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 (30.11.2025):
Derwent London plc — Interim results for the six months ended 30 June 2025 (H1 2025). The Group reports a resilient first half with EPRA earnings broadly unchanged, positive revaluations and a strengthened development pipeline. Total accounting return (TAR) was 3.0% for H1 2025, underlying capital growth 1.2%, EPRA NTA rose to 3,187p and the interim dividend was increased to 25.5p.
Headline financials
Gross rental income £109.1m (up 1.5% y/y); net rental income £94.0m (slightly down). EPRA EPS 52.2p (H1 2024: 52.7p). IFRS profit before tax £94.0m (vs. loss £27.2m H1 2024). EPRA NTA per share 3,187p (up 1.2% versus 31 Dec 2024).
Total return & valuation
Total accounting return (TAR) 3.0% for H1 2025 and 7.3% over 12 months. Portfolio valuation £5.2bn at 30 June 2025; underlying portfolio valuation up 1.2% in the half and equivalent yield tightened to 5.69% (Dec 2024: 5.73%).
Leasing and vacancy
£13.8m of leasing, renewals and regears completed YTD; open‑market lettings averaged 10.5% ahead of Dec‑24 ERV with a further £3.8m under offer. EPRA vacancy low at 3.7% and portfolio WAULT (to break) 5.6 years.
Income reversion
Contracted rent roll £208.9m with portfolio ERV £323.2m — potential reversion £114.3m (55% above passing rent). Contracted uplifts of £37.0m and on‑site development reversion of £34.5m (61% of that pre‑let).
Balance sheet & refinancing
Net debt £1.55bn (30 June 2025); EPRA LTV 30.5%. Available cash and undrawn facilities £604m. Significant refinancing in H1: new £250m 7‑year bonds, new £115m facility with HSBC, extension of £450m RCF and other term loan extensions; convertible bonds repaid in June.
Development pipeline
On‑site projects nearing completion: 25 Baker Street and Network W1; Holden House started on site. Combined on‑site pipeline expected to deliver ~15% profit on cost and 6.6% yield on completion. Medium/longer pipeline ~1.5m sq ft across six schemes.
Capital recycling & disposals
Completed investment and trading sales £35m in H1 and c.£180m of disposals contracted to complete in H2 (including residential sales at 25 Baker Street), supporting reinvestment into higher‑return developments.
Dividend & outlook
Interim dividend raised 2% to 25.5p (paid 10 Oct 2025). Management reiterates 2025 ERV guidance of +3% to +6% and states TAR outlook is the strongest in several years, while noting near‑term earnings will be impacted by higher interest costs and vacant possession for developments.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
2531 M
Market cap (USD)
230,093
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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