Business
Great Portland Estates Half Year Results 2017
Great Portland Estates Half Year Results 2017.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 5097W Great Portland Estates PLC 15 November 2017 \n\n \n \n \n \nPress Release\n \n \n \n15 November 2017\n \nStrong operational performance in H1 \nThe Directors of Great Portland Estates plc announce the results for the Group for the six months ended 30 September 2017. Highlights1 for the six months: \n \nValuation up; upgraded rental value growth guidance\n· Portfolio valuation up 1.0%2 (developments: up 1.6%2)\n· Rental value growth of 0.7%2 (0.5% offices, 1.7% retail); yield contraction of 4 bps\n· Total property return of 2.4%, with capital return of 1.0% v IPD Central London (quarterly index) of 2.9%\n· Upgraded rental value growth guidance for financial year: range now +1.5% to minus 2.5%\n \nRobust financial performance; increased EPRA NAV, earnings and interim dividend\n· EPRA3 NAV per share of 813 pence, up 1.8% over six months\n· Net assets of £2,634.8 million (31 March 2017: £2,738.4 million); reduction primarily due to payment of £110 million special dividend in period\n· EPRA3 earnings of £31.6 million, up 11.7% on H1 2016. EPRA3 EPS of 9.6 pence, up 15.7%\n· After revaluation surplus, reported profit after tax of £25.3 million (2016: loss of £62.8 million)\n· Total accounting return of 2.6% over six months; interim dividend per share of 4.0 pence, up 8.1%\n \nLeasing ahead of ERV and capturing reversion, driving rent roll to new record\n· 37 new lettings (annual rent of £11.3 million, 170,100 sq ft), market lettings 2.4% above March 2017 ERV\n· 21 rent reviews securing £8.7 million, 42.9% ahead of passing rent, 8.7% ahead of ERV at the review date\n· £3.1 million reversion captured since March 2017; further reversionary potential of 17.0% (£20.2 million)\n· Rent roll up 8.8%/18.7% over 6/12 months to £119.2 million; total potential future rent roll growth of 50%\n· Vacancy rate reduced to 5.4%, average office rent £52.80 per sq ft, 5.5 years average lease length\n·  ...