Business
Great Portland Estates Full Year Results 2019
Great Portland Estates Full Year Results 2019.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 7716Z Great Portland Estates PLC 22 May 2019 \n\n \n \nPress Release\n \n22 May 2019\n \nAnnual results - developments driving strong operational performance\nThe Directors of Great Portland Estates plc announce the results for the Group for the year ended 31 March 2019. Highlights1 for the year include: \n \nRobust financial performance; ordinary dividend growth of 8.0%\n· EPRA3 NAV per share of 853 pence, up 1.0% over twelve months; net assets of £2,309.7 million\n· EPRA3 earnings of £53.7 million, down 19.2% on 2018 following £348.9 million of asset sales \n· EPRA3 EPS of 19.4 pence, down 4.9%. Cash EPS of 17.1 pence, up 0.6% \n· After revaluation surplus, IFRS profit after tax of £56.1 million (2018: £76.7 million) \n· Total dividend per share of 12.2 pence, up 8.0% on 2018, including final dividend of 7.9 pence, up 8.2%\n· Total accounting return of 2.3% (2018: 7.2%) \n \nValuation stable, with committed developments performing well; rental value growth of +1.2%\n· Portfolio valuation up 0.2%2 (developments: up 4.1%2), down 0.4% in H2\n· Rental value growth of 1.2%2 (+1.9% offices, -0.6% retail); yield expansion of 1 bp \n· Total property return of 3.5%, with capital return of 0.3% v IPD Central London of 1.1%\n· Rental value growth guidance for new financial year; range of +1.5% to minus 2.0%\n \nExcellent leasing performance, 6.9% ahead of ERV; embracing opportunity with flex space offering\n· Rent roll up 6.2%2 to £100.4 million, with total potential future growth of 51% to £152.0 million\n· 78 new lettings (annual rent of £24.5 million, 326,000 sq ft), market lettings 6.9% above March 2018 ERV (with H2 lettings 8.4% above March 2018 ERV) \n- Second major pre-let at Hanover Square, W1 to Glencore UK Ltd, 53,900 sq ft on 20 year term (no break)\n- 87,600 sq ft flex and co-working space delivered, rent at 30%4 premium; appraising further 124,300 sq ft \n· 27 rent reviews securing £13.3 million, 19.2% ahead of passing rent, 3.3% ahead of ERV...