TIDMDLN
RNS Number : 7200O
Derwent London PLC
12 October 2021
12 October 2021
Derwent London plc ("Derwent London" / "the Group")
SEPTEMBER 2021 RENT COLLECTION
A summary of Derwent London's rent collection to date for the
September 2021 Quarter Day is provided below. Collection rates
continue to strengthen and are higher than for the preceding six
quarters at an equivalent time. We also update rent collection
statistics for the March and June 2021 Quarters. With rent
collection rates now close to pre-Covid levels for our office
properties, we propose that future quarterly rent collection
updates will be included within our normal reporting timetable and
that additional quarterly updates such as this will cease. This
will be kept under review.
September 2021 Quarter Day
-- To date, the Group has received 96% of its September 2021
Quarter Day office rents which is above the 93% figure seen at June
2021 and which compares to 83% reported on 13 October 2020 for the
September 2020 Quarter Day
-- We have now received 94% of total rent with at least a
further 3% expected later in the quarter
-- 3% of the Quarter's rent remains outstanding
-- September 2021 Quarter Day receipts did not draw down any rent deposits
-- 90% of service charges for the quarter have been received to date
September 2021 Quarter
-------------------
Current position Office Retail/ Hospitality Total
--------- -------------------- ---------
Received to date 96% 64% 94%
Due later in the
quarter* 2% 20% 3%
Outstanding 2% 15% 3%
Rent-free granted 0% 1% 0%
--------- -------------------- ---------
Total 100% 100% 100%
--------- -------------------- ---------
GBP38.4m GBP2.3m GBP40.7m
--------- -------------------- ---------
*Principally monthly receipts
March and June 2021 Quarters updated
We continue to receive rents which were deferred in previous
quarters. For the March 2021 Quarter, we have now collected 96% of
the quarter's rents. For the June 2021 Quarter, we have now
collected 97% of the quarter's rents.
September June 2021 Quarter March 2021 Quarter
2021 Quarter
-------------------
Total Quarter's Current Announced Current Announced Current
rent position 9 Jul position 13 Apr position
-------------- ---------- ---------- ---------- ----------
Received to date 94% 89% 97% 87% 96%
Due later in
the quarter* 3% 5% 0% 5% 0%
Outstanding 3% 5% 2% 7% 2%
Rent-free granted 0% 1% 1% 1% 2%
-------------- ---------- ---------- ---------- ----------
Total 100% 100% 100% 100% 100%
-------------- ---------- ---------- ---------- ----------
GBP40.7m GBP41.1m GBP41.5m GBP42.2m GBP43.0m
-------------- ---------- ---------- ---------- ----------
*Principally monthly receipts
For further information, please contact:
Derwent London Paul Williams, Chief Executive
Tel: +44 (0)20 7659 3000 Damian Wisniewski, Chief Financial
Officer
Quentin Freeman, Investor Relations
Robert Duncan, Investor Relations
Brunswick Group Nina Coad
Tel: +44 (0)20 7404 5959 Emily Trapnell
Notes to editors
Derwent London plc
Derwent London plc owns 81 buildings in a commercial real estate
portfolio predominantly in central London valued at GBP5.4 billion
as at 30 June 2021, making it the largest London-focused real
estate investment trust (REIT).
Our experienced team has a long track record of creating value
throughout the property cycle by regenerating our buildings via
development or refurbishment, effective asset management and
capital recycling.
We typically acquire central London properties off-market with
low capital values and modest rents in improving locations, most of
which are either in the West End or the Tech Belt. We capitalise on
the unique qualities of each of our properties - taking a fresh
approach to the regeneration of every building with a focus on
anticipating tenant requirements and an emphasis on design.
Reflecting and supporting our long-term success, the business
has a strong balance sheet with modest leverage, a robust income
stream and flexible financing.
As part of our commitment to lead the industry in mitigating
climate change, Derwent London has committed to becoming a net zero
carbon business by 2030, publishing its pathway to achieving this
goal in July 2020. In 2019 the Group became the first UK REIT to
sign a Revolving Credit Facility with a 'green' tranche. At the
same time, we also launched our Green Finance Framework and signed
the Better Buildings Partnership's climate change commitment. The
Group is a member of the 'RE100' which recognises Derwent London as
an influential company, committed to 100% renewable power by
purchasing renewable energy, a key step in becoming a net zero
carbon business. Derwent London is one of only a few property
companies worldwide to have science-based carbon targets validated
by the Science Based Targets initiative (SBTi).
Landmark schemes in our 5.4 million sq ft portfolio include 80
Charlotte Street W1, Brunel Building W2, White Collar Factory EC1,
Angel Building EC1, 1-2 Stephen Street W1, Horseferry House SW1 and
Tea Building E1.
In January 2021, Derwent London came top of the Property Sector
and 10th position overall in Management Today's Britain's Most
Admired Companies awards 2020. In the year the Group has won
several awards for Brunel Building with the most prominent being
the BCO Best Commercial Workplace award. In 2019 the Group won EG
Offices Company of the Year, the CoStar West End Deal of the Year
for Brunel Building and Westminster Business Council's Best
Achievement in Sustainability award. In 2013 the Company launched a
voluntary Community Fund and has to date supported well over 100
community projects in the West End and the Tech Belt.
The Company is a public limited company, which is listed on the
London Stock Exchange and incorporated and domiciled in the UK. The
address of its registered office is 25 Savile Row, London, W1S
2ER.
For further information see www.derwentlondon.com or follow us
on Twitter at @derwentlondon
Forward-looking statements
This document contains certain forward-looking statements about
the future outlook of Derwent London. By their nature, any
statements about future outlook involve risk and uncertainty
because they relate to events and depend on circumstances that may
or may not occur in the future. Actual results, performance or
outcomes may differ materially from any results, performance or
outcomes expressed or implied by such forward-looking
statements.
No representation or warranty is given in relation to any
forward-looking statements made by Derwent London, including as to
their completeness or accuracy. Derwent London does not undertake
to update any forward-looking statements whether as a result of new
information, future events or otherwise. Nothing in this
announcement should be construed as a profit forecast.
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