The Derwent London Plc board is recommending a 1.05p per share or 2.0% increase in the final dividend to 53.5p. This will be paid in June 2022 with 35.5p as a PID and the balance of 18.0p as a conventional dividend.
Other financial highlights include:
Total return of 5.8%, from -1.8% in 2020
EPRA net tangible assets 3,959p per share, up 3.9% from 3,812p in December 2020
Net rental income of £178.2m, up 2.2% from £174.3m
EPRA earnings of £122.0m, or 108.8p per share, up 9.7% from 99.2p in 2020
IFRS profit before tax of £252.5m from a loss of £83.0m in 2020
£350m 10-year 1.875% green bond issued in November with strong investor demand
Interest cover 464%, loan-to-value ratio of 20.8%
Undrawn facilities and cash of £608m, up from £476m in December 2020
