Full Year 2023 Derwent London PLC Earnings Call Transcript
Good morning. Welcome to the Derwent London 2023 full-year's results presentation. Here, our recently (inaudible) DL28. As well as me, you will hear from Damain, Nigel and Emily. I should then wrap up and we'll have Q&A.
Turning to Slide 2 and starting to see despite the challenges, we did have a very strong leasing performance in 2023 with more than GBP28 million of direct agreed 8% ahead of ERV. This is three times. So that means we've rated 2022. In addition, we reduced our average vacancy rate by 3% to 4%, with activity across all vintages. However, with the weak investment market driven by high interest rates, the average shifted yields led to a 10.6% decline in underlying value of our portfolio. The ad a 13.8% reduction NTA for 31 29. Notwithstanding that, our developments increased in value on a better-quality buildings again outperformed. We have a high quality, well-located and differentiated portfolio, a regeneration pipeline focus in the West Ed and a strong balance sheet, which gives us capacity to continue investing.
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