27th Feb 2014 11:42
LONDON (Alliance News) - Property investment company Derwent London PLC reported Thursday an increase in profit and revenue for 2013 as it achieved record new lettings of 643,200 square feet at a gross rent of GBP21.8 million a year.
The London-focused company, which bought a Holborn office block for GBP59.3 million last month, posted pretax profit of GBP467.9 million for the year ended December 31, up from GBP228.1 million in 2012, as revenue rose to GBP160.5 million from GBP150.6 million.
The company made a GBP53.5 million profit on the disposals of investment properties compared with GBP6.9 million a year earlier. It also benefited from a movement in fair value of derivative financial instruments of GBP38.5 million compared a deficit of GBP2.4 million in 2012.
During the period, the firm acquired 216,800 square feet of income-generating assets for GBP130 million and sold GBP149.8 million worth of assets, including 1-5 Grosvenor Place, for net proceeds of GBP131.4 million, a 70% premium to December 2012 valuation.
Overall, the company's EPRA net asset value per share rose to 2,264 pence from 1,886 pence a year earlier. EPRA is the European Public Real Estate Association, the industry body for European REITs.
Financially, net debt increased during the year to GBP949.2 million from GBP874.8 million as the firm continues to "build out our pipeline of projects".
The company declared a final dividend of 26.75 pence, up from 23.75 pence, bringing the dividend for the year to 36.50 pence from 33.70 pence
The stock was trading at 2,736.00 pence Thursday morning, down 30.00 pence or 1.1%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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