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D E Rw E N T L O N D O N P Lc R E P O Rt & a Cco U N Ts 2 0 2 0 Derwent

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D E Rw E N T L O N D O N P Lc R E P O Rt & a Cco U N Ts 2 0 2 0 Derwent DerwentLondon plc Report& Accounts 2020 Derwent London plc Report & Accounts 2020 Contents 2020 summary ..............................................................04 Operating in challenging times ..................................06 Strategic report A resilient business ......................................................08 Delivering value to our customers .............................10 Supporting our stakeholders in 2020 .......................12 Chairman’s statement ..................................................14 Chief Executive’s statement .......................................16 Central London office market .....................................18 A well placed portfolio .................................................22 Investing in our pipeline ............................................... 24 Our stakeholders ..........................................................26 Our pathway to net zero carbon ................................28 Our business model .....................................................30 Our strategy ...................................................................32 Measuring our performance ......................................42 Responsibility ................................................................46 Property review .............................................................64 Valuation ....................................................................65 Asset management & investment activity ........68 Development & refurbishment .............................71 Finance review .............................................................. 74 Viability statement .......................................................82 Our principal risks .........................................................84 Introduction from the Chairman ..............................102 Governance at a glance ..............................................103 Governance The section 172(1) statement ....................................104 Board of Directors ....................................................... 106 Senior management .................................................. 108 Corporate governance statement ........................... 110 Nominations Committee report ...............................124 Audit Committee report .............................................130 Risk Committee report ...............................................138 Responsible Business Committee report .............146 Remuneration Committee report Annual statement ...................................................150 Remuneration at a glance ....................................152 Annual report on remuneration ..........................153 Schedule to the annual report on remuneration .....................................................167 Directors’ report ...........................................................172 Statement of Directors’ responsibilities ................178 Independent Auditor’s report ...................................179 Financial statements Group income statement ...........................................187 Group statement of comprehensive income .............................................188 Balance sheets ............................................................189 Statements of changes in equity ............................ 190 Cash flow statements ................................................ 191 Notes to the financial statements ...........................192 Other information Ten-year summary ..................................................... 242 EPRA summary ........................................................... 243 Principal properties ................................................... 246 List of definitions ........................................................ 248 Communication with our shareholders ................252 Awards & recognition ..................................................IBC Front cover and back cover images: 80 Charlotte Street W1 ‘Choreographic Form, 2020’ by Hugo Dalton Strategic report 01 Derwent London plc The largest London-focused REIT with a distinctive 5.6 million sq ft office-based portfolio across 14 ‘villages’. Our purpose Our purpose is to help improve and upgrade the stock of office space in central London. By taking poorer quality ‘brown’ buildings and turning them into modern, adaptable and ‘green’ workspaces, we aim for above average long-term returns to our shareholders while bringing social, environmental and economic benefits to all our stakeholders. With an open and progressive corporate culture and by promoting values that include building lasting relationships, our design-led ethos has created a brand of well-designed, flexible and efficient buildings at a wide range of rents. These help our occupiers attract and retain talent but also revitalise neighbourhoods and benefit local communities. Our approach contributes to workforce wellbeing and helps maintain London’s position as a leading global business location. Our culture • Hard-working and adaptable • A passion to improve London’s office spaces • Strong customer focus • Progressive and pragmatic • ‘Open door’ and inclusive • Collaborative and supportive Our values • Reputation, integrity and good governance • Building long-term relationships and trust • Focus on creative design and embracing change • Openness and transparency • Sustainability and responsibility 80 Charlotte Street W1 02 Derwent London plc Report & Accounts 2020 Strategic report 03 Strategic report 2020 summary ..................................................04 Operating in challenging times .....................06 A resilient business .........................................08 Delivering value to our customers ................10 Supporting our stakeholders in 2020 ..........12 Chairman’s statement .....................................14 Chief Executive’s statement ..........................16 Central London office market .......................18 A well placed portfolio ....................................22 Investing in our pipeline .................................. 24 Our stakeholders ..............................................26 Our pathway to net zero carbon ...................28 Our business model .........................................30 Our strategy .......................................................32 Measuring our performance .........................42 Responsibility ...................................................46 Property review ................................................64 Valuation ........................................................65 Asset management & investment activity .....................................68 Development & refurbishment .................71 Finance review .................................................. 74 Viability statement ..........................................82 Our principal risks ............................................84 We were attracted to this particular space because of the superb location next to a strategic Crossrail station, the quality of the buildings and our firm belief in the regeneration of this area which has an exciting future. Despite these challenging times, I have great faith in the future of the office market of Central London. Sir Lloyd Dorfman Soho Place W1 04 Derwent London plc Report & Accounts 2020 Financial highlights Gross rental income 2020 2019: £191.7m summary The year started with an optimistic +5.8% £202.9m outlook, low vacancy rates and with strong occupier demand backed EPRA earnings per share (EPS) up by firm investment yields. As 2019: 103.1p we approached the end of Q1, the significance of the Covid-19 pandemic became more apparent and lockdown took hold, forcing an unprecedented fall in economic activity in the UK. -3.8% 99.2p We responded by focusing on the health and safety of Dividend per share (p) our employees, occupiers and communities, enhancing 2019: 72.5p communication and providing support where it was most needed. We kept our buildings open with tailored cleaning and maintenance regimes while progressing with our development projects and ESG/climate change responsibilities. Our second half focus has continued to support our customers and other stakeholders through the various phases of lockdown and business continuity, while extending leases where we can and pursuing further +2.8% 74.5p regeneration opportunities. Operating highlights • 2021 lease expiries reduced from 26% of passing rents EPRA NTA per share to 17%, now 13% 2019: 3,957p • Collected 92% of 2020 rental income with a further 5% subject to payment plans • Completed 80 Charlotte Street W1, our largest development to date, achieving a 27% profit on cost • Progressed Soho Place W1 and The Featherstone Building EC1, together 410,000 sq ft and 61% pre-let • Disposals of £153m • Committed to a 297,000 office-led scheme at 19-35 Baker -3.7% 3,812p Street W1 • Signed new £100m 5-year Revolving Credit Facility (RCF) and extended £450m RCF by one year Total return Stakeholders and responsibility 2019: 6.6% • Published our pathway to be a net zero carbon business by 2030 • Supported our occupiers, communities and NHS by reducing service charge, raising donations budget by 179% and providing free accommodation to NHS staff • Supported our supply chain by accelerating supplier payments to 20 days on average • No employees furloughed and supported staff -127.3% -1.8% furloughed by some suppliers • The results of our staff survey showed exceptional satisfaction ratings Strategic report 05 Financial highlights
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