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Report & Accounts 2018

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Report & Accounts 2018 Report & Accounts 2018 Report & Accounts Derwent London plc Report & Accounts 2018 01 DERWENT LONDON CONTENTS Who we are We are the largest London-focused real estate investment trust (REIT), owning a 5.4 million sq ft portfolio of mainly commercial real estate in 13 ‘villages’ across central London. Our purpose Our purpose is to help improve and upgrade the stock of office space in central London, providing above average long-term returns to our shareholders while bringing social and economic benefits to all our stakeholders. By setting an open and progressive corporate culture and promoting values that include building lasting relationships, our design-led ethos has created a brand of well-designed, flexible and efficient buildings at affordable rents. These not only help our occupiers attract talent but also revitalise neighbourhoods and benefit local communities. Our approach contributes to workforce well-being and will help to maintain London’s place as a leading global business hub. What we do The majority of our portfolio is income producing. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS We aim for a balance between properties with potential to add further value through regeneration and those 2018 summary ......................................................................................... 04 Introduction from the Chairman ........................................................... 84 Statement of Directors’ responsibilities ........................................... 138 which have already been improved but where our asset Chairman’s statement ............................................................................ 07 Governance at a glance.......................................................................... 86 Independent Auditor’s report .............................................................. 139 management skills can continue to grow value and Chief Executive’s statement.................................................................. 08 Board of Directors ................................................................................... 88 Group income statement ..................................................................... 145 income. Underlying the business is a strong balance CEO succession ........................................................................................11 Senior management ............................................................................... 90 Group statement of comprehensive income .................................... 146 sheet with modest leverage and uncomplicated and London: Open for business .....................................................................12 Corporate governance statement ........................................................ 92 Balance sheets .......................................................................................147 flexible financing. Central London office market ................................................................14 Nominations Committee report ......................................................... 100 Statements of changes in equity........................................................ 148 A well-placed portfolio ............................................................................16 Audit Committee report ....................................................................... 104 Cash flow statements .......................................................................... 149 Our culture Our stakeholders...................................................................................... 18 Risk Committee report ..........................................................................110 Notes to the financial statements...................................................... 150 • Hard-working and adaptable Our business model ................................................................................ 20 Remuneration Committee report ........................................................116 • A passion to improve London’s office spaces Our strategy ............................................................................................. 30 Annual statement ..............................................................................116 Other information • Progressive and pragmatic Measuring our performance ................................................................. 40 Remuneration at a glance ................................................................118 Ten-year summary ................................................................................ 200 • ‘Open door’ and inclusive Viability statement ................................................................................. 44 Annual report on remuneration .......................................................119 EPRA summary ..................................................................................... 201 • Collaborative and supportive Our principal risks ................................................................................... 46 Schedules to the Annual report on remuneration........................ 129 Principal properties .............................................................................. 203 Property review ....................................................................................... 58 Directors’ report .................................................................................... 132 List of definitions................................................................................... 205 Our values Valuation ............................................................................................... 59 Communication with our shareholders ............................................. 208 • Reputation, integrity and good governance Asset management & investment activity ..................................... 62 Awards & recognition ............................................................................ IBC • Building long-term relationships and trust Development & refurbishment ......................................................... 65 • Focus on creative design and embracing change Finance review ......................................................................................... 68 • Openness and transparency Responsibility ...........................................................................................74 • Sustainability and responsibility Cover image: Brunel Building W2 02 Derwent London plc Report & Accounts 2018 Strategic report 03 strategic report 2018 summary ........................................................................04 Chairman’s statement ...........................................................07 Chief Executive’s statement .................................................08 CEO succession ......................................................................11 London: Open for business ...................................................12 Central London office market............................................... 14 A well-placed portfolio ..........................................................16 Our stakeholders ....................................................................18 Our business model ...............................................................20 Our strategy .............................................................................30 Measuring our performance .................................................40 Viability statement .................................................................44 Our principal risks ..................................................................46 Property review....................................................................... 58 Valuation ..............................................................................59 Asset management & investment activity ......................62 Development & refurbishment .........................................65 Finance review ........................................................................68 Responsibility .........................................................................74 STEPHEN STREET W1 Since acquisition in 2010 we have refurbished 57% of the office space and completely reconfigured the retail element of this substantial 265,000 sq ft building. During 2018 we extended leases on 83,400 sq ft and took back and re-let 32,000 sq ft of office space including one floor which was let to Odeon Cinemas. 04 Derwent London plc Report & Accounts 2018 Strategic report 05 2018 summary FINANCIAL AND NON-FINANCIAL HIGHLIGHTS Net property income Total return Derwent London has continued to make good operational progress, enhanced its stakeholder and responsibility agendas and announced its future leadership team. £185.9m 5.3% 2017: £164.8m 2017: 7.7% +12.8% -31.2% OPERATING HIGHLIGHTS New lettings of £26.8m, 4.1% above ERV • EPRA earnings per share Dividend per share2 • Brunel Building W2 64% pre-let at year end, 77% at 26 February 2019 with balance under offer • 623,000 sq ft development programme, 75% pre-let at 26 February 2019 113.1p 65.9p Progressed Soho Place W1 and signed the • 2017: 94.2p 2017: 59.7p construction contract in February 2019 +20.0% +10.2% • Site of The Featherstone Building EC1 vacated ready for demolition • Asset managers involved in lease events on Underlying earnings per share1 EPRA NAV per share 833,000 sq ft raising existing rent 20.4% to £38.3m • Assigned a corporate credit rating of A- by Fitch • Arranged a £250m US private placement Right:
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