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Derwent London Results 2018
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Annual Results 2018Annual Results 2018
CONTENTSCONTENTS
INTRODUCTION AND OVERVIEWINTRODUCTION AND OVERVIEW
HIGHLIGHTSHIGHLIGHTS
CENTRAL LONDON OFFICE OUTLOOKCENTRAL LONDON OFFICE OUTLOOK
A BALANCED PORTFOLIOA BALANCED PORTFOLIO
ADDING GROWTHADDING GROWTH
RESULTS AND FINANCIAL REVIEWRESULTS AND FINANCIAL REVIEW
HEADLINE NUMBERSHEADLINE NUMBERS
NET ASSETS, DEBT AND GEARINGNET ASSETS, DEBT AND GEARING
EPRA NAV MOVEMENTEPRA NAV MOVEMENT
EPRA EARNINGS1EPRA EARNINGS1
GROSS PROPERTY INCOMEGROSS PROPERTY INCOME
LIKE-FOR-LIKE INCOMELIKE-FOR-LIKE INCOME
CASH FLOWCASH FLOW
PROFORMA IMPACT OF MAJOR PROJECTSPROFORMA IMPACT OF MAJOR PROJECTS
DEBT SUMMARYDEBT SUMMARY
DEBT FACILITIESDEBT FACILITIES
VALUATION AND PORTFOLIO ANALYSISVALUATION AND PORTFOLIO ANALYSIS
VALUATIONVALUATION
PROPERTY RETURNPROPERTY RETURN
MOVEMENT IN YIELDSMOVEMENT IN YIELDS
RENTAL VALUE GROWTHRENTAL VALUE GROWTH
REVERSION ACTIVITY 2018REVERSION ACTIVITY 2018
BUILD-UP OF PORTFOLIO ERVBUILD-UP OF PORTFOLIO ERV
ASSET MANAGEMENT & INVESTMENTASSET MANAGEMENT & INVESTMENT
LETTING ACTIVITY 2018LETTING ACTIVITY 2018
KEY LETTINGS IN THE YEARKEY LETTINGS IN THE YEAR
LETTING ACTIVITY 2019 YEAR TO DATELETTING ACTIVITY 2019 YEAR TO DATE
ASSET MANAGEMENT ACTIVITIESASSET MANAGEMENT ACTIVITIES
ASSET MANAGEMENTASSET MANAGEMENT
INVESTMENT ACTIVITY 2018INVESTMENT ACTIVITY 2018
INVESTMENT ACTIVITY 2019 YEAR TO DATEINVESTMENT ACTIVITY 2019 YEAR TO DATE
DEVELOPING A PRODUCTDEVELOPING A PRODUCT
CURRENT AND FUTURE PROJECTSCURRENT AND FUTURE PROJECTS
PROJECT UPDATEPROJECT UPDATE
BRUNEL BUILDING W2: H1 2019 DELIVERYBRUNEL BUILDING W2: H1 2019 DELIVERY
BRUNEL BUILDING W2: H1 2019 DELIVERYBRUNEL BUILDING W2: H1 2019 DELIVERY
80 CHARLOTTE STREET W1: H1 2020 DELIVERY80 CHARLOTTE STREET W1: H1 2020 DELIVERY
80 CHARLOTTE STREET W1: H1 2020 DELIVERY80 CHARLOTTE STREET W1: H1 2020 DELIVERY
SOHO PLACE W1: H1 2022 DELIVERYSOHO PLACE W1: H1 2022 DELIVERY
SOHO PLACE W1: H1 2022 DELIVERYSOHO PLACE W1: H1 2022 DELIVERY
THE FEATHERSTONE BUILDING EC1: H1 2022 DELIVERYTHE FEATHERSTONE BUILDING EC1: H1 2022 DELIVERY
THE FEATHERSTONE BUILDING EC1: H1 2022 DELIVERYTHE FEATHERSTONE BUILDING EC1: H1 2022 DELIVERY
THE NEXT GENERATION OF SCHEMESTHE NEXT GENERATION OF SCHEMES
UNTAPPED POTENTIALUNTAPPED POTENTIAL
UNDERLYING MARKET DYNAMICSUNDERLYING MARKET DYNAMICS
CENTRAL LONDON OCCUPIER DEMANDCENTRAL LONDON OCCUPIER DEMAND
DERWENT LONDON’S RESPONSE TO FLEXIBLE OFFICESDERWENT LONDON’S RESPONSE TO FLEXIBLE OFFICES
CENTRAL LONDON OFFICE DEMAND AND REQUIREMENTSCENTRAL LONDON OFFICE DEMAND AND REQUIREMENTS
CENTRAL LONDON OFFICE SUPPLYCENTRAL LONDON OFFICE SUPPLY
A STABLE MARKET AGAINST AN UNCERTAIN BACKGROUNDA STABLE MARKET AGAINST AN UNCERTAIN BACKGROUND
CENTRAL LONDON OFFICE INVESTMENT MARKETCENTRAL LONDON OFFICE INVESTMENT MARKET
WHAT DOES IT MEAN FOR DERWENT LONDON?WHAT DOES IT MEAN FOR DERWENT LONDON?
SUMMARYSUMMARY
SUMMARYSUMMARY
QUESTIONSQUESTIONS
QUESTIONSQUESTIONS
QUESTIONSQUESTIONS
QUESTIONSQUESTIONS
QUESTIONSQUESTIONS
QUESTIONSQUESTIONS
Annual Results 2018
Annual Results 2018
CONTENTS
CONTENTS
INTRODUCTION AND OVERVIEW
INTRODUCTION AND OVERVIEW
HIGHLIGHTS
HIGHLIGHTS
CENTRAL LONDON OFFICE OUTLOOK
CENTRAL LONDON OFFICE OUTLOOK
A BALANCED PORTFOLIO
A BALANCED PORTFOLIO
ADDING GROWTH
ADDING GROWTH
RESULTS AND FINANCIAL REVIEW
RESULTS AND FINANCIAL REVIEW
HEADLINE NUMBERS
HEADLINE NUMBERS
NET ASSETS, DEBT AND GEARING
NET ASSETS, DEBT AND GEARING
EPRA NAV MOVEMENT
EPRA NAV MOVEMENT
EPRA EARNINGS1
EPRA EARNINGS1
GROSS PROPERTY INCOME
GROSS PROPERTY INCOME
LIKE-FOR-LIKE INCOME
LIKE-FOR-LIKE INCOME
CASH FLOW
CASH FLOW
PROFORMA IMPACT OF MAJOR PROJECTS
PROFORMA IMPACT OF MAJOR PROJECTS
DEBT SUMMARY
DEBT SUMMARY
DEBT FACILITIES
DEBT FACILITIES
VALUATION AND PORTFOLIO ANALYSIS
VALUATION AND PORTFOLIO ANALYSIS
VALUATION
VALUATION
PROPERTY RETURN
PROPERTY RETURN
MOVEMENT IN YIELDS
MOVEMENT IN YIELDS
RENTAL VALUE GROWTH
RENTAL VALUE GROWTH
REVERSION ACTIVITY 2018
REVERSION ACTIVITY 2018
BUILD-UP OF PORTFOLIO ERV
BUILD-UP OF PORTFOLIO ERV
ASSET MANAGEMENT & INVESTMENT
ASSET MANAGEMENT & INVESTMENT
LETTING ACTIVITY 2018
LETTING ACTIVITY 2018
KEY LETTINGS IN THE YEAR
KEY LETTINGS IN THE YEAR
LETTING ACTIVITY 2019 YEAR TO DATE
LETTING ACTIVITY 2019 YEAR TO DATE
ASSET MANAGEMENT ACTIVITIES
ASSET MANAGEMENT ACTIVITIES
ASSET MANAGEMENT
ASSET MANAGEMENT
INVESTMENT ACTIVITY 2018
INVESTMENT ACTIVITY 2018
INVESTMENT ACTIVITY 2019 YEAR TO DATE
INVESTMENT ACTIVITY 2019 YEAR TO DATE
DEVELOPING A PRODUCT
DEVELOPING A PRODUCT
CURRENT AND FUTURE PROJECTS
CURRENT AND FUTURE PROJECTS
PROJECT UPDATE
PROJECT UPDATE
BRUNEL BUILDING W2: H1 2019 DELIVERY
BRUNEL BUILDING W2: H1 2019 DELIVERY
BRUNEL BUILDING W2: H1 2019 DELIVERY
BRUNEL BUILDING W2: H1 2019 DELIVERY
80 CHARLOTTE STREET W1: H1 2020 DELIVERY
80 CHARLOTTE STREET W1: H1 2020 DELIVERY
80 CHARLOTTE STREET W1: H1 2020 DELIVERY
80 CHARLOTTE STREET W1: H1 2020 DELIVERY
SOHO PLACE W1: H1 2022 DELIVERY
SOHO PLACE W1: H1 2022 DELIVERY
SOHO PLACE W1: H1 2022 DELIVERY
SOHO PLACE W1: H1 2022 DELIVERY
THE FEATHERSTONE BUILDING EC1: H1 2022 DELIVERY
THE FEATHERSTONE BUILDING EC1: H1 2022 DELIVERY
THE FEATHERSTONE BUILDING EC1: H1 2022 DELIVERY
THE FEATHERSTONE BUILDING EC1: H1 2022 DELIVERY
THE NEXT GENERATION OF SCHEMES
THE NEXT GENERATION OF SCHEMES
UNTAPPED POTENTIAL
UNTAPPED POTENTIAL
UNDERLYING MARKET DYNAMICS
UNDERLYING MARKET DYNAMICS
CENTRAL LONDON OCCUPIER DEMAND
CENTRAL LONDON OCCUPIER DEMAND
DERWENT LONDON’S RESPONSE TO FLEXIBLE OFFICES
DERWENT LONDON’S RESPONSE TO FLEXIBLE OFFICES
CENTRAL LONDON OFFICE DEMAND AND REQUIREMENTS
CENTRAL LONDON OFFICE DEMAND AND REQUIREMENTS
CENTRAL LONDON OFFICE SUPPLY
CENTRAL LONDON OFFICE SUPPLY
A STABLE MARKET AGAINST AN UNCERTAIN BACKGROUND
A STABLE MARKET AGAINST AN UNCERTAIN BACKGROUND
CENTRAL LONDON OFFICE INVESTMENT MARKET
CENTRAL LONDON OFFICE INVESTMENT MARKET
WHAT DOES IT MEAN FOR DERWENT LONDON?
WHAT DOES IT MEAN FOR DERWENT LONDON?
SUMMARY
SUMMARY
SUMMARY
SUMMARY
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS