Business
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022.
About this update from Derwent London Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n 28 February 2023\n \n \n \n \n \n \n Derwent London plc\n \n (\"Derwent London\" / \"the Group\")\n \n \n \n \n \n \n RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022\n \n \n \n \n WELL POSITIONED IN THE CONTINUING FLIGHT TO QUALITY\n \n \n \n \n \n \n \n Paul Williams, Chief Executive of Derwent London, said:\n \n \n \n \n \"The £14.7m of lettings we have announced today further demonstrate the depth of demand for our distinctively designed, sustainable offices and we anticipate rental growth accelerating for the best buildings over the medium-term. We have an opportunity-rich pipeline, underpinned by our high quality core portfolio. Our balance sheet remains strong helped by another year of active capital recycling.\"\n \n \n \n \n \n \n \n \n \n Lettings activity\n \n \n \n ·\n 2022 lettings of £9.8m, 13.0% above December 2021 ERV\n \n \n ·\n 2023 lettings of £14.7m year to date, including:\n \n \n o \n PIMCO - 106,100 sq ft pre-let at 25 Baker Street W1, at rent of £11.0m on a 15-year lease (no breaks)\n \n \n o \n Buro Happold - 31,100 sq ft let at The Featherstone Building EC1, at rent of £2.3m on a 15-year lease with a break at 10\n \n \n \n \n \n \n Financial highlights\n \n \n \n ·\n EPRA net tangible assets1 3,632p per share, down 8.3% from 3,959p at 31 December 2021\n \n \n ·\n Net rental income of £188.5m, up 6.0% from £177.9m (restated)\n \n \n ·\n IFRS loss before tax of £279.5m from a profit of £252.5m in 2021\n \n \n ·\n EPRA earnings £119.7m or 106.6p per share, down 1.8% from 108.5p (restated)\n \n \n ·\n Full year dividend of 78.5p, up 2.6% from 76.5p\n \n \n ·\n Total return -6.3% from 5.8% in 2021\n \n \n ·\n Interest cover of 423%, EPRA loan-to-value ratio of 23.9%\n \n \n ·\n Net debt of £1,257.2m, broadly unchanged from £1,251.5m\n \n \n ·\n Undrawn facilities and cash of £577m2\n \n \n \n \n \n \n Portfolio highlights\n \n \n \n ·\n Portfolio valued at £5.36bn, an underlying decline of 6.8% with development valuations up 4.8%\n \n \n ·\n True equivalent yield of 4.88% compared to 4.50% at December 2021\n \n \n ·\n Portfolio ERV growth of 1.3%\n \n \n ·\n Total property return of -3.4% outperforming our benchmark3 at -8.0%\n \n \n ·\n £133.0m of property acquisitions and £121.8m4 of capital expenditure\n \n \n ·\n £206.4...