Business
Annual Results for year ended 31 December 2016
Annual Results for year ended 31 December 2016.
About this update from Derwent London Plc
[{"type":"text","content":"\n \nRNS Number : 9918X Derwent London PLC 28 February 2017 \n\n \n28 February 2017\nDerwent London plc (\"Derwent London\" / \"the Group\")\nRESULTS FOR YEAR ENDED 31 DECEMBER 2016\nRECORD LETTING YEAR, FINAL DIVIDEND UP 25% AND SPECIAL DIVIDEND ANNOUNCED \nFinancial highlights \n· EPRA1 net asset value per share increased 0.5% to 3,551p from 3,535p at 31 December 2015, 1.3% lower than 3,598p at 30 June 2016\n· Net rental income increased 5.2% to £145.9m from £138.7m in 2015\n· EPRA earnings rose 8.9% to £85.7m from £78.7m last year\n· EPRA earnings per share increased 7.9% to 76.99p per share from 71.34p in 2015\n \nFinal dividend increased 25% \n· Proposed final dividend per share increased by 25.0% to 38.50p making 52.36p for the full year, an increase of 20.6% \n· Increase reflects strong recurring earnings growth since 2014 and de-risking of 2017-18 pipeline\n \n \nOperational performance\n· Record year of lettings totalling £31.4m, on average 6.3% above December 2015 ERV \n· Estimated rental values (ERV) on an EPRA basis increased by 5.1% in 2016 (by 1.0% in H2)\n· Portfolio valued at £5.0bn; underlying fall in value 0.2% in the year, with a decrease of 1.7% in H2\n· Valuation uplift on developments was 4.7% in the year\n· Total property return was 2.9% which was ahead of the IPD Central London Offices Quarterly Index of 2.6%\n· True equivalent yield was 4.83%: a 31bp rise in 2016 of which...