Business
Derwent London: Results for Year Ended 31 Dec 2017
Derwent London: Results for Year Ended 31 Dec 2017.
About this update from Derwent London Plc
[{"type":"text","content":"\n \nRNS Number : 9849F Derwent London PLC 27 February 2018 \n\n27 February 2018\nDerwent London plc (\"Derwent London\" / \"the Group\")\nRESULTS FOR THE YEAR ENDED 31 DECEMBER 2017EXCELLENT OPERATIONAL PROGRESS AND 75P PER SHARE SPECIAL DIVIDEND\nFinancial highlights\n· EPRA1 net asset value per share increased 4.6% to 3,716p from 3,551p at 31 December 2016 and a 3.7% increase from 3,582p at 30 June 2017 \n· The total return was 7.7% including dividends paid of 107.8p per share \n· Net rental income increased 10.4% to £161.1m from £145.9m \n· EPRA earnings rose 22.5% to £105.0m from £85.7m \n· EPRA earnings per share increased 22.4% to 94.2p per share from 77.0p \n· Final dividend raised 10.1% to 42.4p to give full year dividend of 59.73p, an increase of 14.1%\n· Proposed special dividend of 75p per share to be paid in June 2018\n \nOperational performance\n· Record new lettings achieving £41.5m, on average 1.3% above December 2016 ERV \n· Investment property disposals totalled £482.8m, 11.8% above December 2016 values\n· Capital expenditure of £165.0m in 2017 including capitalised interest of £9.4m\n· 623,000 sq ft under construction for delivery in 2019 now 45% pre-let\n· Required capital expenditure of £265.0m to complete major year end projects \n· Potential surplus of c.£140m still to come on the two developments for delivery in 2019\n· Work started at Soho Place W1, above the new Crossrail station \n \nPortfolio update\n· Portfolio valued at £4.9bn, an underlying valuation increase of 3.9% (4.9% including disposals) \n· Underlying valuation uplift on developments was 16.0% \n· Total property return 8.0% versus the MSCI IPD Central London Offices Quarterly Index of 7.1%\n· True equivalent yield was 4.7%, tightening by 10bp since December 2016\n· T...