib 190p). LfL portfolio values increased 8.0%, with gains at Distribution and Long Income marginally offset by Retail Parks and Offices. LfL income growth increased 3.1%. LTV has decreased to 32% helped by valuation growth and the £120m placing last May. Good progression has been made on developments. Management is aligning the business well to long term structural trends, but with the shares at a 20% premium to Mar-21 NTA, we think the benefits of a 3.9% DPS are priced in and retain our HOLD rating.
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