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Preliminary Results 2013
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Derwent London plc ANNUAL RESULTS 2013Derwent London plc ANNUAL RESULTS 2013
CONTENTSCONTENTS
INTRODUCTIONINTRODUCTION
HIGHLIGHTS 2013 - AN EXCELLENT YEARHIGHLIGHTS 2013 - AN EXCELLENT YEAR
FIRING ON ALL CYLINDERSFIRING ON ALL CYLINDERS
SET ON STRONG FOUNDATIONSSET ON STRONG FOUNDATIONS
DEEP POOL OF OPPORTUNITIESDEEP POOL OF OPPORTUNITIES
RESULTS AND FINANCIAL REVIEWRESULTS AND FINANCIAL REVIEW
HEADLINE NUMBERSHEADLINE NUMBERS
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 AND COST RATIOSPROPERTY OUTGOINGS, EPRA RENTAL INCOME AND COST RATIOS
CASHFLOWCASHFLOW
DEBT SUMMARYDEBT SUMMARY
DEBT REFINANCINGDEBT REFINANCING
DEBT REFINANCINGDEBT REFINANCING
DEBT MATURITIESDEBT MATURITIES
VALUATION AND PORTFOLIO ANALYSISVALUATION AND PORTFOLIO ANALYSIS
A STRONG VALUATION PERFORMANCE IN 2013A STRONG VALUATION PERFORMANCE IN 2013
CONTINUED OUT PERFORMANCE AGAINST BENCHMARKSCONTINUED OUT PERFORMANCE AGAINST BENCHMARKS
YIELDS AND INCOMEYIELDS AND INCOME
SOLID RENTAL GROWTHSOLID RENTAL GROWTH
SIGNIFICANT INCOME GROWTH POTENTIALSIGNIFICANT INCOME GROWTH POTENTIAL
LOW AVERAGE OFFICE RENTSLOW AVERAGE OFFICE RENTS
LETTINGS AND ASSET MANAGEMENTLETTINGS AND ASSET MANAGEMENT
CORE INCOME PORTFOLIO HAS OPPORTUNITIESCORE INCOME PORTFOLIO HAS OPPORTUNITIES
RAISING THE RENTAL TONERAISING THE RENTAL TONE
MANAGING DEMANDMANAGING DEMAND
CASE STUDY 1: CHARLOTTE BUILDING W1CASE STUDY 1: CHARLOTTE BUILDING W1
CASE STUDY 2: GRAFTON HOTEL W1CASE STUDY 2: GRAFTON HOTEL W1
CONSTRUCTION COSTSCONSTRUCTION COSTS
PROJECTSPROJECTS
DEVELOPMENT PIPELINE & OPPORTUNITYDEVELOPMENT PIPELINE & OPPORTUNITY
DELIVERING OUR PLANSDELIVERING OUR PLANS
ON-SITE CASE STUDY 1: WHITE COLLAR FACTORY EC1ON-SITE CASE STUDY 1: WHITE COLLAR FACTORY EC1
ON-SITE CASE STUDY 2: 1-2 STEPHEN STREET W1ON-SITE CASE STUDY 2: 1-2 STEPHEN STREET W1
ON-SITE CASE STUDY 2: 1-2 STEPHEN STREET W1ON-SITE CASE STUDY 2: 1-2 STEPHEN STREET W1
ON-SITE CASE STUDY 2: 1-2 STEPHEN STREET W1ON-SITE CASE STUDY 2: 1-2 STEPHEN STREET W1
TOTTENHAM COURT WALK W1 - 40,000 sq ft retailTOTTENHAM COURT WALK W1 - 40,000 sq ft retail
NEXT DEVELOPMENT PROJECTS (CONSENTED)NEXT DEVELOPMENT PROJECTS (CONSENTED)
TURNING PLANS INTO REALITYTURNING PLANS INTO REALITY
PROJECTS TAKING SHAPEPROJECTS TAKING SHAPE
TURNING PLANS INTO REALITYTURNING PLANS INTO REALITY
PROJECTS TAKING SHAPEPROJECTS TAKING SHAPE
TURNING PLANS INTO REALITYTURNING PLANS INTO REALITY
PROJECTS PART II ACQUISITIONS AND DISPOSALSPROJECTS PART II ACQUISITIONS AND DISPOSALS
ADDITIONAL POTENTIAL FROM 38% OF THE PORTFOLIOADDITIONAL POTENTIAL FROM 38% OF THE PORTFOLIO
APPRAISALSAPPRAISALS
FUTURE POTENTIALFUTURE POTENTIAL
ANOTHER RETAIL OPPORTUNITY AT EAST END OF OXFORD STREETANOTHER RETAIL OPPORTUNITY AT EAST END OF OXFORD STREET
ACQUISITIONS IN 2013ACQUISITIONS IN 2013
ADDING TO SHOREDITCH & TECH BELTADDING TO SHOREDITCH & TECH BELT
ADDING TO CROSSRAIL & TECH BELTADDING TO CROSSRAIL & TECH BELT
MAINTAINING VILLAGE DIVERSITYMAINTAINING VILLAGE DIVERSITY
DISPOSALS IN 2013DISPOSALS IN 2013
OUTLOOK FOR CENTRAL LONDON PROPERTYOUTLOOK FOR CENTRAL LONDON PROPERTY
WEST END OFFICE DEMANDWEST END OFFICE DEMAND
WEST END OFFICE SUPPLYWEST END OFFICE SUPPLY
LONDON'S TECH BELTLONDON'S TECH BELT
CENTRAL LONDON OFFICE INVESTMENT MARKETCENTRAL LONDON OFFICE INVESTMENT MARKET
OUTLOOK FOR DERWENT LONDONOUTLOOK FOR DERWENT LONDON
OUTLOOK FOR 2014OUTLOOK FOR 2014
Questions and AnswersQuestions and Answers
Questions and AnswersQuestions and Answers
Questions and AnswersQuestions and Answers
Questions and AnswersQuestions and Answers
Derwent London plc ANNUAL RESULTS 2013
Derwent London plc ANNUAL RESULTS 2013
CONTENTS
CONTENTS
INTRODUCTION
INTRODUCTION
HIGHLIGHTS 2013 - AN EXCELLENT YEAR
HIGHLIGHTS 2013 - AN EXCELLENT YEAR
FIRING ON ALL CYLINDERS
FIRING ON ALL CYLINDERS
SET ON STRONG FOUNDATIONS
SET ON STRONG FOUNDATIONS
DEEP POOL OF OPPORTUNITIES
DEEP POOL OF OPPORTUNITIES
RESULTS AND FINANCIAL REVIEW
RESULTS AND FINANCIAL REVIEW
HEADLINE NUMBERS
HEADLINE NUMBERS
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 AND COST RATIOS
PROPERTY OUTGOINGS, EPRA RENTAL INCOME AND COST RATIOS
CASHFLOW
CASHFLOW
DEBT SUMMARY
DEBT SUMMARY
DEBT REFINANCING
DEBT REFINANCING
DEBT REFINANCING
DEBT REFINANCING
DEBT MATURITIES
DEBT MATURITIES
VALUATION AND PORTFOLIO ANALYSIS
VALUATION AND PORTFOLIO ANALYSIS
A STRONG VALUATION PERFORMANCE IN 2013
A STRONG VALUATION PERFORMANCE IN 2013
CONTINUED OUT PERFORMANCE AGAINST BENCHMARKS
CONTINUED OUT PERFORMANCE AGAINST BENCHMARKS
YIELDS AND INCOME
YIELDS AND INCOME
SOLID RENTAL GROWTH
SOLID RENTAL GROWTH
SIGNIFICANT INCOME GROWTH POTENTIAL
SIGNIFICANT INCOME GROWTH POTENTIAL
LOW AVERAGE OFFICE RENTS
LOW AVERAGE OFFICE RENTS
LETTINGS AND ASSET MANAGEMENT
LETTINGS AND ASSET MANAGEMENT
CORE INCOME PORTFOLIO HAS OPPORTUNITIES
CORE INCOME PORTFOLIO HAS OPPORTUNITIES
RAISING THE RENTAL TONE
RAISING THE RENTAL TONE
MANAGING DEMAND
MANAGING DEMAND
CASE STUDY 1: CHARLOTTE BUILDING W1
CASE STUDY 1: CHARLOTTE BUILDING W1
CASE STUDY 2: GRAFTON HOTEL W1
CASE STUDY 2: GRAFTON HOTEL W1
CONSTRUCTION COSTS
CONSTRUCTION COSTS
PROJECTS
PROJECTS
DEVELOPMENT PIPELINE & OPPORTUNITY
DEVELOPMENT PIPELINE & OPPORTUNITY
DELIVERING OUR PLANS
DELIVERING OUR PLANS
ON-SITE CASE STUDY 1: WHITE COLLAR FACTORY EC1
ON-SITE CASE STUDY 1: WHITE COLLAR FACTORY EC1
ON-SITE CASE STUDY 2: 1-2 STEPHEN STREET W1
ON-SITE CASE STUDY 2: 1-2 STEPHEN STREET W1
ON-SITE CASE STUDY 2: 1-2 STEPHEN STREET W1
ON-SITE CASE STUDY 2: 1-2 STEPHEN STREET W1
ON-SITE CASE STUDY 2: 1-2 STEPHEN STREET W1
ON-SITE CASE STUDY 2: 1-2 STEPHEN STREET W1
TOTTENHAM COURT WALK W1 - 40,000 sq ft retail
TOTTENHAM COURT WALK W1 - 40,000 sq ft retail
NEXT DEVELOPMENT PROJECTS (CONSENTED)
NEXT DEVELOPMENT PROJECTS (CONSENTED)
TURNING PLANS INTO REALITY
TURNING PLANS INTO REALITY
PROJECTS TAKING SHAPE
PROJECTS TAKING SHAPE
TURNING PLANS INTO REALITY
TURNING PLANS INTO REALITY
PROJECTS TAKING SHAPE
PROJECTS TAKING SHAPE
TURNING PLANS INTO REALITY
TURNING PLANS INTO REALITY
PROJECTS PART II ACQUISITIONS AND DISPOSALS
PROJECTS PART II ACQUISITIONS AND DISPOSALS
ADDITIONAL POTENTIAL FROM 38% OF THE PORTFOLIO
ADDITIONAL POTENTIAL FROM 38% OF THE PORTFOLIO
APPRAISALS
APPRAISALS
FUTURE POTENTIAL
FUTURE POTENTIAL
ANOTHER RETAIL OPPORTUNITY AT EAST END OF OXFORD STREET
ANOTHER RETAIL OPPORTUNITY AT EAST END OF OXFORD STREET
ACQUISITIONS IN 2013
ACQUISITIONS IN 2013
ADDING TO SHOREDITCH & TECH BELT
ADDING TO SHOREDITCH & TECH BELT
ADDING TO CROSSRAIL & TECH BELT
ADDING TO CROSSRAIL & TECH BELT
MAINTAINING VILLAGE DIVERSITY
MAINTAINING VILLAGE DIVERSITY
DISPOSALS IN 2013
DISPOSALS IN 2013
OUTLOOK FOR CENTRAL LONDON PROPERTY
OUTLOOK FOR CENTRAL LONDON PROPERTY
WEST END OFFICE DEMAND
WEST END OFFICE DEMAND
WEST END OFFICE SUPPLY
WEST END OFFICE SUPPLY
LONDON'S TECH BELT
LONDON'S TECH BELT
CENTRAL LONDON OFFICE INVESTMENT MARKET
CENTRAL LONDON OFFICE INVESTMENT MARKET
OUTLOOK FOR DERWENT LONDON
OUTLOOK FOR DERWENT LONDON
OUTLOOK FOR 2014
OUTLOOK FOR 2014
Questions and Answers
Questions and Answers
Questions and Answers
Questions and Answers
Questions and Answers
Questions and Answers
Questions and Answers
Questions and Answers