Derwent London PLC REIT
DLN
ISIN GB0002652740 / Valor 381696
Derwent London PLC REIT
UMushroom community rating:
About company
Derwent London PLC REIT owns and manages a significant investment portfolio of 5.4 million sq ft, primarily located in central London with a focus on the West End and the Tech Belt areas bordering the City of London. The company, listed on the London Stock Exchange and a member of the FTSE 250, seeks out income-producing properties with potential for future improvement. With a strong balance sheet, Derwent London has the financial capacity to acquire and regenerate properties, as well as selectively recycle properties to fund future projects. The company has received various awards for its commercial workplaces and commitment to equality, diversity, and inclusion. Additionally, Derwent London is dedicated to mitigating climate change, aiming to become a net zero carbon business by 2030 and has taken significant steps towards this goal, including signing a Revolving Credit Facility with a 'green' tranche and joining the 'RE100' initiative for 100% renewable power.
Summarized from source with an LLMView SourceSector: FinanceLatest Results (27.02.2026):
Derwent London PLC REIT — H1 2025 (six months to 30 June 2025, reported in Q2 2025): the Group delivered broadly stable operating earnings with positive capital growth and clear leasing momentum. EPRA earnings remained steady, EPRA NTA rose, the interim dividend was increased, and the balance sheet was actively refinanced while net debt rose modestly to support development investment and portfolio recycling.
Key financial results
EPRA EPS 52.2p (H1 2024: 52.7p); gross rental income £109.1m (+1.5%); net rental income £94.0m (-1.1%); IFRS profit before tax £94.0m (H1 2024: loss £27.2m); EPRA NTA 3,187p (31 Dec 2024: 3,149p); total accounting return (TAR) 3.0% for H1 2025.
Dividend
Interim dividend increased 2% to 25.5p per share (cover maintained by EPRA earnings). Payment scheduled 10 October 2025 to shareholders on register at 5 September 2025.
Leasing and occupational momentum
£13.8m of leasing, renewals and regears completed year‑to‑date; open‑market lettings on average 10.5% ahead of December 2024 ERV; EPRA vacancy rate low at 3.7%. Notable letting: Adobe expanded at White Collar Factory (lease extended to 2038).
Valuation and yield trends
Portfolio valuation £5.2bn (up 1.2% underlying in H1); EPRA rental values +2.0% H1; true equivalent yield tightened to 5.69% (Dec 2024: 5.73%); EPRA initial yield 4.4% (topped‑up 5.2%).
Balance sheet, liquidity and refinancing
Net debt £1.55bn (Dec 2024: £1.48bn); EPRA LTV 30.5%; cash and undrawn facilities £604m; interest cover 3.2x. Refinancing activity included £250m seven‑year unsecured bonds at 5.25% and repayment of £175m convertible bonds.
Development activity and capital expenditure
Project expenditure £83.9m in H1; major on‑site schemes (25 Baker Street and Network) nearing completion, Holden House started on site. On‑site projects projected to deliver ~15% profit on cost and c.6.6% yield on completion (Group guidance).
Portfolio recycling and disposals
£35m of investment and trading sales completed in H1 and c.£180m of disposals contracted to complete in H2; the Group states over £200m of disposals completed or contracted in 2025 to date to fund reinvestment into development pipeline.
Guidance and outlook
Derwent London PLC REIT reiterates 2025 ERV guidance of +3% to +6% on average across the portfolio; management says TAR outlook is the strongest in several years, while noting near‑term earnings pressure from higher interest costs and vacant possession ahead of development projects.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
2329 M
Market cap (USD)
877,829
Daily traded volume (Shares)
19.77 / 19.34
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
Dividend (USD)
Dividend yield (p.a.)
Est dividend (USD)
Est dividend yield
P/E ratio
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EPS (USD)
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Ratings & reviews
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