13th Aug 2015 06:41
LONDON (Alliance News) - Derwent London PLC on Thursday reported a 5.0% increase in net rental income in the first half of 2015, driving its profit higher.
FTSE 250-listed Derwent London, which owns a portfolio of commercial real estate in central London, said its net rental income amounted to GBP66.9 million in the six months to the end of June, compared with GBP63.7 million in the corresponding period the prior year.
Its net asset value, measured on a European Public Real Estate Association basis, increased by 10.9% to 3,226p over the course of the half, driven by a strong rise in property values and improved recurring earnings.
EPRA pretax profit increased by 21.9% to GBP39.0 million in the half, compared with GBP32.0 million in the corresponding half the prior year.
Net rental income increased to GBP66.9 million in the half, up from GBP63.7 million year on year.
Net profit attributable to equity shareholders increased to GBP397.2 million from GBP365.0 million. The net profit figure takes into account fair value movements, driven primarily by property revaluations.
"We believe that 2015 will continue to be a very good year for Derwent London based on strong occupational demand, the quality of our product, our clear-cut strategy and our effective financing," Chairman Robert Rayne said in a statement.
Chief Executive John Burns said: "So far in 2015, GBP20 million of new lettings have been secured and the Group has the potential to deliver over one million square feet of developments between 2016 and 2019."
Derwent London increased its interim dividend by 8.2% to 12.6 pence per share.
By Samuel Agini; [email protected]; @samuelagini
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