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Derwent London (DLN) investor relations material
Derwent London H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary12 Aug, 2025
Executive summary
Achieved £13.8m in new rent agreements YTD, with open market lettings 10.5% above ERV in H1 2025 and a further £3.8m under offer.
Outperformed the MSCI Central London Office index by 120bp in H1 and 230bp per annum over five years; total accounting return of 3.0% in H1 2025 and 7.3% over 12 months.
Major projects progressing, including 25 Baker Street, Network W1, and Holden House, with further pipeline projects set for 2026 and beyond.
Portfolio reversion potential of £114.3m, a 55% uplift over current passing rent roll; ERV growth of 2.0% in H1 2025.
Board change: Nigel George to retire in March 2026, remaining as consultant.
Financial highlights
EPRA NTA per share increased 1.2% to 3,187p (Dec 2024: 3,149p); total accounting return 3.0% in H1.
Gross rental income rose 1.5% to £109.1m; net rental income slightly lower at £94.0m.
Interim dividend increased by 2% to 25.5p per share, well covered by EPRA earnings.
EPRA earnings per share: 52.2p (down 0.9% year-over-year).
Net debt increased to £1.55bn (Dec 2024: £1.48bn); EPRA LTV at 30.5%.
Outlook and guidance
Reiterated 2025 ERV growth guidance of 3% to 6% across the portfolio.
Strongest return outlook in several years, supported by stable yields and development profits.
Prime buildings expected to outperform, with stable yields and 3-6% ERV growth.
Short-term earnings expected to decline due to higher interest costs and lower capitalized interest, but growth anticipated as projects mature.
Assess impact of potential rent review changes.
How will higher interest rates impact earnings?
Explain the embodied carbon intensity estimates.
How will government's rent review prohibition impact Derwent?
What's driving the negative share price reaction?
Assess the pre-letting strategy for new projects.
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Next Derwent London earnings date
H2 202526 Feb, 2026
Next Derwent London earnings date
H2 202526 Feb, 2026
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Frequently asked questions
Derwent London Plc is a real estate investment trust (REIT) focused on property investment and development, primarily in central London. The company specializes in acquiring, managing, and redeveloping office spaces, as well as mixed-use properties, to meet the evolving needs of businesses and tenants. Its portfolio includes modern, flexible workspaces designed to appeal to a wide range of industries, including technology, media, and professional services. The company is headquartered in London, England, and its shares are listed on the LSE.
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