Business
INTERIM RESULTS
INTERIM RESULTS.
About this update from Derwent London Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0755I\n Derwent London PLC\n 10 August 2021\n \n \n \n \n \n \n \n \n 10 August 2021\n \n \n \n \n Derwent London plc \n \n (\"Derwent London\" / \"the Group\")\n \n \n INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2021\n \n INCREASED ACTIVITY AND CONFIDENCE \n \n \n Financial highlights\n \n \n · \n Total return of 2.7%, -0.1% in H1 2020, -1.8% in FY 2020\n \n \n · \n EPRA1 NTA 3,864p per share, up 1.4% from 3,812p at 31 December 2020\n \n \n · \n Net rental income of £90.1m, up from £84.4m in H1 2020\n \n \n · \n EPRA1 earnings of £60.6m or 54.0p per share, up 10.5% from 48.9p in H1 2020\n \n \n · \n Interim dividend raised 4.5% to 23.0p from 22.0p in 2020\n \n \n · \n Net debt of £999.7m (£1,049.1m at 31 December 2020)\n \n \n · \n Loan-to-value ratio 17.3% (18.4% at 31 December 2020)\n \n \n · \n Undrawn facilities and cash of £527m (£476m at 31 December 2020)\n \n \n \n \n \n Portfolio highlights\n \n \n · \n Portfolio valued at £5.4bn, an underlying value increase of 1.4%\n \n \n · \n True equivalent yield of 4.65%, tightening 9bp since December 2020\n \n \n · \n Total property return of 3.2%, outperforming our benchmark index2 of 2.3%\n \n \n · \n EPRA vacancy rate rose from 1.8% to 3.3% in H1 (subsequently reduced to 2.4%)\n \n \n · \n ERV movement of -0.3% in first half of 2021\n \n \n · \n First half lettings £3.9m, 1.6% below December 2020 ERV with offices 0.4% above\n \n \n · \n Raised 2021 ERV guidance to +2% to -2% from 0% to -5%\n \n \n \n \n \n Second half activity to date\n \n \n · \n Exchanged contracts to acquire two freeholds for £214.6m\n \n \n · \n Signed memorandum of understanding to form a JV with Lazari Investments for a major development in Baker Street W1\n \n \n · \n Secured vacant possession of Bush House WC2, accelerating refurbishment opportunity\n \n \n · \n Exchanged contracts to sell Angel Square EC1 for £86.5m before costs\n \n \n · \n Resolution to grant consent for the redevelopment of Network Building W1 \n \n \n · \n Second half lettings to date £3.8m, 2.2% above ERV\n \n \n · \n Potential pipeline now c.2.5m sq ft\n \n \n \n \n \n \n 1 \n \n Explanations of how EPRA figures are derived from IFRS are shown in note 23 \n \n \n \n 2\n \n MSCI IPD Central London Offices Quarterly Index\n \n \n \n \n \n Paul...