TIDMDLN
RNS Number : 3147L
Derwent London PLC
12 January 2021
Derwent London plc ("Derwent London" / "the Group")
DECEMBER 2020 RENT COLLECTION
A summary of Derwent London's rent collection to date for the
December 2020 Quarter Day is provided below. We also provide an
update of rent collection for the previous two quarters.
The Group has now collected 83% of its total December Quarter
Day rent and 87% of its office rent. Office rent represents c.91%
of the Group's total rental income. These collection rates are
higher than the June and September 2020 quarters at an equivalent
time. Rent has continued to be received in relation to earlier
quarters, with September rent collected now 92% compared with 80%
when first announced on 13 October 2020, plus an additional 5%
still to be received from agreed payment plans.
December Quarter Day
-- To date the Group has received 87% of office rents. This
collection rate is higher than the equivalent figures released for
the September and June quarters. A further 3% is due later within
the first quarter with an additional 6% under agreed plans payable
later in 2021
-- We have now received 83% of the total rent, with a further 3%
now expected later in the first quarter and another 5% later in
2021
-- Rent-free periods have been granted on 1% of total rents, in
the retail and hospitality sectors
-- December quarter receipts include rent deposits of GBP88k
-- 88% of service charges for the quarter have been received so far
December quarter
--------------------
Current position Office Retail/ Total
Hospitality
-------------------- --------- ------------- ---------
Received to date 87% 26% 83%
Due later in the
quarter * 3% 8% 3%
Payment plans 2021 6% 0% 5%
Outstanding 4% 53% 8%
Rent-free granted 0% 13% 1%
--------- ------------- ---------
Total 100% 100% 100%
--------- ------------- ---------
GBP40.9m GBP3.0m GBP43.9m
--------- ------------- ---------
*Principally monthly receipts
September and June Quarters updated
Since we reported on 13 October 2020, rents agreed to be paid
later within the September quarter have continued to be received.
Consequently, we have now collected 92% of the September quarter
rents, with another 5% subject to agreed payment plans. For the
June quarter, we have now received 87% of rents with another 7%
subject to payment plans.
December September quarter June quarter
quarter
------------------- ----------------- ---------------------------
Total quarter's Current position Announced Current Announced Current
rent 13 Oct position 7 July position
----------------- ------------ ------------- ------------ ---------
Received to date 83% 80% 92% 70% 87%
Due later in the
quarter* 3% 8% 0% 9% 0%
Payment plans 2020 0% 0% 0% 1% 0%
Payment plans 2021 5% 5% 5% 8% 7%
Outstanding 8% 6% 1% 8% 2%
Rent-free granted 1% 1% 2% 4% 4%
----------------- ------------ ------------- ------------ ---------
Total 100% 100% 100% 100% 100%
----------------- ------------ ------------- ------------ ---------
GBP43.9m GBP45.2m GBP44.8m GBP43.5m 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, Head of Investor
Relations
Brunswick Group Nina Coad
Tel: +44 (0)20 7404 5959 Emily Trapnell
Notes to editors
Derwent London plc
Derwent London plc owns 83 buildings in a commercial real estate
portfolio predominantly in central London valued at GBP5.4 billion
(including joint ventures) as at 30 June 2020, 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 5.6 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 2020 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, Westminster
Business Council's Best Achievement in Sustainability award and
topped the real estate sector and was placed ninth overall in the
Management Today 2019 awards for 'Britain's Most Admired
Companies'. In 2013 the Company launched a voluntary Community Fund
and has to date supported 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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END
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