Derwent London Financial Report

Financial Overview

• Pretax Loss: Derwent London reported a widened pretax loss for 2023 at 475.9 million pounds, compared to GBP279.5 million the previous year.
• Income Growth: Gross property and other income increased to GBP265.9 million from GBP248.8 million.
• Net Tangible Asset Value: EPRA net tangible asset value fell to 3,129 pence a share from 3,632 pence a share.
• Portfolio Value: The portfolio was valued at GBP4.88 billion, down from GBP5.36 billion.
• Dividend: The full-year dividend was raised by 1.3% to 79.5 pence a share.

Rental Growth and Market Outlook

• Rental Value: The company upgraded its guidance for average estimated rental values, with expectations of a 2%-5% increase in 2024.
• Market Trends: CEO Paul Williams noted that despite macro uncertainty, businesses are placing importance on quality, amenity, and sustainability, leading to strong demand for suitable properties.
• Investment Opportunities: Following outward yield movement, investment opportunities are emerging and the company's balance sheet is well positioned to capitalize on them.

Stock Performance

• Share Price: Derwent London's shares are up 1.9% at 1,951 pence.