Business
Great Portland Estates Full Year Results 2018
Great Portland Estates Full Year Results 2018.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 9483O Great Portland Estates PLC 23 May 2018 \n\n \n \nPress Release\n \n23 May 2018\n \nAnnual Results - strong operational performance\nThe Directors of Great Portland Estates plc announce the results for the Group for the year to 31 March 2018.\nHighlights for the year:\nValuation growth of 2.9% - driven by strong development performance\n· Portfolio valuation up 2.9%1 in year (developments: up 7.0%1) and up 1.9%1 in H2\n· Yield contraction of 10 bp and rental values up 0.3%1 (H1: +0.7%1, H2: -0.4%; -0.6% offices, +3.0% retail)\n· 12 month capital return of 2.5% v 4.7% for IPD Central London (10 year annualised capital return: 6.1% v 5.1%)\n· Rental value growth guidance for new financial year: range of +1.0% to -2.5%\n \nGood financial performance - increased EPRA NAV, earnings and dividends\n· EPRA2 NAV per share of 845 pence, up 5.8% in year and 3.9% in H2; total accounting return of 7.1%\n· Net assets of £2,366.9 million (March 2017: £2,738.4 million), post return of £416 million to shareholders\n· EPRA2 earnings of £66.5 million, up 12.1%. EPRA2 EPS of 20.4 pence, up 17.9%. Cash EPS of 17.0 pence, up 68.3%\n· After revaluation surplus, reported IFRS profit before tax of £76.7 million (March 2017: loss of £140.2 million)\n· Total dividends per share of 11.3 pence (2017: 10.1 pence), up 11.9%, with final dividend of 7.3 pence, up 14.1%\n \nExcellent leasing, ahead of ERV and capturing reversion - 53% rent roll growth potential\n· 68 new lettings (469,700 sq ft) securing annual income of £31.1 million, market lettings 2.6% ahead of March 17 ERV\n- Record investment lettings of £19.2 million, 3.4% ahead of March 2017 ERV\n- Two major pre-lets to Turner Broadcasting and KKR securing £11.4 million (both on 15 year terms)\n· 34 rent reviews settled securing £18.3 million; 29.6% above previous passing rent, 3.2% ahead of ERV\n· Successfully trialled flex space offering across 12,000 sq ft, securing rent at 35% premium to net effective rental value. Appraising further c.100,000 sq ft across existing portfolio\n· Vacancy rate of 4.9%, average office rent only £54.60 sq ft, reversionary potential of 12.1% (£13.0 million)\n· Rent roll of £107.3 million (up 7.0%1), with total potential future growth of 53% to £164.1 million5\n \...