Summary and outlook
First six months letting activity was our highest half year ever: 267,700 sq ft generating £16.7m pa
Whilst the outcome of the EU referendum may lower activity, we have made good letting progress since 30 June: 112,600 sq ft achieving £4.6m pa
Derwent London's portfolio is well placed with high quality design and middle market rental focus
Estimated reversion of £151m pa at June 2016 should drive medium term earnings growth
Future capital expenditure is focused close to Crossrail stations and has some flexibility
We now estimate that our portfolio's ERV growth will be between 1 to 5% in 2016 and that investment yields may rise marginally in H2
Financial highlights
EPRA1 net asset value per share increased by 1.8% to 3,598p from 3,535p at 31 December 2015
Net rental income increased by 8.5% to £72.6m from £66.9m in the six months to June 2015
EPRA1 adjusted profit before tax was £44.8m, an increase of 14.9% from £39.0m in H1 2015
EPRA1 adjusted earnings per share were 37.13p, up 9.3% from 33.97p in H1 2015
Interim dividend per share increased by 10% to 13.86p
LTV ratio of 19.1% at 30 June 2016, and cash/undrawn facilities of £279m
