Derwent London reports dip in rental income after 'unprecedented' year during pandemic
Property firm Derwent London this morning reported a dip in net rental income for the year, as the vacancy rate for the London office market doubled during the pandemic.
Gross rental income for the landlord hiked 5.8 per cent last year to £202.9m, up from £191.7m in the same period last year.
However the impact of Covid-related costs and impairments saw net rental income for the firm, which owns properties such as the Tea Building in Shoreditch, fall to £174.3m, down 2.1 per cent from last year.
The company swung to an IFRS loss of £83m, down from profit of £280.6m last year. EPRA earnings were £111.0m or 99.2p per share, down 3.8 per cent from 103.1p in 2019.