Slide 1: Derwent London plc Results 2011
Derwent London plc Results 2011
Slide 2: Contents
Contents Presenters: Contents: Page John Burns Overview 3 Market summary 5 Damian Wisniewski Portfolio activity 10 Results and financial review 15 Simon Silver Valuation and portfolio analysis 27 Nigel George Projects 36 Outlook 64 David Silverman Appendices 66 Disclaimer 92 Paul Williams Presentati
Slide 3: Overview
DERWENT LONDON Overview John Bums
Slide 4: Overview
Overview XX Continue to see an encouraging level of tenant enquiries XX Crossrail reshaping areas of London - significant benefit for Derwent XX Over 50% of portfolio earmarked for refurbishment/development XX London continues to outperform the rest of the UK | 4
Slide 5: Market summary
DERWENT LONDON Market summary
Slide 6: West End office supply
West End office supply 2011 Outlook West End development pipeline Vacancy rate 2.5 12.5 Completed Under construction or proposed Vacancy rate XX Limited West End choice 2.0 10.0 ff Vacancy rate declined from 5.2% to 4.3% in 2011 Floor area (m sq ft) Vacancy rate (%) ff Development completions were o
Slide 7: West End office demand
West End office demand 2011 Outlook 2011 Outlook West End take-up Rental 6 Take-up values 5 XX Take-up of 4.4m sq ft in 2011 ff 6% above long-term average Average 4 Take-up (m sq ft) ff Continued West End resilience ff Active TMT sector 3 XX Key note for Derwent..... ff Occupiers attracted to our br
Slide 8: Technology, Media and Telecoms (TMT) sector
Technology, Media and Telecoms (TMT) sector XX Rapid growth in the TMT sector across central London ff Particularly active in the West End TMT West End take-up ff 1.0m sq ft of TMT take-up in 2011 1.2 24 TMT take-up (m sq ft) ff 24% of total West End take-up TMT (% of West End take-up) ff 19% higher
Slide 9: Central London office investment market
Central London office investment market 2011 Outlook Yields Central London office investment 18 Value of investment transactions (£bn) XX Firm investor demand but limited supply 16 ff Transactions of £8.4bn in 2011 14 ff 17% below the 10-year average 12 ff Stock shrinkage as acquired assets are Aver
Slide 10: Portfolio activity
DERWENT LONDON Portfolio activity
Slide 11: Lettings
Lettings XX 100 lettings, totalling 495,700 sq ft at £16.7m pa ff Previous income of £5.3m pa at December 2010 ff £14.6m pa (88%) were open-market lettings ff £2.1m pa (12%) were short-term lettings at our future development properties ff 80% of lettings in 2011 were to occupiers seeking expansion s
Slide 12: Activity 2011
Activity 2011 Tea Building E1 Nine office lettings Angel Building EC1 Rent: £1.2m pa - £32.50 psf on best Seven office & restaurant lettings Area: 41,000 sq ft Rent: £5.5m pa Johnson Building EC1 Office rent: £40 to £42 psf Tenant: Lastminute.com Morelands Buildings EC1 Area: 136,500 sq ft Rent: £0.
Slide 13: Acquisitions & disposals
Acquisitions & disposals 2011 2012 transactions XX Acquisitions - £87.5m1 - income £2.4m pa2 XX 1-5 Grosvenor Place SW1 - headlease regear ff 1 Page Street SW1 - £45.0m and joint venture agreement signed ff Network Building W1 - £31.0m ff Disposal of 50% raising £60m1 ff Morelands Buildings EC1 - he
Slide 14: Highlights 2011
Highlights 2011 XX Strong NAV growth XX Record year for lettings XX Significant refinancing undertaken XX Planning consents XX Substantial project pipeline | 14
Slide 15: Results and financial review
Results and financial review Damian Wisniewski | 15
Slide 16: Headline numbers
Headline numbers Dec 2011 Dec 2010 % change Total portfolio at fair value £2,646.5m £2,426.1m 9.1 EPRA net asset value per share 1 1,701p 1,474p 15.4 Gross property income £125.5m £119.4m 5.1 EPRA profit before tax 2,3 £52.3m £55.2m (5.3) EPRA earnings per share 3 51.59p 52.89p (2.5) Profit for the
Slide 17: Group balance sheet
Group balance sheet Dec 2011 Dec 2010 £m £m Investment property 1 2,444.9 2,373.3 Owner-occupied property 1 17.1 15.2 Other non-current assets 67.4 56.4 2,529.4 2,444.9 Non-current assets held for sale 137.5 - Other current assets and liabilities (27.5) (27.1) Cash and cash equivalents 3.5 7.2 Bank
Slide 18: Group balance sheet
Group balance sheet XX Shareholders’ funds up by 15% ff To £1,663m from £1,449m Debt, net assets and gearing XX Net debt decreased 1,800 Net debt Net assets Balance sheet gearing LTV ratio 100 ff To £864.5m from £887.8m 1,600 1,611 1,663 1,400 1,449 75 XX LTV and balance sheet gearing ratios 1,319 1
Slide 19: Group income statement
Group income statement Year ended Year ended Dec 2011 Dec 2010 £m £m Gross property income 125.5 119.4 Other income 2.0 1.7 Property outgoings (11.4) (9.8) Property outgoings Rates credits 1.6 (9.8) 1.7 (8.1) Net property income 117.7 113.0 Total administrative expenses (22.7) (20.9) H1 104.9 H1 197
Slide 20: Group income statement - property income
Group income statement - property income 2011 2010 Increase £m £m £m Rental income 115.3 113.4 1.9 Surrender premiums received1 1.4 0.6 0.8 SIC15 lease incentives 8.8 5.4 3.4 Gross property income 125.5 119.4 6.1 2011 Includes Central Cross £5.6m and Network Building £1.5m £m Property acquisitions 7
Slide 21: Group income statement - property outgoings
Group income statement - property outgoings ‘Recurring’ property outgoings increased by £1.3m 2011 2010 mainly due to void costs at Angel Building and £m £m Riverwalk House Property outgoings 12.5 11.2 Surrender premiums paid 1.9 0.2 Includes £1.3m at 210 Old Street Dilapidation receipts (3.0) (1.6)
Slide 22: Underlying and EPRA profit before tax
Underlying and EPRA profit before tax Gross Other Property Admin Cash-settled Finance Finance Share of Underlying Rates Forex on EPRA property income expenditure expenses share income costs joint ventures’ profit credits intercompany profit income / ground options results before tax 1 loan before ta
Slide 23: Cashflow
Cashflow XX Decrease in net debt ff By £23.3m to £864.5m XX Net cashflow movement in investment property portfolio 2011 2010 £m £m Acquisitions (91.6) (148.0) Capex (42.6) (49.5) (134.2) (197.5) Disposal proceeds 131.5 8.5 (2.7) (189.0) XX Disposals include Covent Garden Estate, Victory House, 79-89
Slide 24: Refinancing
Refinancing Dec 2011 Dec 2010 Gearing LTV ratio 32.0% 35.7% Balance sheet 50.4% 59.4% Interest cover ratio 307% 328% Interest cover ratio - excluding capitalised interest 291% 328% Total facilities £1,335m £1,135m Unutilised committed facilities £476m £261m Unutilised facilities drawable £469m £245m
Slide 25: Debt facilities, covenants and gearing
Debt facilities, covenants and gearing Maturity profile of loan facilities1 - as at 31 Dec 2011 Proforma after Jan 2012 facility extensions1 0 100 200 300 0 400 100500 200 0 300 100400 200500 300 0 400 100500 200 300 400 500 2012 33 £m 2012 33 £m33 2012 £m 2012 33 £m 2013 274 2013 201 2013 274 150 2
Slide 26: Liability risk management
Liability risk management Proforma1 Dec 2011 Dec 2010 Proportion of drawn facilities at fixed rates or hedged 90% 98% 70% Weighted average length of swaps 6.5 years 5.0 years 5.8 years Spot weighted average cost of drawn facilities 2 4.37% 4.65% 4.34% Spot weighted average cost of drawn facilities 3
Slide 27: Valuation and portfolio analysis
Valuation and portfolio analysis Nigel George | 27
Slide 28: Valuation
Valuation XX Solid valuation performance in 2011 ff Underlying 7.6% (2010: 15.7%) ff 8.8% if disposals completed in 2011 included XX Projects at Page Street, Buckley Building and Pentonville Road valued at £96.2m ff Valuation uplift 4.8% ff Early stages of the projects - development surplus to come
Slide 29: Valuation performance
Valuation XX 2011 valuation growth above the IPD Central London Office Index 1 XX London continues to outperform the rest of the UK Valuation performance XX Total property return 13.4% in 2011 20 15 15.7 16.5 ff IPD Central London Offices 1: 12.5% Valuation performance (%) 10 ff IPD All UK Property
Slide 30: Yields and income
Yields and income XX EPRA yields ff Net initial 4.4% True equivalent yield movement ff ‘Topped-up’ net initial 5.2% 7.5 15bp XX True equivalent yield 5.6% 7.0 83bp ff Tightened by 16bp in 2011 97bp True equivalent yield (%) 6.5 ff Yields stabilised 55bp 6.0 43bp 12bp 12bp XX Strong income reversion
Slide 31: Rental value
Rental value XX 2011 rental growth ff Underlying 6.3% (2010: 5.4%) Rental value growth XX Evidenced by our strong letting activity 10 8 8.1 6 Rental value growth (%) 4 4.6 4.1 2 2.6 2.8 2.1 0 1.3 -2 -2.9 -4 -4.6 -6 -8 -10 -11.4 -12 -14 H1 07 H2 07 H1 08 H2 08 H1 09 H2 09 H1 10 H2 10 H1 11 H2 11 ff A
Slide 32: Vacancy rates
Vacancy rates XX EPRA vacancy rate1 by rental value 1.3% at December 2011 ff Decreased from 5.9% at December 2010 ff Mainly due to lettings at Angel Building Vacancy rates ff Available space at year end £1.9m 8 ff Half let or under offer since year end 7 6 Vacancy rate (%) XX Current on site project
Slide 33: Lease expiries and breaks
Lease expiries and breaks XX Strong record of tenant retention through asset management XX 2011 expiries/breaks Lease expiry and break analysis1 100 ff Exposure of £21.4m pa equating to 16 16 11 7 19% of rental income 80 17 21 11 Percentage of income (%) ff £5.2m pa related to identified projects 18
Slide 34: Low average rents
Low average rents XX Central London offices represents 83% of income Central London office rent profile XX Rents passing on a ‘topped-up’ basis 35 ff < £30 psf 23% 32.66 ff £30-£40 psf 29% 30 31.10 ff £40-£50 psf 40% ff > £50 psf 8% 25 25.79 £ psf XX A solid platform for growth 20 15 10 Average Aver
Slide 35: Portfolio potential
Portfolio potential XX A portfolio with significant potential for organic growth ff Existing area 5.4m sq ft Portfolio composition ff Over 50% earmarked for refurbishment 6 60 Portfolio earmarked for development (%) or development 5 50 ff Follows our strategy of acquiring investments Floor area (m s
Slide 36: Projects
Projects Simon Silver David Silverman Paul Williams | 36
Slide 37: Key points
Key points XX Six planning consents obtained in 2011 - 0.9m sq ft ff 80 Charlotte Street W1 ff City Road Estate EC1 ff Turnmill EC1 ff Buckley Building EC1 ff 4 & 10 Pentonville Road N1 ff Central Cross W1 - Phase 1 XX Planning decisions for 2012 - 0.5m sq ft ff 1 Oxford Street W1 ff Riverwalk House
Slide 38: Current programme
Current programme XX Five projects on site - 338,000 sq ft Scheme income uplift ff 1 Page Street SW1 25 ff Buckley Building EC1 On-site ff 4 & 10 Pentonville Road N1 1 Page Street Buckley Building ff Central Cross W1 - Phases 1 & 2 Income/rental value (£m pa) 20 4&10 Pentonville Rd ff Morelands Buil
Slide 39: 1 Page Street SW1
1 Page Street SW1 XX Summary ff Extensive refurbishment - £30m capex to complete ff 127,000 sq ft offices - 8% floor area increase ff New identity through façade replacement, double height reception and rear garden XX Timing ff Delivery Q2 2013 XX Pre-let ff Burberry, 20-year term (break at 10th yea
Slide 40: 1 Page Street SW1
1 Page Street SWI PERTENDON dae recta h, f ae ial Z| ff 40
Slide 41: Buckley Building EC1
Buckley Building EC1 XX Summary ff Comprehensive refurbishment in Clerkenwell - close to Farringdon Crossrail hub ff 85,000 sq ft offices with creation of new external terraces ff Improving the building’s profile ff Innovative solution - relocation of entrance on to the more prominent Clerkenwell Gr
Slide 42: Buckley Building EC1
LONDON DERWENT Buckley Building EC1
Slide 43: 4 & 10 Pentonville Road N1
4 & 10 Pentonville Road N1 XX Summary ff Opposite Angel Building ff Linkage of two buildings to create 55,000 sq ft offices - over 20% floor area uplift ff Danish Petersen bricks to reclad building ff Interiors designed with a Scandinavian style XX Timing ff Delivery Q3 2012 XX Capex ff c. £7m to co
Slide 44: 4 & 10 Pentonville Road N1
4 & 10 Pentonville Road N1 | DERNGNDON
Slide 45: Central Cross W1
Central Cross W1 XX Summary ff Starting the transformation of this imposing block ff Being rebranded as 1-2 Stephen Street ff Planning for Phase 1 received in 2011 ff Remodelling and extension of main entrance and creation of 23,000 sq ft offices ff New curvaceous glass and metal screen façade with
Slide 46: Central Cross W1
DE Central Cross W1 . RENDON
Slide 47: Central Cross W1
DER Central Cross W1 TENDON
Slide 48: 40 Chancery Lane WC2
40 Chancery Lane WC2 XX Summary ff Office development of 100,000 sq ft in this prime Midtown location ff Amenities include roof terraces and a new landscaped courtyard XX Contracts exchanged to regear our ownership, thereby unlocking the development ff Before: Derwent held 76% leasehold (17 yrs unex
Slide 49: 40 Chancery Lane WC2
LONDON DERWENT 40 Chancery Lane WC2
Slide 50: 40 Chancery Lane WC2
40 Chancery Lane WC2 DERNGNDON =
Slide 51: Turnmill EC1
Turnmill EC1 XX Summary ff Planning permission granted in 2011 for 70,000 sq ft development ff 58,000 sq ft offices ff 12,000 sq ft retail ff New-build on this prominent site ff Farringdon Crossrail station under construction - only 250m away XX Timing ff Start on site H1 2012 with delivery mid 2014
Slide 52: Turnmill EC1
Turnmill EC1 | 52
Slide 53: Riverwalk House SW1
Riverwalk House SW1 XX Summary ff High-specification residential development for this prime riverside location ff Planning application submitted with decision expected shortly ff 148,000 sq ft - 121 residential units and 2,500 sq ft retail / gallery XX Sale contracts exchanged ff £77.3m including 23
Slide 54: Riverwalk House SW1
. DER Riverwalk House SW1 TENDON fm wy, E j FF kts —I —_—~ a re : BO
Slide 55: 132-142 Hampstead Road NW1
132-142 Hampstead Road NW1 XX Consented scheme - 265,000 sq ft ff Adjacent to Euston station XX Affected by HS2 rail link - decision to proceed announced in January 2012 ff Now a question of funding and timing XX Site expected to be compulsorily purchased XXWe are considering various ‘light touch’ r
Slide 56: Future projects - 2013 onwards
Future projects - 2013 onwards XX A depth of opportunities within the portfolio XX Potential 2013 commencement ff 80 Charlotte Street W1 ff 96-98 Bishop’s Bridge Road W2 XX 2014 onwards ff 1-5 Grosvenor Place SW1 ff City Road Estate EC1 ff Central Cross W1 - Phase 3 ff 55-65 North Wharf Road W2 ff 1
Slide 57: 80 Charlotte Street W1
80 Charlotte Street W1 XX Summary ff In the heart of our Fitzrovia holdings - part of our regeneration proposals for the area ff Planning permission granted in September 2011 ff 320,000 sq ft offices ff 47,000 sq ft residential - 57 units of which 16 are affordable ff Large, flexible floor plates ff
Slide 58: 80 Charlotte Street W1
80 Charlotte Street W1 DERNGNDON A wll img On 8 A agi RAT THE RE RAT “Pr Re r rnANE EVER mii PML EERE ERO O RRR pp 7, Wao A aM TE POEUN ROR “Td: co om Tl WS hah he oe qe ULL LL
Slide 59: 1-5 Grosvenor Place SW1
1-5 Grosvenor Place SW1 XX Background ff Existing buildings of 168,000 sq ft on this 1.5 acre Belgravia island site ff Fully income producing at £6.2m pa gross - lease breaks 2014/2016 XX Joint venture agreement completed with Grosvenor, our freeholder ff Before: Headleases expiring in 2063 and 2084
Slide 60: 1-5 Grosvenor Place SW1
1-5 Grosvenor Place SW1 InterContinental Hotel Hyde Park Green Park The Lanesborough Hotel Buckingham Palace Gardens | 60
Slide 61: 1 Oxford Street W1
1 Oxford Street W1 XX Derwent has the option to acquire this 1.2 acre site following Crossrail works - c. 2017 XX Planning application submitted in collaboration with Crossrail in October 2011 ff Decision due later this year XX Major development of 275,000 sq ft ff 204,000 sq ft offices ff 37,000 sq
Slide 62: 1 Oxford Street W1
1 Oxford Street W1 Soho Square Oxford Street Charing Cross Road | 62
Slide 63: Crossrail update
Crossrail update 55-65 North Wharf Road W2 Central Cross W1 1 Oxford Street W1 Buckley Building EC1 Turnmill EC1 313,000 sq ft 256,000 sq ft 275,000 sq ft 85,000 sq ft 70,000 sq ft Consented scheme On site - initial phase Planning application On site 2012 start Brentwood Hayes Bond Street Farringdon
Slide 64: Outlook
DERWENT LONDON Outlook John Bums
Slide 65: Outlook
Outlook XX Business robust despite economic fragility XX Sound financial base XX Continued strength in lettings XX Progressing substantial project pipeline | 65
Slide 66: Appendices
Appendices 1. Central London office vacancy 67 14. Valuation yields 80 2. Central London office supply and demand 68 15. Portfolio reversion 81 3. Central London office rental growth 69 16. Vacant accommodation at year end 82 4. Acquisitions 2011 70 17. Portfolio summary 83 5. Disposals 2011 71 18.
Slide 67: Appendix - Central London office vacancy
Appendix 1 - Central London office vacancy 16 West End 14 City Central London 12 West End 10-yr average Vacancy rate (%) City 10-yr average 10 8 6 4 2 0 Q1 02 Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09 Q1 10 Q1 11 Source: CBRE | 67
Slide 68: Appendix - Central London office supply & demand
Appendix 2 - Central London office supply & demand 6 12 Rental growth (quarter-on-quarter %) 3 10 Vacancy rate (%) 0 8 -3 6 -6 4 -9 2 IPD rental growth CBRE vacancy rate -12 0 Q1 02 Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09 Q1 10 Q1 11 Source: IPD / CBRE | 68
Slide 69: Appendix - Central London office rental growth
Appendix 3 - Central London office rental growth 30 20 Rental growth (% pa) 10 0 Q1 02 Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09 Q1 10 Q1 11 -10 -20 Central London -30 City West End -40 Source: CBRE | 69
Slide 70: Appendix - Acquisitions 2011
Appendix 4 - Acquisitions 2011 1 Page Street SW1 Network Building W11 118,000 sq ft vacant building 64,000 sq ft corner building £45.0m before costs Derwent owned freehold Capital value: £380 psf Headlease acquired - £31.0m before costs Major refurbishment now on site Income: £2.1m pa 2 Net initial
Slide 71: Appendix - Disposals 2011
Appendix 5 - Disposals 2011 18-30 Leonard Street EC2 Cleared site with planning 79-89 Pentonville Road N1 permission Warehouse building: 35,600 sq ft 35,000 sq ft residential (47 units) Covent Garden Estate WC2 Gross proceeds: £11.0m 20,000 sq ft offices Five buildings: 71,900 sq ft Victory House W1
Slide 72: Appendix - Net asset value per share
Appendix 6 - Net asset value per share Dec 2011 Dec 2010 Basic Diluted Basic Diluted £m p p £m p p Net assets attributable to equity shareholders 1,662.7 1,636 1,625 1,448.8 1,432 1,422 Fair value of secured bonds (20.8) 2.7 Fair value of unsecured bonds 2.4 - EPRA NNNAV 1,644.3 1,618 1,607 1,451.5
Slide 73: Appendix - Group income statement
Appendix 7 - Group income statement Year Year ended ended Dec 2011 Dec 2010 £m £m Profit before tax (IFRS) 233.0 352.8 Revaluation surplus (170.1) (298.1) Joint venture revaluation surplus (0.9) (0.9) Profit on disposal of properties (36.1) (0.9) Fair value movement in derivatives 26.5 2.4 Movement
Slide 74: Appendix - EPRA like-for-like rental income
Appendix 8 - EPRA like-for-like rental income Properties owned throughout Development the period Acquisitions Disposals property Total £m £m £m £m £m 2011 Rental income 99.1 10.6 2.1 12.3 124.1 Property expenditure (6.9) (0.7) 0.2 (3.5) (10.9) Net rental income 92.2 9.9 2.3 8.8 113.2 Other1 4.1 - -
Slide 75: Appendix - Convertible bonds
Appendix 9 - Convertible bonds XX £175m 2.75% unsecured convertible bonds repayable July 2016 ff Launched May 2011 and issued June 2011 XX Initial conversion price £22.22; 30% premium to reference share price of £17.09 Income statement presentation 2011 2012 £m £m Interest payable 2.8 4.8 Discount a
Slide 76: Appendix - Debt facilities
Appendix 10 - Debt facilities Proforma Maturity Dec 2011 Maturity £m £m £m £m 6.5% secured bonds 175.0 March 2026 175.0 March 2026 2.75% unsecured convertible bonds 175.0 July 2016 175.0 July 2016 Loan notes 1.1 Repaid January 2012 1.1 Repaid January 2012 Overdraft 10.0 On demand 10.0 On demand Comm
Slide 77: Appendix - Net debt
Appendix 11 - Net debt Dec 2011 Dec 2010 £m £m £m £m Overdraft - 5.6 Financial liabilities - due within 1 year 32.5 - Financial liabilities - due after more than 1 year 835.5 889.4 Acquired fair value of secured bonds less amortisation (17.2) (17.9) Unamortised loan arrangement costs 3.5 4.4 Leaseho
Slide 78: Appendix - Valuation performance by village
Appendix 12 - Valuation performance by village Valuation Valuation Valuation Weighting movement movement Dec 2011 Dec 2011 2011 1 20112,3 £m % % £m West End Fitzrovia4 958.8 36 5.7 52.0 Victoria 377.1 14 7.3 21.7 Belgravia 133.5 5 0.5 0.6 Baker Street/Marylebone 129.2 5 11.5 13.4 Soho/Covent Garden
Slide 79: Appendix - Valuation drivers & rental value growth
Appendix 13 - Valuation drivers & rental value growth Drivers of valuation movement Other Rental value growth Yield shift Dec-111 68 32 Jun-111 -6 70 36 Dec-101 28 42 30 Jun-101 1 22 77 -20 0 20 40 60 80 100 120 Contribution to valuation movement (%) Rental value growth H1 2011 H2 2011 2011 2010 % %
Slide 80: Appendix - Valuation yields
Appendix 14 - Valuation yields Yields EPRA initial yields 9 Pre-EPRA EPRA ‘Topped-up’ 8 Net initial net initial yield yield 7 % % Yield (%) 6 West End 4.2 5.0 City Borders 4.5 5.4 5 Central London 4.3 5.1 4 Provincial 6.2 7.0 3 Initial yield True equivalent yield Reversionary yield EPRA portfolio 4.
Slide 81: Appendix - Portfolio reversion
Appendix 15 - Portfolio reversion Rental Rental uplift per annum £m £m Contracted rental income, net of ground rents 113.1 Contractual rental uplifts across the portfolio 20.8 Vacant space - available to occupy 1 1.9 Vacant space - current schemes 1 12.9 Vacant space - held for schemes 1 5.8 Anticip
Slide 82: Appendix - Vacant accommodation at year end
Appendix 16 - Vacant accommodation at year end Floor Rental value area per annum Comment ‘000 sq ft £m Available to occupy Johnson Building EC1 15 0.6 3,600 sq ft under offer Morelands Buildings EC1 8 0.3 7,100 sq ft let in 2012 Tea Building E1 6 0.2 All under offer 6-7 St Cross Street EC1 4 0.2 All
Slide 83: Appendix - Portfolio summary
Appendix 17 - Portfolio summary Net Rent review/ contracted Average Vacant space lease renewal Total Estimated Valuation rental income rental income rental value reversion reversion rental value £m £m pa £ psf £m pa £m pa £m pa £m pa West End Central 1,806.7 77.5 30.51 13.3 13.0 26.3 103.8 Borders 2
Slide 84: Appendix - Portfolio statistics by village
Appendix 18 - Portfolio statistics by village Vacant Net Average Vacant Rent review/ Estimated Floor floor contracted rental space lease renewal Total rental Valuation Weighting area area rental income income rental value reversion reversion value £m % sq ft ‘000 sq ft ‘000 £m pa £ psf £m pa £m pa £
Slide 85: Appendix - Annualised contracted rental income
Appendix 19 - Annualised contracted rental income XX Annualised contracted rental income at 31 December 2011 ff Includes: Reconciliation of net contracted income Dec 10 to Dec 11 ff Annualised rents under leases 125 ff Excludes: 120 ff Rental movements on outstanding Contracted income (£m pa) rent r
Slide 86: Appendix - Lease expiry profile and lease length
Appendix 20 - Lease expiry profile and lease length Expiries and breaks as percentage of portfolio income1 West City End Borders 2012 2013 2014 2015 2016 Total Expiries 3 1 4 9 4 4 6 27 Single breaks 3 - 3 4 8 2 3 20 Rolling breaks 3 2 5 1 1 - - 7 Holding over 2 - 2 - - - - 2 11 3 14 14 13 6 9 56 Pr
Slide 87: Appendix - Rent banding and tenant profile
Appendix 21 - Rent banding and tenant profile Central London ‘topped-up’ office rent banding1 Profile of tenants’ business sector2 £60+ psf Other £50 - £60 psf £0 - £20 psf 4% Government and 9% 4% 8% public admin 3% Media, TV, marketing £20 - £30 psf Financial and advertising 15% 6% 29% Retail head
Slide 88: Appendix - Projects summary 2012 to 2013
Appendix 22 - Projects summary 2012 to 2013 Current Pre net scheme Proposed 2012 2013 2014+ Total income area area capex1 capex1 capex1,2 capex1 Delivery ERV £m pa ‘000 sq ft ‘000 sq ft £m £m £m £m date £ psf On site at December 2011 1 Page Street SW1 - 118 127 14.9 14.3 0.6 29.8 Q2 2013 45-50 Buckl
Slide 89: Appendix - Projects summary 2014+
Appendix 23 - Projects summary 2014+ Current Pre scheme Proposed Earliest net income area area possession £m pa ‘000 sq ft ‘000 sq ft year Comment 2014 onwards City Road Estate EC1 0.8 124 289 2012 Consented scheme - pre-let required Balmoral Grove Buildings N7 0.2 49 163 2013 Appraisal studies 1-5
Slide 90: Appendix - Current project programme map
Islington Appendix 24 - Current project programme map Camden 7 Euston Thameslink Old Street Bloomsbury Clerkenwell 6 5 Fitzrovia 4 Farringdon Shoreditch Marylebone/ Liverpool Street Paddington Baker Street North of Oxford St 2 Tottenham 3 Holborn Court Road The City Paddington Bond Street Thameslink
Slide 91: Appendix - Management structure - executive team
Appendix 25 - Management structure - executive team John Burns Chief Executive Damian Wisniewski Finance Director Simon Silver Property Director Nigel George Property Director Paul Williams Property Director David Silverman Property Director Tim Kite Company Secretary Richard Baldwin Head of Develop
Slide 92: Disclaimer
Disclaimer This presentation has been prepared by Derwent London plc (the apparent. Past performance is not indicative of future results and “Company”). No representation or warranty (express or implied) forward-looking statements are not guarantees of future performance. of any nature is given nor