Derwent London (LON:DLN) said its first-half operating performance exceeded expectations, prompting the London office landlord to upgrade its 2026 earnings outlook as leasing demand and rental growth remained strong across its portfolio. Derwent reiterated its forecast for estimated rental value growth of 4% to 7% for 2026. The project delivered an ungeared internal rate of return of about 11%, with achieved rent 5% above its December estimated rental value. Prideaux said fixed-price construction contracts and anticipated rental growth supported the returns expected from the current development program. About Derwent London (LON:DLN)Derwent London plc owns 66 buildings in a commercial real estate portfolio predominantly in central London valued at £4.9 billion as at 31 December 2023, making it the largest London office-focused real estate investment trust (REIT).