Derwent London (DLN)

Sector:

Property Investment Trusts

Index:

FTSE 250

3,792.00p
   
  • Change Today:
      78.00p
  • 52 Week High: 3,792.00
  • 52 Week Low: 2,779.00
  • Currency: UK Pounds
  • Shares Issued: 111.75m
  • Volume: 162,360
  • Market Cap: £4,237.69m
  • RiskGrade: 111
  • Beta: 0.39

Derwent London reports solid pre-letting progress

By Josh White

Date: Thursday 07 Nov 2019

LONDON (ShareCast) - (Sharecast News) - Derwent London reported further strong letting progress in its third quarter update on Thursday, with lettings for the year-to-date totalling £33.5m on 486,600 square feet, which was on average 7.0% above December's estimated rental value.
The FTSE 250 company said that Included 83,100 square feet pre-let to Apollo Management International at 1 Soho Place W1.

It said its EPRA vacancy rate was down to 0.6%, from 1.8% in December last year.

On the development front, a total of 790,000 square feet was under construction, with 70% of commercial space pre-let.

Of that, 80 Charlotte Street W1 was 92% pre-let, with completion due in the first half of 2020, and Soho Place W1 was 76% pre-let, with completion due in the first half of 2022, while the Featherstone Building EC1 was due for completion in the first half of 2022 as well.

Capital expenditure on projects totalled £155.7m in the nine months to 30 September, the board reported, while it completed property disposals of £181.7m in the year-to-date, which was 6.2% above December 2018 values.

Derwent's loan-to-value ratio as at 30 September was 16.4%, with £560m of undrawn facilities and cash.

During the period, the company signed a new five-year £450m revolving credit facility, including a £300m 'green' tranche, and it joined the 'Better Buildings Partnership' and signed its Climate Change Commitment.

"Our strong pre-letting activity continues, demonstrating the consistent demand for our product and for London office space," said chief executive Paul Williams.

"In addition we have extended our main revolving credit facility, which includes an innovative green tranche linking the financing of our developments to their environmental impact."

At 1054 GMT, shares in Derwent London were flat at 3,572p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Derwent London Market Data

Currency UK Pounds
Share Price 3,792.00p
Change Today 78.00p
% Change 2.10 %
52 Week High 3,792.00
52 Week Low 2,779.00
Volume 162,360
Shares Issued 111.75m
Market Cap £4,237.69m
Beta 0.39
RiskGrade 111

Derwent London Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
94.01% below the market average94.01% below the market average94.01% below the market average94.01% below the market average94.01% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Price Trend
82.83% above the market average82.83% above the market average82.83% above the market average82.83% above the market average82.83% above the market average
77.78% above the sector average77.78% above the sector average77.78% above the sector average77.78% above the sector average77.78% above the sector average
Income
89.42% below the market average89.42% below the market average89.42% below the market average89.42% below the market average89.42% below the market average
87.88% below the sector average87.88% below the sector average87.88% below the sector average87.88% below the sector average87.88% below the sector average
Growth
22.28% above the market average22.28% above the market average22.28% above the market average22.28% above the market average22.28% above the market average
2.86% above the sector average2.86% above the sector average2.86% above the sector average2.86% above the sector average2.86% above the sector average

What The Brokers Say

Strong Buy 4
Buy 1
Neutral 7
Sell 0
Strong Sell 7
Total 19
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Derwent London Dividends

  Latest Previous
  Interim Final
Ex-Div 12-Sep-19 02-May-19
Paid 18-Oct-19 07-Jun-19
Amount 21.00p 46.75p

Trades for 06-Dec-2019

Time Volume / Share Price
16:35 62,634 @ 3,792.00p
16:29 1 @ 3,792.00p
16:29 70 @ 3,790.00p
16:29 89 @ 3,790.00p
16:29 4 @ 3,790.00p

Derwent London Key Personnel

CEO Paul M. Williams
Finance Director Damian Wisniewski

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