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Derwent London (DLN) investor relations material

Derwent London Q3 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 TU earnings summary6 Nov, 2025

Executive summary

  • Achieved strong operational momentum with new leases signed 10% ahead of ERV and active leasing discussions ongoing across the portfolio.

  • Disposed of over £200m in assets year-to-date, strengthening financial capacity for reinvestment in development projects.

  • Major projects such as 25 Baker Street and Network W1 progressing well, with significant rental and sales proceeds realized.

Financial highlights

  • Completed £17.5m of new rent YTD, including renewals and regears, with a further £4.0m under offer.

  • Net debt reduced by approximately £90m in Q3 to £1.46bn, and EPRA LTV decreased to 29.6%.

  • Cash and undrawn facilities increased to £626m at quarter end.

  • EPRA vacancy rate remained low at 3.7%.

Outlook and guidance

  • Portfolio ERV guidance for 2025 reiterated at 3-6%, with higher quality buildings expected to outperform.

  • Targeting higher level of asset sales to provide capital allocation flexibility and drive further value.

  • Attractive medium-term earnings outlook supported by contracted headline rent and strong rental growth from major projects completing by 2029.

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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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