Business
Great Portland Estates Half Year Results 2016
Great Portland Estates Half Year Results 2016.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 3992P Great Portland Estates PLC 17 November 2016 \n\n \n \n \n \n \n17 November 2016\n \nResilient H1 performance. Well positioned in more uncertain market conditions \nThe Directors of Great Portland Estates plc announce the results for the Group for the six months ended 30 September 2016. Highlights1 for the six months:\n \nValuation lower; driven by yield expansion\n· Portfolio valuation down 3.7%2 (developments: down 1.5%2) driven by yield expansion (up 17bp)\n· Six month capital return of -3.2% v IPD Central London of -3.2%/-1.3% (Monthly/Quarterly Index), with total property return of -2.2%; five year capital return of 81.8%, 10.4% ahead of IPD Central London\n· Rental value decline of 0.5%2 (-0.7% offices, +0.1% retail)\n· Rent roll growth of 3.7% over six months; total potential future rent roll growth of 92% (to £192.8 million)\n \nResilient financial performance; EPRA profit and dividend growth\n· EPRA3 NAV per share of 813 pence, down 4.0% over six months\n· Net assets of £2,826.8 million (31 March 2016: £2,912.2 million)\n· EPRA3 profit before tax of £28.3 million, up 16.5% on H1 2015. EPRA3 EPS of 8.3 pence, up 20.3%\n· After revaluation deficit, reported loss after tax of £62.8 million (2015: profit of £371.0 million)\n· Interim dividend per share of 3.7 pence, up 2.8%\n \nContinued successful leasing activity in-line with ERV and capturing reversion; high occupancy at 97%\n· 26 new lettings (162,550 sq ft) securing annual income of £12.1 million since start of financial year, including three pre-lettings of £4.7 million; market lettings 0.2% above valuers' March 2016 ERV\n· Further £5.9 million of lettings under offer, 4.2% ahead of March 2016 ERV\n· 10 rent reviews securing £5.2 million, 53.2% ahead of passing rent, 5.3% ahead of March 2016 ERV\n· Vacancy rate remains low at 3.1%, average office rent only £46.20 sq ft, average ERV only £63.60 sq ft\n· Reversionary potential of 29.1% (£29.2 million); £3.2 mil...