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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 CONTENTS STRATEGIC REPORT GOVERNANCE 2018 summary ......................................................................................... 04 Introduction from the Chairman ........................................................... 84 Chairman’s statement ............................................................................ 07 Governance at a glance .......................................................................... 86 Chief Executive’s statement .................................................................. 08 Board of Directors ................................................................................... 88 CEO succession ........................................................................................11 Senior management ............................................................................... 90 London: Open for business .....................................................................12 Corporate governance statement ........................................................ 92 Central London office market ................................................................14 Nominations Committee report ......................................................... 100 A well-placed portfolio ............................................................................16 Audit Committee report ....................................................................... 104 Our stakeholders ......................................................................................18 Risk Committee report ..........................................................................110 Our business model ................................................................................ 20 Remuneration Committee report ........................................................116 Our strategy ............................................................................................. 30 Annual statement ..............................................................................116 Measuring our performance ................................................................. 40 Remuneration at a glance ................................................................118 Viability statement ................................................................................. 44 Annual report on remuneration .......................................................119 Our principal risks ................................................................................... 46 Schedules to the Annual report on remuneration ........................129 Property review ....................................................................................... 58 Directors’ report .................................................................................... 132 Valuation ............................................................................................... 59 Asset management & investment activity ..................................... 62 Development & refurbishment ......................................................... 65 Finance review ......................................................................................... 68 Responsibility ...........................................................................................74 01 DERWENT LONDON 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. FINANCIAL STATEMENTS We aim for a balance between properties with potential to add further value through regeneration and those Statement of Directors’ responsibilities ........................................... 138 which have already been improved but where our asset Independent Auditor’s report .............................................................. 139 management skills can continue to grow value and Group income statement ..................................................................... 145 income. Underlying the business is a strong balance Group statement of comprehensive income .................................... 146 sheet with modest leverage and uncomplicated and Balance sheets .......................................................................................147 flexible financing. Statements of changes in equity ........................................................ 148 Cash flow statements .......................................................................... 149 Our culture Notes to the financial statements ...................................................... 150 • Hard-working and adaptable • A passion to improve London’s office spaces Other information • Progressive and pragmatic Ten-year summary ................................................................................ 200 • ‘Open door’ and inclusive EPRA summary ..................................................................................... 201 • Collaborative and supportive Principal properties .............................................................................. 203 List of definitions................................................................................... 205 Our values Communication with our shareholders ............................................. 208 • Reputation, integrity and good governance Awards & recognition ............................................................................ IBC • Building long-term relationships and trust • Focus on creative design and embracing change • Openness and transparency • Sustainability and responsibility Cover image: Brunel Building W2 02 Derwent London plc Report & Accounts 2018 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. 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 04 Derwent London plc Report & Accounts 2018 2018 summary Derwent London has continued to make good operational progress, enhanced its stakeholder and responsibility agendas and announced its future leadership team. OPERATING HIGHLIGHTS • New lettings of £26.8m, 4.1% above ERV • 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 • Progressed Soho Place W1 and signed the construction contract in February 2019 • Site of The Featherstone Building EC1 vacated ready for demolition • Asset managers involved in lease events on 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: CGI of Brunel Building W2 STAKEHOLDERS AND RESPONSIBILITY • Established Responsible Business Committee to be chaired by Cilla Snowball • Like-for-like managed portfolio carbon intensity down 20% • Our Community Fund celebrated its fifth anniversary with a further extension to 2021
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