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2016 Full Year Results
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ANNUAL RESULTS 2016<br> DERWENT LONDON PLCANNUAL RESULTS 2016
DERWENT LONDON PLC
CONTENTSCONTENTS
INTRODUCTION<br> AND OVERVIEWINTRODUCTION
AND OVERVIEW
HIGHLIGHTSHIGHLIGHTS
RECORD LETTING<br> ACTIVITY IN 2016RECORD LETTING
ACTIVITY IN 2016
LOCKING IN SIGNIFICANT<br> CASH RENTAL GROWTHLOCKING IN SIGNIFICANT
CASH RENTAL GROWTH
CENTRAL LONDON OFFICE<br> OUTLOOK FOR 2017CENTRAL LONDON OFFICE
OUTLOOK FOR 2017
A PROACTIVE APPROACHA PROACTIVE APPROACH
RESULTS AND FINANCIAL<br> REVIEWRESULTS AND FINANCIAL
REVIEW
HEADLINE NUMBERSHEADLINE NUMBERS
NET ASSETS, DEBT<br> AND GEARINGNET ASSETS, DEBT
AND GEARING
EPRA NAV MOVEMENTEPRA NAV MOVEMENT
EPRA EARNINGSEPRA EARNINGS
GROSS PROPERTY INCOMEGROSS PROPERTY INCOME
PROPERTY OUTGOINGS<br> AND EPRA RATIOSPROPERTY OUTGOINGS
AND EPRA RATIOS
DIVIDENDDIVIDEND
CASH FLOWCASH FLOW
COMMITTED CAPEX FULLY<br> FUNDED AT YEAR ENDCOMMITTED CAPEX FULLY
FUNDED AT YEAR END
DEBT SUMMARYDEBT SUMMARY
DEBT FACILITIESDEBT FACILITIES
VALUATION AND<br> PORTFOLIO ANALYSISVALUATION AND
PORTFOLIO ANALYSIS
VALUATIONVALUATION
PROPERTY RETURNPROPERTY RETURN
RENTAL VALUE GROWTHRENTAL VALUE GROWTH
MOVEMENT IN YIELDSMOVEMENT IN YIELDS
PORTFOLIO INCOME<br> POTENTIAL - REVERSIONPORTFOLIO INCOME
POTENTIAL - REVERSION
CAPTURING THE REVERSION<br> AND LEASE EXPIRIESCAPTURING THE REVERSION
AND LEASE EXPIRIES
CENTRAL LONDON OFFICE<br> RENTAL VALUESCENTRAL LONDON OFFICE
RENTAL VALUES
DEVELOPMENT<br> VALUATIONSDEVELOPMENT
VALUATIONS
PORTFOLIO MANAGEMENTPORTFOLIO MANAGEMENT
LETTINGS HIGHLIGHTSLETTINGS HIGHLIGHTS
LETTING ACTIVITY<br> IN 2016LETTING ACTIVITY
IN 2016
DELIVERING RENTAL<br> GROWTHDELIVERING RENTAL
GROWTH
DEMAND FOR CENTRAL<br> LONDON OFFICESDEMAND FOR CENTRAL
LONDON OFFICES
DEALING WITH HIGHER<br> BUSINESS RATESDEALING WITH HIGHER
BUSINESS RATES
80 CHARLOTTE STREET<br> IN CONTEXT80 CHARLOTTE STREET
IN CONTEXT
PRE-LETTING OUR<br> DEVELOPMENTS -<br> 80 CHARLOTTE STREET W1PRE-LETTING OUR
DEVELOPMENTS -
80 CHARLOTTE STREET W1
ASSET MANAGEMENT<br> HIGHLIGHTSASSET MANAGEMENT
HIGHLIGHTS
RENT REVIEWS, LEASE<br> RENEWALS AND REGEARSRENT REVIEWS, LEASE
RENEWALS AND REGEARS
Q1 2017: MAJOR REGEAR<br> WITH EXPEDIAQ1 2017: MAJOR REGEAR
WITH EXPEDIA
PROJECTSPROJECTS
DERISKING OUR PIPELINEDERISKING OUR PIPELINE
2016 COMPLETION: THE<br> WHITE CHAPEL<br> BUILDING E12016 COMPLETION: THE
WHITE CHAPEL
BUILDING E1
The White Chapel<br> Building E1 (Phase 2)The White Chapel
Building E1 (Phase 2)
2017 COMPLETION:<br> THE COPYRIGHT<br> BUILDING W12017 COMPLETION:
THE COPYRIGHT
BUILDING W1
2017 COMPLETION:<br> WHITE COLLAR<br> FACTORY EC12017 COMPLETION:
WHITE COLLAR
FACTORY EC1
2017 COMPLETION:<br> WHITE COLLAR<br> FACTORY EC12017 COMPLETION:
WHITE COLLAR
FACTORY EC1
80 CHARLOTTE<br> STREET W180 CHARLOTTE
STREET W1
80 CHARLOTTE<br> STREET W180 CHARLOTTE
STREET W1
BRUNEL BUILDING,<br> 55 NORTH WHARF<br> ROAD W2BRUNEL BUILDING,
55 NORTH WHARF
ROAD W2
BRUNEL BUILDING,<br> 55 NORTH WHARF<br> ROAD W2BRUNEL BUILDING,
55 NORTH WHARF
ROAD W2
FUTURE OPPORTUNITIESFUTURE OPPORTUNITIES
INVESTMENT ACTIVITYINVESTMENT ACTIVITY
INVESTMENT ACTIVITY<br> 2016INVESTMENT ACTIVITY
2016
PRINCIPAL DISPOSALSPRINCIPAL DISPOSALS
CENTRAL LONDON OFFICE<br> INVESTMENT ACTIVITYCENTRAL LONDON OFFICE
INVESTMENT ACTIVITY
SALE OF 132-142<br> HAMPSTEAD ROAD NW1SALE OF 132-142
HAMPSTEAD ROAD NW1
SALE OF 8 FITZROY<br> STREET W1SALE OF 8 FITZROY
STREET W1
SUMMARYSUMMARY
SUMMARYSUMMARY
PROFORMA IMPACT OF<br> POST YEAR END EVENTSPROFORMA IMPACT OF
POST YEAR END EVENTS
Q&AQ&A
Q&AQ&A
Q&AQ&A
Q&AQ&A
Q&AQ&A
Q&AQ&A
ANNUAL RESULTS 2016<br> DERWENT LONDON PLC
ANNUAL RESULTS 2016<br> DERWENT LONDON PLC
CONTENTS
CONTENTS
INTRODUCTION<br> AND OVERVIEW
INTRODUCTION<br> AND OVERVIEW
HIGHLIGHTS
HIGHLIGHTS
RECORD LETTING<br> ACTIVITY IN 2016
RECORD LETTING<br> ACTIVITY IN 2016
LOCKING IN SIGNIFICANT<br> CASH RENTAL GROWTH
LOCKING IN SIGNIFICANT<br> CASH RENTAL GROWTH
CENTRAL LONDON OFFICE<br> OUTLOOK FOR 2017
CENTRAL LONDON OFFICE<br> OUTLOOK FOR 2017
A PROACTIVE APPROACH
A PROACTIVE APPROACH
RESULTS AND FINANCIAL<br> REVIEW
RESULTS AND FINANCIAL<br> REVIEW
HEADLINE NUMBERS
HEADLINE NUMBERS
NET ASSETS, DEBT<br> AND GEARING
NET ASSETS, DEBT<br> AND GEARING
EPRA NAV MOVEMENT
EPRA NAV MOVEMENT
EPRA EARNINGS
EPRA EARNINGS
GROSS PROPERTY INCOME
GROSS PROPERTY INCOME
PROPERTY OUTGOINGS<br> AND EPRA RATIOS
PROPERTY OUTGOINGS<br> AND EPRA RATIOS
DIVIDEND
DIVIDEND
CASH FLOW
CASH FLOW
COMMITTED CAPEX FULLY<br> FUNDED AT YEAR END
COMMITTED CAPEX FULLY<br> FUNDED AT YEAR END
DEBT SUMMARY
DEBT SUMMARY
DEBT FACILITIES
DEBT FACILITIES
VALUATION AND<br> PORTFOLIO ANALYSIS
VALUATION AND<br> PORTFOLIO ANALYSIS
VALUATION
VALUATION
PROPERTY RETURN
PROPERTY RETURN
RENTAL VALUE GROWTH
RENTAL VALUE GROWTH
MOVEMENT IN YIELDS
MOVEMENT IN YIELDS
PORTFOLIO INCOME<br> POTENTIAL - REVERSION
PORTFOLIO INCOME<br> POTENTIAL - REVERSION
CAPTURING THE REVERSION<br> AND LEASE EXPIRIES
CAPTURING THE REVERSION<br> AND LEASE EXPIRIES
CENTRAL LONDON OFFICE<br> RENTAL VALUES
CENTRAL LONDON OFFICE<br> RENTAL VALUES
DEVELOPMENT<br> VALUATIONS
DEVELOPMENT<br> VALUATIONS
PORTFOLIO MANAGEMENT
PORTFOLIO MANAGEMENT
LETTINGS HIGHLIGHTS
LETTINGS HIGHLIGHTS
LETTING ACTIVITY<br> IN 2016
LETTING ACTIVITY<br> IN 2016
DELIVERING RENTAL<br> GROWTH
DELIVERING RENTAL<br> GROWTH
DEMAND FOR CENTRAL<br> LONDON OFFICES
DEMAND FOR CENTRAL<br> LONDON OFFICES
DEALING WITH HIGHER<br> BUSINESS RATES
DEALING WITH HIGHER<br> BUSINESS RATES
80 CHARLOTTE STREET<br> IN CONTEXT
80 CHARLOTTE STREET<br> IN CONTEXT
PRE-LETTING OUR<br> DEVELOPMENTS -<br> 80 CHARLOTTE STREET W1
PRE-LETTING OUR<br> DEVELOPMENTS -<br> 80 CHARLOTTE STREET W1
ASSET MANAGEMENT<br> HIGHLIGHTS
ASSET MANAGEMENT<br> HIGHLIGHTS
RENT REVIEWS, LEASE<br> RENEWALS AND REGEARS
RENT REVIEWS, LEASE<br> RENEWALS AND REGEARS
Q1 2017: MAJOR REGEAR<br> WITH EXPEDIA
Q1 2017: MAJOR REGEAR<br> WITH EXPEDIA
PROJECTS
PROJECTS
DERISKING OUR PIPELINE
DERISKING OUR PIPELINE
2016 COMPLETION: THE<br> WHITE CHAPEL<br> BUILDING E1
2016 COMPLETION: THE<br> WHITE CHAPEL<br> BUILDING E1
The White Chapel<br> Building E1 (Phase 2)
The White Chapel<br> Building E1 (Phase 2)
2017 COMPLETION:<br> THE COPYRIGHT<br> BUILDING W1
2017 COMPLETION:<br> THE COPYRIGHT<br> BUILDING W1
2017 COMPLETION:<br> WHITE COLLAR<br> FACTORY EC1
2017 COMPLETION:<br> WHITE COLLAR<br> FACTORY EC1
2017 COMPLETION:<br> WHITE COLLAR<br> FACTORY EC1
2017 COMPLETION:<br> WHITE COLLAR<br> FACTORY EC1
80 CHARLOTTE<br> STREET W1
80 CHARLOTTE<br> STREET W1
80 CHARLOTTE<br> STREET W1
80 CHARLOTTE<br> STREET W1
BRUNEL BUILDING,<br> 55 NORTH WHARF<br> ROAD W2
BRUNEL BUILDING,<br> 55 NORTH WHARF<br> ROAD W2
BRUNEL BUILDING,<br> 55 NORTH WHARF<br> ROAD W2
BRUNEL BUILDING,<br> 55 NORTH WHARF<br> ROAD W2
FUTURE OPPORTUNITIES
FUTURE OPPORTUNITIES
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY<br> 2016
INVESTMENT ACTIVITY<br> 2016
PRINCIPAL DISPOSALS
PRINCIPAL DISPOSALS
CENTRAL LONDON OFFICE<br> INVESTMENT ACTIVITY
CENTRAL LONDON OFFICE<br> INVESTMENT ACTIVITY
SALE OF 132-142<br> HAMPSTEAD ROAD NW1
SALE OF 132-142<br> HAMPSTEAD ROAD NW1
SALE OF 8 FITZROY<br> STREET W1
SALE OF 8 FITZROY<br> STREET W1
SUMMARY
SUMMARY
SUMMARY
SUMMARY
PROFORMA IMPACT OF<br> POST YEAR END EVENTS
PROFORMA IMPACT OF<br> POST YEAR END EVENTS
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