Derwent London dividends declared in relation to 2019 earnings were 1.4 times covered by EPRA earnings and therefore, though EPRA earnings have dropped by 3.6% this year, they have been able to recommend a 1p per share increase in the final dividend for 2020 to 52.45p.
Other financial highlights:
Total return of -1.8%, from 6.6% in 2019
EPRA net tangible assets 3,812p per share, down 3.7% from 3,957p in December 2019
Gross rental income of £202.9m, up 5.8% from £191.7m
Net rental income of £174.3m, down 2.1% from £178.0m, after £14.2m impairment and write-offs
Rent collection for 2020 now 92% plus 5% under agreed payment plans and 3% granted rent-frees
EPRA earnings of £111.0m, or 99.2p per share, down 3.8% from 103.1p in 2019
Two debt facilities arranged or extended totalling £550m
Interest cover 446%, loan-to-value ratio of 18.4%
Undrawn facilities and cash of £476m, from £511m in December 2019
