Business
Annual Results 2023
Annual Results 2023.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n\n \n24 May 2023\n \nStrong operating performance, supported by record leasing and flex expansion\n \nThe Directors of Great Portland Estates plc announce the results for the Group for the year ended 31 March 20231, with highlights including:\n· Strong strategic positioning with flight to quality delivering success; £55.5m of leasing, a new record, 3.3% ahead of ERV2; market-leading customer NPS of +44.05\n· Expanding our Flex offer, now 414,000 sq ft (c.21% of office portfolio), targeting 1 million sq ft including two recent acquisitions for £53 million with more expected\n· Significant capex programme of £0.8 billion; 1.4 million sq ft delivering into Grade A supply drought\n· ERVs up 2.1%, with yield driven valuation decline of 6.6%; outperforming MSCI central London benchmark by 4.8 pps; EPRA NTA per share of 757 pence\n· Significant financial strength; low LTV of 19.8% and £457m of liquidity\n· Sustainability - Statement of Intent 2.0 and Brief for Creating Sustainable Spaces launched\n· GPE well positioned to capitalise on opportunities emerging in London's bifurcating market; customers demanding centrally located, prime sustainable space\n \nToby Courtauld, Chief Executive, said: \"During a year marked by elevated political and economic uncertainty, we have delivered a strong operating performance with record leasing, positive rental growth and resilient financial results.\nDespite the impact of recent interest rate rises, London has continued to recover and is evidently b...