Business
AGM Statement
AGM Statement.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 2799L Great Portland Estates PLC 03 July 2014 \n \n\n3 July 2014\n \n \nAGM Statement\n \nMartin Scicluna, Chairman of Great Portland Estates plc, will make the following comments at today's AGM, to be held at 2 Queen Anne Street, London W1.\n \n\"Great Portland Estates has had another year of strong financial performance, underpinned by our exclusive focus on Central London and the disciplined execution of our strategic priorities.\n \nAs a result, for the 12 months to 31 March 2014, EPRA net assets per share increased by 27.6% with our total property return of 22.5%, again outperforming our IPD central London benchmark. The total shareholder return for the year was 29.3%, also ahead of our benchmark, and we have continued to grow the dividend.\n \nThe successful delivery of our enviable development programme continues to drive shareholder returns, with the three projects completed in the year delivering a profit on cost of 53%. Today, we have two schemes onsite, which are already 69% pre-let and are expected to generate a profit on cost of 41%. Moreover, our pipeline of opportunities continues to grow, with our total development programme now extending to 2.2 million sq ft and we secured 760,000 sq ft of new planning consents during the year. As a result, there are a further seven schemes which we could commence in the next 12 months, the majority of which are focused on the rapidly regenerating east end of Oxford Street, including our mixed-use schemes at Rathbone Square and 73/89 Oxford Street.\n \nOur asset management team delivered another year of record leasing activity, securing more than £25.9 million of annual rent at levels well ahead of valuers' ERV. We continue to see good tenant demand for our space and have already secured a further £6.1 million of new lettings so far this financial year.\n \nWe increased our disciplined capital recycling activity during the year to crystallise returns, with sales totalling £269 million, all at healthy premia to book value, including the creation of a new joint venture to own and develop our Hanover Square Estate. We also added to our exciting redevelopment exposure at the east end of Oxford Street with the purchase of Oxford House last summer.\n \nOn the financing side, our balance sheet is as strong as ever wit...