StockMarketWire.com - LondonMetric said Wednesday it generated record reported profit of £186.0m in the year to the end of March, from £63m the previous year as net rental income rose by 10.8% to £90.6m.

EPRA earnings increased 3.7% to £59.1m from £51m and EPRA net asset value rose by 10.3%, benefiting from a £121.6m revaluation surplus.

Distribution, one of the best preforming real estate sectors, saw assets rise by over £300m to represent 69% of the portfolio, compared to 21% in 2013, the company said.

The company's portfolio was valued at £1,842.0m, up from 1,533.8m.

Total property return was 13.7% for the year, a 360 basis point outperformance of the IPD All Property.

The company declared an annual dividend of 7.9p, up 5.3% from the previous year.

The company said it remained 'highly nervous,' on the outlook for the retail sector, while its outlook on the distribution sector remained supported by the fundamental changes in consumer shopping patterns with attractive demand/supply tension, especially for urban logistics where rental growth was the strongest.

'The impact of digital evolution and ongoing shifts in consumer shopping habits is being felt more than ever in the retail sector. Whilst the virtual tills are ringing, the physical ones are not,' said Andrew Jones, Chief Executive of LondonMetric.

'Our early anticipation of these shifts and the global search for income led to our pivot towards distribution and long income assets which more accurately cater for modern shoppers' needs.'

At 8:06am: [LON:LMP] LondonMetric Property share price was -0.55p at 191.35p



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