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Full Year Results 2020

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Annual Results 2020Annual Results 2020
CONTENTSCONTENTS
INTRODUCTION AND OVERVIEWINTRODUCTION AND OVERVIEW
2020 HEADLINES2020 HEADLINES
OUR RESPONSE TO THE PANDEMICOUR RESPONSE TO THE PANDEMIC
THE PANDEMIC’S IMPACT ON CENTRAL LONDON OFFICE MARKETTHE PANDEMIC’S IMPACT ON CENTRAL LONDON OFFICE MARKET
PROPERTY RECOVERY WILL TAKE TIMEPROPERTY RECOVERY WILL TAKE TIME
DRIVERS OF LONDON’S RECOVERYDRIVERS OF LONDON’S RECOVERY
WHAT OUR OCCUPIERS ARE SAYINGWHAT OUR OCCUPIERS ARE SAYING
HOW ARE WE RESPONDING?HOW ARE WE RESPONDING?
PROGRESS ON OUR NET ZERO CARBON PATHWAYPROGRESS ON OUR NET ZERO CARBON PATHWAY
MARKET DYNAMICS AND OUTLOOKMARKET DYNAMICS AND OUTLOOK
DERWENT LONDON IS WELL PLACEDDERWENT LONDON IS WELL PLACED
RESULTS AND FINANCIAL REVIEWRESULTS AND FINANCIAL REVIEW
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
EPRA NTA MOVEMENTEPRA NTA MOVEMENT
EPRA EARNINGS1EPRA EARNINGS1
GROSS RENTAL INCOMEGROSS RENTAL INCOME
RENT COLLECTIONRENT COLLECTION
IMPACT OF WAIVERS AND IMPAIRMENTSIMPACT OF WAIVERS AND IMPAIRMENTS
CASH FLOW MOVEMENTCASH FLOW MOVEMENT
COMMITTED CAPITAL EXPENDITURECOMMITTED CAPITAL EXPENDITURE
PROFORMA IMPACT OF MAJOR PROJECTS, ACQUISITIONS AND DISPOSALSPROFORMA IMPACT OF MAJOR PROJECTS, ACQUISITIONS AND DISPOSALS
FINANCING UPDATEFINANCING UPDATE
DEBT SUMMARYDEBT SUMMARY
PROPERTY REVIEWPROPERTY REVIEW
VALUATIONVALUATION
PROPERTY RETURNPROPERTY RETURN
RENTAL VALUE AND YIELDSRENTAL VALUE AND YIELDS
REVERSION ACTIVITY 2020REVERSION ACTIVITY 2020
BUILD-UP OF PORTFOLIO ERVBUILD-UP OF PORTFOLIO ERV
ASSET MANAGEMENT AND INVESTMENT ACTIVITYASSET MANAGEMENT AND INVESTMENT ACTIVITY
STRONG CUSTOMER ENGAGEMENTSTRONG CUSTOMER ENGAGEMENT
2021 INCOME EXPIRY DE-RISKED2021 INCOME EXPIRY DE-RISKED
2021 EXPIRY IN DETAIL2021 EXPIRY IN DETAIL
ACTIVE YEAR FOR ASSET MANAGEMENTACTIVE YEAR FOR ASSET MANAGEMENT
INVESTMENT ACTIVITY 2020INVESTMENT ACTIVITY 2020
SALE OF FIRST GENERATION SCHEMESALE OF FIRST GENERATION SCHEME
PROJECTSPROJECTS
PROJECTS OVERVIEWPROJECTS OVERVIEW
SOHO PLACE W1SOHO PLACE W1
SOHO PLACE W1SOHO PLACE W1
WEST ENDWEST END
THE FEATHERSTONE BUILDING EC1THE FEATHERSTONE BUILDING EC1
THE FEATHERSTONE BUILDING EC1THE FEATHERSTONE BUILDING EC1
19-35 BAKER STREET W1 - OUR NEXT MAJOR DEVELOPMENT19-35 BAKER STREET W1 - OUR NEXT MAJOR DEVELOPMENT
19-35 BAKER STREET W1 - OUR NEXT MAJOR DEVELOPMENT19-35 BAKER STREET W1 - OUR NEXT MAJOR DEVELOPMENT
19-35 BAKER STREET W119-35 BAKER STREET W1
NETWORK BUILDING W1 - PLANNING APPLICATION SUBMITTEDNETWORK BUILDING W1 - PLANNING APPLICATION SUBMITTED
FUTURE PIPELINE - BLUE STAR HOUSE SW9FUTURE PIPELINE - BLUE STAR HOUSE SW9
FUTURE PIPELINE - THE WHITE CHAPEL BUILDING E1FUTURE PIPELINE - THE WHITE CHAPEL BUILDING E1
SUMMARYSUMMARY
SUMMARYSUMMARY
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Q&AQ&A
Q&AQ&A
Q&AQ&A
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Annual Results 2020
Annual Results 2020
CONTENTS
CONTENTS
INTRODUCTION AND OVERVIEW
INTRODUCTION AND OVERVIEW
2020 HEADLINES
2020 HEADLINES
OUR RESPONSE TO THE PANDEMIC
OUR RESPONSE TO THE PANDEMIC
THE PANDEMIC’S IMPACT ON CENTRAL LONDON OFFICE MARKET
THE PANDEMIC’S IMPACT ON CENTRAL LONDON OFFICE MARKET
PROPERTY RECOVERY WILL TAKE TIME
PROPERTY RECOVERY WILL TAKE TIME
DRIVERS OF LONDON’S RECOVERY
DRIVERS OF LONDON’S RECOVERY
WHAT OUR OCCUPIERS ARE SAYING
WHAT OUR OCCUPIERS ARE SAYING
HOW ARE WE RESPONDING?
HOW ARE WE RESPONDING?
PROGRESS ON OUR NET ZERO CARBON PATHWAY
PROGRESS ON OUR NET ZERO CARBON PATHWAY
MARKET DYNAMICS AND OUTLOOK
MARKET DYNAMICS AND OUTLOOK
DERWENT LONDON IS WELL PLACED
DERWENT LONDON IS WELL PLACED
RESULTS AND FINANCIAL REVIEW
RESULTS AND FINANCIAL REVIEW
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
EPRA NTA MOVEMENT
EPRA NTA MOVEMENT
EPRA EARNINGS1
EPRA EARNINGS1
GROSS RENTAL INCOME
GROSS RENTAL INCOME
RENT COLLECTION
RENT COLLECTION
IMPACT OF WAIVERS AND IMPAIRMENTS
IMPACT OF WAIVERS AND IMPAIRMENTS
CASH FLOW MOVEMENT
CASH FLOW MOVEMENT
COMMITTED CAPITAL EXPENDITURE
COMMITTED CAPITAL EXPENDITURE
PROFORMA IMPACT OF MAJOR PROJECTS, ACQUISITIONS AND DISPOSALS
PROFORMA IMPACT OF MAJOR PROJECTS, ACQUISITIONS AND DISPOSALS
FINANCING UPDATE
FINANCING UPDATE
DEBT SUMMARY
DEBT SUMMARY
PROPERTY REVIEW
PROPERTY REVIEW
VALUATION
VALUATION
PROPERTY RETURN
PROPERTY RETURN
RENTAL VALUE AND YIELDS
RENTAL VALUE AND YIELDS
REVERSION ACTIVITY 2020
REVERSION ACTIVITY 2020
BUILD-UP OF PORTFOLIO ERV
BUILD-UP OF PORTFOLIO ERV
ASSET MANAGEMENT AND INVESTMENT ACTIVITY
ASSET MANAGEMENT AND INVESTMENT ACTIVITY
STRONG CUSTOMER ENGAGEMENT
STRONG CUSTOMER ENGAGEMENT
2021 INCOME EXPIRY DE-RISKED
2021 INCOME EXPIRY DE-RISKED
2021 EXPIRY IN DETAIL
2021 EXPIRY IN DETAIL
ACTIVE YEAR FOR ASSET MANAGEMENT
ACTIVE YEAR FOR ASSET MANAGEMENT
INVESTMENT ACTIVITY 2020
INVESTMENT ACTIVITY 2020
SALE OF FIRST GENERATION SCHEME
SALE OF FIRST GENERATION SCHEME
PROJECTS
PROJECTS
PROJECTS OVERVIEW
PROJECTS OVERVIEW
SOHO PLACE W1
SOHO PLACE W1
SOHO PLACE W1
SOHO PLACE W1
WEST END
WEST END
THE FEATHERSTONE BUILDING EC1
THE FEATHERSTONE BUILDING EC1
THE FEATHERSTONE BUILDING EC1
THE FEATHERSTONE BUILDING EC1
19-35 BAKER STREET W1 - OUR NEXT MAJOR DEVELOPMENT
19-35 BAKER STREET W1 - OUR NEXT MAJOR DEVELOPMENT
19-35 BAKER STREET W1 - OUR NEXT MAJOR DEVELOPMENT
19-35 BAKER STREET W1 - OUR NEXT MAJOR DEVELOPMENT
19-35 BAKER STREET W1
19-35 BAKER STREET W1
NETWORK BUILDING W1 - PLANNING APPLICATION SUBMITTED
NETWORK BUILDING W1 - PLANNING APPLICATION SUBMITTED
FUTURE PIPELINE - BLUE STAR HOUSE SW9
FUTURE PIPELINE - BLUE STAR HOUSE SW9
FUTURE PIPELINE - THE WHITE CHAPEL BUILDING E1
FUTURE PIPELINE - THE WHITE CHAPEL BUILDING E1
SUMMARY
SUMMARY
SUMMARY
SUMMARY
Q&A
Q&A
Q&A
Q&A
Q&A
Q&A
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