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ANNUAL RESULTS 2015ANNUAL RESULTS 2015
CONTENTSCONTENTS
INTRODUCTION AND<br>OVERVIEWINTRODUCTION AND
OVERVIEW
HIGHLIGHTSHIGHLIGHTS
CENTRAL LONDON OFFICE<br>OUTLOOK FOR 2016CENTRAL LONDON OFFICE
OUTLOOK FOR 2016
POTENTIAL EXTERNAL RISKSPOTENTIAL EXTERNAL RISKS
DERWENT LONDON’S<br>SUBSTANTIAL GROWTH <br>OPPORTUNITIES (1)DERWENT LONDON’S
SUBSTANTIAL GROWTH
OPPORTUNITIES (1)
DERWENT LONDON’S<br>SUBSTANTIAL GROWTH <br>OPPORTUNITIES (2)DERWENT LONDON’S
SUBSTANTIAL GROWTH
OPPORTUNITIES (2)
RESULTS AND FINANCIAL<br>REVIEWRESULTS AND FINANCIAL
REVIEW
HEADLINE NUMBERSHEADLINE NUMBERS
NAV GROWTHNAV GROWTH
EPRA NAV MOVEMENTEPRA NAV MOVEMENT
EPRA PROFIT BEFORE TAX1EPRA PROFIT BEFORE TAX1
GROSS PROPERTY INCOMEGROSS PROPERTY INCOME
PROPERTY OUTGOINGS,<br>EPRA RENTAL INCOME <br>AND COST RATIOSPROPERTY OUTGOINGS,
EPRA RENTAL INCOME
AND COST RATIOS
CASH FLOWCASH FLOW
PROFORMA IMPACT OF<br>MAJOR SCHEMESPROFORMA IMPACT OF
MAJOR SCHEMES
DEBT SUMMARYDEBT SUMMARY
DEBT FACILITIESDEBT FACILITIES
VALUATION AND<br>PORTFOLIO ANALYSISVALUATION AND
PORTFOLIO ANALYSIS
VALUATIONVALUATION
VALUATION PERFORMANCE <br>AND DRIVERSVALUATION PERFORMANCE
AND DRIVERS
RENTAL VALUE GROWTHRENTAL VALUE GROWTH
MOVEMENT IN YIELDSMOVEMENT IN YIELDS
CONTEXT TO YIELD<br>MOVEMENTCONTEXT TO YIELD
MOVEMENT
PORTFOLIO INCOME<br>POTENTIAL - REVERSIONPORTFOLIO INCOME
POTENTIAL - REVERSION
CENTRAL LONDON OFFICE<br>RENTAL VALUESCENTRAL LONDON OFFICE
RENTAL VALUES
PORTFOLIO SUMMARYPORTFOLIO SUMMARY
PORTFOLIO MANAGEMENTPORTFOLIO MANAGEMENT
LETTINGS HIGHLIGHTSLETTINGS HIGHLIGHTS
CAPTURING THE REVERSION<br> ACROSS THE PORTFOLIOCAPTURING THE REVERSION
ACROSS THE PORTFOLIO
LETTING PROGRESS ON <br>OUR RECENT ACQUISITIONSLETTING PROGRESS ON
OUR RECENT ACQUISITIONS
PRE-LETTING OUR <br>DEVELOPMENT PIPELINEPRE-LETTING OUR
DEVELOPMENT PIPELINE
PRE-LETTING OUR <br>DEVELOPMENT PIPELINEPRE-LETTING OUR
DEVELOPMENT PIPELINE
ACTIVE DEMAND IN THE <br>MARKETACTIVE DEMAND IN THE
MARKET
BUSINESS RATESBUSINESS RATES
PROJECTSPROJECTS
DELIVERING OUR PIPELINEDELIVERING OUR PIPELINE
2015 COMPLETIONS2015 COMPLETIONS
2016 COMPLETION: <br>WHITE COLLAR FACTORY EC12016 COMPLETION:
WHITE COLLAR FACTORY EC1
2017 COMPLETION: THE <br>COPYRIGHT BUILDING W12017 COMPLETION: THE
COPYRIGHT BUILDING W1
RECENT START: <br>80 CHARLOTTE STREET W1RECENT START:
80 CHARLOTTE STREET W1
RECENT START: <br>BRUNEL BUILDING W2RECENT START:
BRUNEL BUILDING W2
ADDING VALUE THROUGH <br>THE PLANNING PROCESS: <br>MONMOUTH HOUSE EC1ADDING VALUE THROUGH
THE PLANNING PROCESS:
MONMOUTH HOUSE EC1
ADDING VALUE THROUGH <br>THE PLANNING PROCESS: <br>1 OXFORD STREET W1ADDING VALUE THROUGH
THE PLANNING PROCESS:
1 OXFORD STREET W1
INVESTMENT ACTIVITYINVESTMENT ACTIVITY
PRINCIPAL ACQUISITIONS <br>IN 2015PRINCIPAL ACQUISITIONS
IN 2015
ACQUISITION: <br>THE WHITE CHAPEL <br>BUILDING E1ACQUISITION:
THE WHITE CHAPEL
BUILDING E1
CREATING A NEW <br>DESTINATION: <br>THE WHITE CHAPEL BUILDINGCREATING A NEW
DESTINATION:
THE WHITE CHAPEL BUILDING
ACQUISITION: <br>50 OXFORD STREET W1ACQUISITION:
50 OXFORD STREET W1
PRINCIPAL INVESTMENT <br>DISPOSALSPRINCIPAL INVESTMENT
DISPOSALS
DISPOSALS: H2 2015DISPOSALS: H2 2015
SUMMARYSUMMARY
SUMMARYSUMMARY
Question 1Question 1
Question 2Question 2
Question 3Question 3
Question 4Question 4
Question 5Question 5
Question 6Question 6
Question 7Question 7
Question 8Question 8
Question 9Question 9
ANNUAL RESULTS 2015
ANNUAL RESULTS 2015
CONTENTS
CONTENTS
INTRODUCTION AND<br>OVERVIEW
INTRODUCTION AND<br>OVERVIEW
HIGHLIGHTS
HIGHLIGHTS
CENTRAL LONDON OFFICE<br>OUTLOOK FOR 2016
CENTRAL LONDON OFFICE<br>OUTLOOK FOR 2016
POTENTIAL EXTERNAL RISKS
POTENTIAL EXTERNAL RISKS
DERWENT LONDON’S<br>SUBSTANTIAL GROWTH <br>OPPORTUNITIES (1)
DERWENT LONDON’S<br>SUBSTANTIAL GROWTH <br>OPPORTUNITIES (1)
DERWENT LONDON’S<br>SUBSTANTIAL GROWTH <br>OPPORTUNITIES (2)
DERWENT LONDON’S<br>SUBSTANTIAL GROWTH <br>OPPORTUNITIES (2)
RESULTS AND FINANCIAL<br>REVIEW
RESULTS AND FINANCIAL<br>REVIEW
HEADLINE NUMBERS
HEADLINE NUMBERS
NAV GROWTH
NAV GROWTH
EPRA NAV MOVEMENT
EPRA NAV MOVEMENT
EPRA PROFIT BEFORE TAX1
EPRA PROFIT BEFORE TAX1
GROSS PROPERTY INCOME
GROSS PROPERTY INCOME
PROPERTY OUTGOINGS,<br>EPRA RENTAL INCOME <br>AND COST RATIOS
PROPERTY OUTGOINGS,<br>EPRA RENTAL INCOME <br>AND COST RATIOS
CASH FLOW
CASH FLOW
PROFORMA IMPACT OF<br>MAJOR SCHEMES
PROFORMA IMPACT OF<br>MAJOR SCHEMES
DEBT SUMMARY
DEBT SUMMARY
DEBT FACILITIES
DEBT FACILITIES
VALUATION AND<br>PORTFOLIO ANALYSIS
VALUATION AND<br>PORTFOLIO ANALYSIS
VALUATION
VALUATION
VALUATION PERFORMANCE <br>AND DRIVERS
VALUATION PERFORMANCE <br>AND DRIVERS
RENTAL VALUE GROWTH
RENTAL VALUE GROWTH
MOVEMENT IN YIELDS
MOVEMENT IN YIELDS
CONTEXT TO YIELD<br>MOVEMENT
CONTEXT TO YIELD<br>MOVEMENT
PORTFOLIO INCOME<br>POTENTIAL - REVERSION
PORTFOLIO INCOME<br>POTENTIAL - REVERSION
CENTRAL LONDON OFFICE<br>RENTAL VALUES
CENTRAL LONDON OFFICE<br>RENTAL VALUES
PORTFOLIO SUMMARY
PORTFOLIO SUMMARY
PORTFOLIO MANAGEMENT
PORTFOLIO MANAGEMENT
LETTINGS HIGHLIGHTS
LETTINGS HIGHLIGHTS
CAPTURING THE REVERSION<br> ACROSS THE PORTFOLIO
CAPTURING THE REVERSION<br> ACROSS THE PORTFOLIO
LETTING PROGRESS ON <br>OUR RECENT ACQUISITIONS
LETTING PROGRESS ON <br>OUR RECENT ACQUISITIONS
PRE-LETTING OUR <br>DEVELOPMENT PIPELINE
PRE-LETTING OUR <br>DEVELOPMENT PIPELINE
PRE-LETTING OUR <br>DEVELOPMENT PIPELINE
PRE-LETTING OUR <br>DEVELOPMENT PIPELINE
ACTIVE DEMAND IN THE <br>MARKET
ACTIVE DEMAND IN THE <br>MARKET
BUSINESS RATES
BUSINESS RATES
PROJECTS
PROJECTS
DELIVERING OUR PIPELINE
DELIVERING OUR PIPELINE
2015 COMPLETIONS
2015 COMPLETIONS
2016 COMPLETION: <br>WHITE COLLAR FACTORY EC1
2016 COMPLETION: <br>WHITE COLLAR FACTORY EC1
2017 COMPLETION: THE <br>COPYRIGHT BUILDING W1
2017 COMPLETION: THE <br>COPYRIGHT BUILDING W1
RECENT START: <br>80 CHARLOTTE STREET W1
RECENT START: <br>80 CHARLOTTE STREET W1
RECENT START: <br>BRUNEL BUILDING W2
RECENT START: <br>BRUNEL BUILDING W2
ADDING VALUE THROUGH <br>THE PLANNING PROCESS: <br>MONMOUTH HOUSE EC1
ADDING VALUE THROUGH <br>THE PLANNING PROCESS: <br>MONMOUTH HOUSE EC1
ADDING VALUE THROUGH <br>THE PLANNING PROCESS: <br>1 OXFORD STREET W1
ADDING VALUE THROUGH <br>THE PLANNING PROCESS: <br>1 OXFORD STREET W1
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY
PRINCIPAL ACQUISITIONS <br>IN 2015
PRINCIPAL ACQUISITIONS <br>IN 2015
ACQUISITION: <br>THE WHITE CHAPEL <br>BUILDING E1
ACQUISITION: <br>THE WHITE CHAPEL <br>BUILDING E1
CREATING A NEW <br>DESTINATION: <br>THE WHITE CHAPEL BUILDING
CREATING A NEW <br>DESTINATION: <br>THE WHITE CHAPEL BUILDING
ACQUISITION: <br>50 OXFORD STREET W1
ACQUISITION: <br>50 OXFORD STREET W1
PRINCIPAL INVESTMENT <br>DISPOSALS
PRINCIPAL INVESTMENT <br>DISPOSALS
DISPOSALS: H2 2015
DISPOSALS: H2 2015
SUMMARY
SUMMARY
SUMMARY
SUMMARY
Question 1
Question 1
Question 2
Question 2
Question 3
Question 3
Question 4
Question 4
Question 5
Question 5
Question 6
Question 6
Question 7
Question 7
Question 8
Question 8
Question 9
Question 9