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Derwent London (DLN) investor relations material
Derwent London Q1 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Strong leasing activity with £25.3m completed YTD, including pre-letting of Network W1 at rents above appraisal and ERV.
£278m of property disposals exchanged in Q1, progressing toward a £1bn three-year target.
Commitment to major redevelopment at 50 Baker Street W1, targeting >12% ungeared IRR.
£50m share buyback programme announced, commencing after the 2026 AGM.
Financial highlights
Net debt stable at £1.46bn in Q1 (December 2025: £1.45bn), reflecting project expenditure and operational cashflows.
EPRA LTV unchanged at 29.4% based on December 2025 valuations.
Weighted average interest rate reduced to 3.9% at March-end from 4.1% in December.
Cash and undrawn facilities at quarter-end were £383m, prior to completion of £278m in disposals.
Outlook and guidance
Near and medium-term earnings guidance remains unchanged.
Focus remains on driving income growth and returns through selective investment and capital recycling.
- Record leasing, strong rental growth, and capital recycling support robust long-term outlook.DLN
H2 202526 Feb 2026 - Leasing momentum, valuation gains, and rental growth underpin a strong 2025 outlook.DLN
H2 20243 Feb 2026 - Upgraded rental growth guidance and strong leasing drive robust performance and outlook.DLN
H1 20242 Feb 2026 - Leasing outperforms ERV, vacancy drops to 3%, and project pipeline drives positive 2025 outlook.DLN
Q3 2024 TU16 Jan 2026 - Strong leasing, portfolio growth, and capital recycling drive robust returns and outlook.DLN
H1 202523 Nov 2025 - Leasing outperforms ERV, disposals boost reinvestment, and major projects drive strong returns.DLN
Q3 2025 TU6 Nov 2025 - Robust demand and low supply drive rental growth and strong financials for Derwent London.DLN
Q1 2025 TU6 Jun 2025
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