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2019 Full Year Results

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Annual Results 2019Annual Results 2019
CONTENTSCONTENTS
INTRODUCTION AND OVERVIEWINTRODUCTION AND OVERVIEW
2019 HIGHLIGHTS2019 HIGHLIGHTS
CAPTURING OUR REVERSIONCAPTURING OUR REVERSION
PLENTY TO COMEPLENTY TO COME
MAINTAINING OUR CUSTOMER FOCUSMAINTAINING OUR CUSTOMER FOCUS
FUTURE PROOFING OUR BUSINESS - PROGRESS IN 2019FUTURE PROOFING OUR BUSINESS - PROGRESS IN 2019
NET ZERO CARBON BY 2030NET ZERO CARBON BY 2030
DELIVERING GREEN DEVELOPMENTSDELIVERING GREEN DEVELOPMENTS
ACHIEVING A GREEN INVESTMENT PORTFOLIOACHIEVING A GREEN INVESTMENT PORTFOLIO
FUTURE PROOFING ENERGYFUTURE PROOFING ENERGY
BUSINESS IMPACTSBUSINESS IMPACTS
CENTRAL LONDON OFFICE MARKETCENTRAL LONDON OFFICE MARKET
2020 OUTLOOK2020 OUTLOOK
RESULTS AND FINANCIAL REVIEWRESULTS AND FINANCIAL REVIEW
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
EPRA NAV MOVEMENTEPRA NAV MOVEMENT
EPRA AND UNDERLYING EARNINGS1EPRA AND UNDERLYING EARNINGS1
GROSS RENTAL INCOMEGROSS RENTAL INCOME
CASH FLOWCASH FLOW
COMMITTED CAPITAL EXPENDITURECOMMITTED CAPITAL EXPENDITURE
PROFORMA IMPACT OF MAJOR PROJECTS, DISPOSALS AND ACQUISITIONSPROFORMA IMPACT OF MAJOR PROJECTS, DISPOSALS AND ACQUISITIONS
AN ACTIVE YEAR OF REFINANCINGAN ACTIVE YEAR OF REFINANCING
REVOLVING CREDIT FACILITYREVOLVING CREDIT FACILITY
DEBT SUMMARYDEBT SUMMARY
VALUATION AND PORTFOLIO ANALYSISVALUATION AND PORTFOLIO ANALYSIS
VALUATIONVALUATION
PROPERTY RETURNPROPERTY RETURN
MOVEMENT IN YIELDSMOVEMENT IN YIELDS
RENTAL VALUE GROWTHRENTAL VALUE GROWTH
BUILD-UP OF PORTFOLIO ERVBUILD-UP OF PORTFOLIO ERV
DERWENT LONDONDERWENT LONDON
LEASING, ASSET MANAGEMENT & INVESTMENTLEASING, ASSET MANAGEMENT & INVESTMENT
LETTING ACTIVITY 2019LETTING ACTIVITY 2019
SIGNIFICANT OFFICE LETTINGS IN 2019SIGNIFICANT OFFICE LETTINGS IN 2019
ASSET MANAGEMENTASSET MANAGEMENT
KEY ASSET MANAGEMENT TRANSACTIONSKEY ASSET MANAGEMENT TRANSACTIONS
DERWENT LONDON DISPOSALSDERWENT LONDON DISPOSALS
ADVANCING THE PIPELINE: BUSH HOUSE WC2ADVANCING THE PIPELINE: BUSH HOUSE WC2
ADDING TO THE PIPELINE: ACQUISITION OF BLUE STAR HOUSE, BRIXTON SW9ADDING TO THE PIPELINE: ACQUISITION OF BLUE STAR HOUSE, BRIXTON SW9
BLUE STAR HOUSEBLUE STAR HOUSE
PROJECTSPROJECTS
PROJECT UPDATEPROJECT UPDATE
H1 2019 COMPLETION: BRUNEL BUILDING W2H1 2019 COMPLETION: BRUNEL BUILDING W2
DERWENT LONDONDERWENT LONDON
H1 2020 COMPLETION: 80 CHARLOTTE STREET W1H1 2020 COMPLETION: 80 CHARLOTTE STREET W1
H1 2020 COMPLETION: 80 CHARLOTTE STREET W1H1 2020 COMPLETION: 80 CHARLOTTE STREET W1
H1 2022 COMPLETION: SOHO PLACE W1H1 2022 COMPLETION: SOHO PLACE W1
H1 2022 COMPLETION: SOHO PLACE W1H1 2022 COMPLETION: SOHO PLACE W1
H1 2022 COMPLETION: THE FEATHERSTONE BUILDING EC1H1 2022 COMPLETION: THE FEATHERSTONE BUILDING EC1
H1 2022 COMPLETION: THE FEATHERSTONE BUILDING EC1H1 2022 COMPLETION: THE FEATHERSTONE BUILDING EC1
ADVANCING OUR PIPELINE: 19-35 BAKER STREET W1ADVANCING OUR PIPELINE: 19-35 BAKER STREET W1
ADVANCING OUR PIPELINE: HOLDEN HOUSE W1ADVANCING OUR PIPELINE: HOLDEN HOUSE W1
ADVANCING AND INCREASING OUR PIPELINEADVANCING AND INCREASING OUR PIPELINE
SUMMARYSUMMARY
SUMMARYSUMMARY
QUESTIONSQUESTIONS
QUESTIONSQUESTIONS
QUESTIONSQUESTIONS
QUESTIONSQUESTIONS
QUESTIONSQUESTIONS
QUESTIONSQUESTIONS
QUESTIONSQUESTIONS
Annual Results 2019
Annual Results 2019
CONTENTS
CONTENTS
INTRODUCTION AND OVERVIEW
INTRODUCTION AND OVERVIEW
2019 HIGHLIGHTS
2019 HIGHLIGHTS
CAPTURING OUR REVERSION
CAPTURING OUR REVERSION
PLENTY TO COME
PLENTY TO COME
MAINTAINING OUR CUSTOMER FOCUS
MAINTAINING OUR CUSTOMER FOCUS
FUTURE PROOFING OUR BUSINESS - PROGRESS IN 2019
FUTURE PROOFING OUR BUSINESS - PROGRESS IN 2019
NET ZERO CARBON BY 2030
NET ZERO CARBON BY 2030
DELIVERING GREEN DEVELOPMENTS
DELIVERING GREEN DEVELOPMENTS
ACHIEVING A GREEN INVESTMENT PORTFOLIO
ACHIEVING A GREEN INVESTMENT PORTFOLIO
FUTURE PROOFING ENERGY
FUTURE PROOFING ENERGY
BUSINESS IMPACTS
BUSINESS IMPACTS
CENTRAL LONDON OFFICE MARKET
CENTRAL LONDON OFFICE MARKET
2020 OUTLOOK
2020 OUTLOOK
RESULTS AND FINANCIAL REVIEW
RESULTS AND FINANCIAL REVIEW
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
EPRA NAV MOVEMENT
EPRA NAV MOVEMENT
EPRA AND UNDERLYING EARNINGS1
EPRA AND UNDERLYING EARNINGS1
GROSS RENTAL INCOME
GROSS RENTAL INCOME
CASH FLOW
CASH FLOW
COMMITTED CAPITAL EXPENDITURE
COMMITTED CAPITAL EXPENDITURE
PROFORMA IMPACT OF MAJOR PROJECTS, DISPOSALS AND ACQUISITIONS
PROFORMA IMPACT OF MAJOR PROJECTS, DISPOSALS AND ACQUISITIONS
AN ACTIVE YEAR OF REFINANCING
AN ACTIVE YEAR OF REFINANCING
REVOLVING CREDIT FACILITY
REVOLVING CREDIT FACILITY
DEBT SUMMARY
DEBT SUMMARY
VALUATION AND PORTFOLIO ANALYSIS
VALUATION AND PORTFOLIO ANALYSIS
VALUATION
VALUATION
PROPERTY RETURN
PROPERTY RETURN
MOVEMENT IN YIELDS
MOVEMENT IN YIELDS
RENTAL VALUE GROWTH
RENTAL VALUE GROWTH
BUILD-UP OF PORTFOLIO ERV
BUILD-UP OF PORTFOLIO ERV
DERWENT LONDON
DERWENT LONDON
LEASING, ASSET MANAGEMENT & INVESTMENT
LEASING, ASSET MANAGEMENT & INVESTMENT
LETTING ACTIVITY 2019
LETTING ACTIVITY 2019
SIGNIFICANT OFFICE LETTINGS IN 2019
SIGNIFICANT OFFICE LETTINGS IN 2019
ASSET MANAGEMENT
ASSET MANAGEMENT
KEY ASSET MANAGEMENT TRANSACTIONS
KEY ASSET MANAGEMENT TRANSACTIONS
DERWENT LONDON DISPOSALS
DERWENT LONDON DISPOSALS
ADVANCING THE PIPELINE: BUSH HOUSE WC2
ADVANCING THE PIPELINE: BUSH HOUSE WC2
ADDING TO THE PIPELINE: ACQUISITION OF BLUE STAR HOUSE, BRIXTON SW9
ADDING TO THE PIPELINE: ACQUISITION OF BLUE STAR HOUSE, BRIXTON SW9
BLUE STAR HOUSE
BLUE STAR HOUSE
PROJECTS
PROJECTS
PROJECT UPDATE
PROJECT UPDATE
H1 2019 COMPLETION: BRUNEL BUILDING W2
H1 2019 COMPLETION: BRUNEL BUILDING W2
DERWENT LONDON
DERWENT LONDON
H1 2020 COMPLETION: 80 CHARLOTTE STREET W1
H1 2020 COMPLETION: 80 CHARLOTTE STREET W1
H1 2020 COMPLETION: 80 CHARLOTTE STREET W1
H1 2020 COMPLETION: 80 CHARLOTTE STREET W1
H1 2022 COMPLETION: SOHO PLACE W1
H1 2022 COMPLETION: SOHO PLACE W1
H1 2022 COMPLETION: SOHO PLACE W1
H1 2022 COMPLETION: SOHO PLACE W1
H1 2022 COMPLETION: THE FEATHERSTONE BUILDING EC1
H1 2022 COMPLETION: THE FEATHERSTONE BUILDING EC1
H1 2022 COMPLETION: THE FEATHERSTONE BUILDING EC1
H1 2022 COMPLETION: THE FEATHERSTONE BUILDING EC1
ADVANCING OUR PIPELINE: 19-35 BAKER STREET W1
ADVANCING OUR PIPELINE: 19-35 BAKER STREET W1
ADVANCING OUR PIPELINE: HOLDEN HOUSE W1
ADVANCING OUR PIPELINE: HOLDEN HOUSE W1
ADVANCING AND INCREASING OUR PIPELINE
ADVANCING AND INCREASING OUR PIPELINE
SUMMARY
SUMMARY
SUMMARY
SUMMARY
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS

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