Derwent has posted a 14.9% increase in pretax profit to £44.8m in the first half of the year, up from £36m in H1 2015.
A record half-year of lettings, generating £16.7m pa saw 267,700 sq ft of letting activity, with four major developments and refurbishments comprising 673,000 sq ft now 58% prelet. The developments are scheduled to complete later this year and in 2017.
The company has a £338m development pipeline, with 620,000 sq ft scheduled to complete in 2019.
EPRA net asset value per share increased by 1.8% to 3.56p from 3.53p at 31 December 2015.
Derwent’s loan-to-value ratio stands at 19.1%, with cash and undrawn facilities of £279m.
Chief executive John Burns said the company had performed well, with strong recurring earnings and a 10% increase in the interim dividend.
He added: “This momentum has been maintained into the second half, with 112,600 sq ft let since June, demonstrating the sustained demand for our high-quality, mid-market rental space. Our four major schemes due to be delivered over the next 18 months are now 58% prelet.”
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