Business
Results for the Year Ended 31 December 2019
Results for the Year Ended 31 December 2019.
About this update from Derwent London Plc
[{"type":"text","content":"\n \n \n RNS Number : 9732D\n Derwent London PLC\n 25 February 2020\n \n \n \n \n 25 February 2020\n \n \n \n Derwent London plc \n \n (\"Derwent London\" / \"the Group\")\n \n \n RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019\n \n STRONG RESULTS AND GOOD PROGRESS\nNET ZERO CARBON TARGET BROUGHT FORWARD TO 2030 \n \n \n Financial highlights\n \n \n · \n Total return of 6.6%, up from 5.3% in 2018\n \n \n · \n EPRA NAV1 3,958p per share, up 4.8% from 3,776p in December 2018\n \n \n · \n Net rental income of £178.0m, up 10.5% from £161.1m in 2018\n \n \n · \n EPRA1 and underlying1 earnings of £115.1m, or 103.1p per share:\n \n \n o \n underlying earnings per share up 4.0% from 99.1p in 2018 \n \n \n o \n EPRA earnings per share of 113.1p in 2018 included non-recurring receipt of 14.0p\n \n \n · \n Proposed final dividend raised 10.1% to 51.45p per share from 46.75p in 2018\n \n \n · \n Full year dividend of 72.45p per share from 65.85p, up 10.0%\n \n \n · \n Four refinancings including £450m revolving credit facility ('RCF')\n \n \n · \n Net debt increased to £981.6m from £956.9m in December 2018\n \n \n · \n Interest cover 462%, loan-to-value ratio 16.9%\n \n \n · \n Undrawn facilities and cash of £511m, up from £274m in December 2018\n \n \n \n \n \n Portfolio highlights\n \n \n · \n New lettings on 498,500 sq ft of £34.0m, 6.9% above ERV, including significant pre-lets\n \n \n · \n Three on-site developments totalling 790,000 sq ft - 72% pre-let\n \n \n · \n Property disposals of £181.7m (Group share), achieving 6.1% above book value\n \n \n · \n Portfolio valued at £5.5bn - an underlying valuation increase of 3.9%\n \n \n · \n Underlying valuation uplift on the developments was 21.2%\n \n \n · \n True equivalent yield of 4.77%, up 4bp from December 2018\n \n \n · \n Total property return of 7.4%, ahead of our benchmark index2 of 4.1%\n \n \n · \n EPRA vacancy rate fell to 0.8% from 1.8% in December 2018\n \n \n · \n ERV growth of 1.4% in 2019\n \n \n \n \n \n Net zero carbon target\n \n \n · \n Brought forward our net zero carbon target by twenty years to 2030\n \n \n · \n Signed the Better Building Partnership's climate change commitment and became one of the Mayor of London's 11 Business Climate Leaders\n \n \n · \n The £450m RCF signed in October 2019 includes a £300m green tranch...