Derwent London PLC REIT
DLN
ISIN GB0002652740 / Valor 381696
Derwent London PLC REIT
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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 (08.10.2025):
Derwent London PLC REIT has announced its unaudited interim results for the first half of 2024, showcasing accelerated rental growth, strong leasing performance, and an upgraded rental guidance in a strengthening market.
Accelerated Rental Growth
The Group achieved an ERV growth of 2.0%, marking the strongest six-monthly performance since 2016. This growth was driven by high demand for premium office spaces in prime London locations.
Robust Leasing Performance
Derwent London secured £8.8 million in new rent agreements during H1 2024, with open-market lettings exceeding the December 2023 ERV by over 10%. Year-to-date lettings reached £10.8 million, with an additional £3.4 million under offer.
Upgraded Rental Guidance
Based on the positive market trends, Derwent London has upgraded its 2024 rental guidance to a growth range of 3% to 6%, reflecting increased confidence in the sector.
Financial Strength and Stability
EPRA earnings rose by 6.5% to 52.7p per share, supported by a 1.5% increase in gross rental income. The Group maintains a strong balance sheet with net debt slightly increased to £1.37 billion and cash reserves of £566 million.
Reduced Vacancy and High Tenant Retention
The EPRA vacancy rate decreased to 3.2% as of June 2024, down from 4.0% in December 2023. Additionally, the tenant retention and re-letting rate stood at an impressive 86%, surpassing the Group's long-term average.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
2441 M
Market cap (USD)
246,010
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
Est P/E ratio
EPS (USD)
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Ratings & reviews
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