The Derwent London board is recommending a 1.0p per share or 1.9% increase in the final dividend to 54.5p. It will be paid in June 2023 with 38.5p as a PID and the balance of 16.0p as a conventional dividend.
After adding in the interim 2022 dividend, the total dividend for the year amounts to 78.5p, 2.6% higher than for 2021. Dividend cover remains sound with dividends paid and declared in relation to 2022 earnings 1.36 times covered by EPRA earnings.
Other financial highlights include:
EPRA net tangible assets 3,632p per share, down 8.3% from 3,959p at 31 December 2021
Net rental income of £188.5m, up 6.0% from £177.9m (restated)
IFRS loss before tax of £279.5m from a profit of £252.5m in 2021
EPRA earnings £119.7m or 106.6p per share, down 1.8% from 108.5p (restated)
Total return -6.3% from 5.8% in 2021
Interest cover of 423%, EPRA loan-to-value ratio of 23.9%
Net debt of £1,257.2m, broadly unchanged from £1,251.5m
Undrawn facilities and cash of £577m
