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Interim Results 2014
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INTERIM RESULTS 2014INTERIM RESULTS 2014
CONTENTSCONTENTS
INTRODUCTION AND OVERVIEWINTRODUCTION AND OVERVIEW
OVERVIEWOVERVIEW
DERWENT LONDON IS IN A SWEET SPOTDERWENT LONDON IS IN A SWEET SPOT
LETTING AHEAD OF ERVLETTING AHEAD OF ERV
MARGINS IMPROVING AT ON-SITE PROGRAMMEMARGINS IMPROVING AT ON-SITE PROGRAMME
RENTS IMPROVING AT 1-2 STEPHEN STREET W1RENTS IMPROVING AT 1-2 STEPHEN STREET W1
ADDING TO OUR POTENTIAL: 19-23 FEATHERSTONE STREET EC1ADDING TO OUR POTENTIAL: 19-23 FEATHERSTONE STREET EC1
SECOND HALF PROGRESS TO DATESECOND HALF PROGRESS TO DATE
HEADLINE NUMBERSHEADLINE NUMBERS
RESULTS AND FINANCIAL REVIEWRESULTS AND FINANCIAL REVIEW
NAV GROWTHNAV GROWTH
EPRA NAV MOVEMENTEPRA NAV MOVEMENT
EPRA PROFIT BEFORE TAXEPRA PROFIT BEFORE TAX
GROSS PROPERTY INCOMEGROSS PROPERTY INCOME
PROPERTY OUTGOINGS, EPRA RENTAL INCOME & COST RATIOSPROPERTY OUTGOINGS, EPRA RENTAL INCOME & COST RATIOS
CASHFLOWCASHFLOW
DEBT SUMMARYDEBT SUMMARY
VALUATION AND PORTFOLIO ANALYSISVALUATION AND PORTFOLIO ANALYSIS
DEBT FACILITIESDEBT FACILITIES
VALUATIONVALUATION
YIELDSYIELDS
VALUATION PERFORMANCE AGAINST BENCHMARKSVALUATION PERFORMANCE AGAINST BENCHMARKS
STRONG RENTAL GROWTHSTRONG RENTAL GROWTH
SIGNIFICANT EXISTING INCOME GROWTH POTENTIALSIGNIFICANT EXISTING INCOME GROWTH POTENTIAL
SIGNIFICANT FUTURE INCOME GROWTH POTENTIALSIGNIFICANT FUTURE INCOME GROWTH POTENTIAL
WELL PLACED FOR GROWTH FROM JUNE VALUATIONWELL PLACED FOR GROWTH FROM JUNE VALUATION
QubeQube
Greencoat and Gordon HouseGreencoat and Gordon House
PROJECTSPROJECTS
Angel BuildingAngel Building
CURRENT PROJECT PROGRAMME MAPCURRENT PROJECT PROGRAMME MAP
DELIVERING OUR PIPELINEDELIVERING OUR PIPELINE
MAJOR PROJECT: WHITE COLLAR FACTORY EC1MAJOR PROJECT: WHITE COLLAR FACTORY EC1
COMPLETIONS IN H2 2014 & H1 2015: 1-2 STEPHEN STREET W1COMPLETIONS IN H2 2014 & H1 2015: 1-2 STEPHEN STREET W1
OTHER COMPLETIONS IN H2 2014OTHER COMPLETIONS IN H2 2014
NEXT PROJECTSNEXT PROJECTS
ADVANCING SCHEMES - 25-29 BERNERS STREET W1ADVANCING SCHEMES - 25-29 BERNERS STREET W1
ADVANCING SCHEMES - 25 SAVILE ROW W1ADVANCING SCHEMES - 25 SAVILE ROW W1
OUTLOOK FOR CENTRAL LONDON PROPERTYOUTLOOK FOR CENTRAL LONDON PROPERTY
RENTAL GROWTH SET TO CONTINUERENTAL GROWTH SET TO CONTINUE
TECH BELT’S COMING OF AGETECH BELT’S COMING OF AGE
LONDON’S TECH BELTLONDON’S TECH BELT
GROWTH IN VALUES LOOK SET TO CONTINUEGROWTH IN VALUES LOOK SET TO CONTINUE
OUTLOOK FOR DERWENT LONDONOUTLOOK FOR DERWENT LONDON
OUTLOOKOUTLOOK
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
INTERIM RESULTS 2014
INTERIM RESULTS 2014
CONTENTS
CONTENTS
INTRODUCTION AND OVERVIEW
INTRODUCTION AND OVERVIEW
OVERVIEW
OVERVIEW
DERWENT LONDON IS IN A SWEET SPOT
DERWENT LONDON IS IN A SWEET SPOT
LETTING AHEAD OF ERV
LETTING AHEAD OF ERV
MARGINS IMPROVING AT ON-SITE PROGRAMME
MARGINS IMPROVING AT ON-SITE PROGRAMME
RENTS IMPROVING AT 1-2 STEPHEN STREET W1
RENTS IMPROVING AT 1-2 STEPHEN STREET W1
ADDING TO OUR POTENTIAL: 19-23 FEATHERSTONE STREET EC1
ADDING TO OUR POTENTIAL: 19-23 FEATHERSTONE STREET EC1
SECOND HALF PROGRESS TO DATE
SECOND HALF PROGRESS TO DATE
HEADLINE NUMBERS
HEADLINE NUMBERS
RESULTS AND FINANCIAL REVIEW
RESULTS AND FINANCIAL REVIEW
NAV GROWTH
NAV GROWTH
EPRA NAV MOVEMENT
EPRA NAV MOVEMENT
EPRA PROFIT BEFORE TAX
EPRA PROFIT BEFORE TAX
GROSS PROPERTY INCOME
GROSS PROPERTY INCOME
PROPERTY OUTGOINGS, EPRA RENTAL INCOME & COST RATIOS
PROPERTY OUTGOINGS, EPRA RENTAL INCOME & COST RATIOS
CASHFLOW
CASHFLOW
DEBT SUMMARY
DEBT SUMMARY
VALUATION AND PORTFOLIO ANALYSIS
VALUATION AND PORTFOLIO ANALYSIS
DEBT FACILITIES
DEBT FACILITIES
VALUATION
VALUATION
YIELDS
YIELDS
VALUATION PERFORMANCE AGAINST BENCHMARKS
VALUATION PERFORMANCE AGAINST BENCHMARKS
STRONG RENTAL GROWTH
STRONG RENTAL GROWTH
SIGNIFICANT EXISTING INCOME GROWTH POTENTIAL
SIGNIFICANT EXISTING INCOME GROWTH POTENTIAL
SIGNIFICANT FUTURE INCOME GROWTH POTENTIAL
SIGNIFICANT FUTURE INCOME GROWTH POTENTIAL
WELL PLACED FOR GROWTH FROM JUNE VALUATION
WELL PLACED FOR GROWTH FROM JUNE VALUATION
Qube
Qube
Greencoat and Gordon House
Greencoat and Gordon House
PROJECTS
PROJECTS
Angel Building
Angel Building
CURRENT PROJECT PROGRAMME MAP
CURRENT PROJECT PROGRAMME MAP
DELIVERING OUR PIPELINE
DELIVERING OUR PIPELINE
MAJOR PROJECT: WHITE COLLAR FACTORY EC1
MAJOR PROJECT: WHITE COLLAR FACTORY EC1
COMPLETIONS IN H2 2014 & H1 2015: 1-2 STEPHEN STREET W1
COMPLETIONS IN H2 2014 & H1 2015: 1-2 STEPHEN STREET W1
OTHER COMPLETIONS IN H2 2014
OTHER COMPLETIONS IN H2 2014
NEXT PROJECTS
NEXT PROJECTS
ADVANCING SCHEMES - 25-29 BERNERS STREET W1
ADVANCING SCHEMES - 25-29 BERNERS STREET W1
ADVANCING SCHEMES - 25 SAVILE ROW W1
ADVANCING SCHEMES - 25 SAVILE ROW W1
OUTLOOK FOR CENTRAL LONDON PROPERTY
OUTLOOK FOR CENTRAL LONDON PROPERTY
RENTAL GROWTH SET TO CONTINUE
RENTAL GROWTH SET TO CONTINUE
TECH BELT’S COMING OF AGE
TECH BELT’S COMING OF AGE
LONDON’S TECH BELT
LONDON’S TECH BELT
GROWTH IN VALUES LOOK SET TO CONTINUE
GROWTH IN VALUES LOOK SET TO CONTINUE
OUTLOOK FOR DERWENT LONDON
OUTLOOK FOR DERWENT LONDON
OUTLOOK
OUTLOOK
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