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Derwent hikes dividend 10% despite reporting modest net rental income growth

Derwent raised its interim divided by 10% despite reporting Thursday a modest increase in first-half net rental income weighed by asset sales from last year.

For the six months to 30 June, Net rental income was up 1.6% to £80.6m, EPRA earnings a share rose 47.4% to £66.9m and rental income rose 27% to £103.4m from £81.5m a year earlier.

Net rental income was impacted by substantial disposals in 2017 and £2.5m of surrender premiums recognised in the period, the company said.

Underlying earnings rose 14% to 51.8p a share and new lettings totalling £8.4m for the first half.

The company declared an interim dividend of 19.10p per share, up 10.2% from 17.33p on-year.

The group upgraded its estimates for 2018 average ERV growth to a range of 2% to -1% from +2% to -3% in February 2018.

'London's robust occupier demand has endorsed our actions to push ahead with recent developments, and we are now in a strong position to proceed with our next two major projects,' said John Burns, Chief Executive

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