Business
Great Portland Estates Half Year Results 2018
Great Portland Estates Half Year Results 2018.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 4069H Great Portland Estates PLC 15 November 2018 \n\n \n \n \n \n \nPress Release\n \n 15 November 2018\n \nStrong operational performance in H1 driven by leasing successes with continued capital discipline\nThe Directors of Great Portland Estates plc announce the results for the Group for the six months ended 30 September 2018. Highlights1 for the six months: \n \nValuation up 0.6%, driven by rental value growth; upgrading rental value guidance\n· Portfolio valuation up 0.6%2 (developments: up 2.1%2) \n· Rental value growth of 0.7%2 (0.4% offices, 1.6% retail); yield compression of 1 bp \n· Total property return of 2.2%, with capital return of 0.6% v IPD Central London (quarterly index) of 1.3%\n· Upgrading rental value growth guidance for financial year; range now +1.5% to minus 1%\n \nSolid financial performance; interim dividend up 7.5%\n· EPRA3 NAV per share of 849 pence, up 0.5% over six months; net assets of £2,381.4 million\n· EPRA3 earnings of £25.3 million, down 19.9% on H1 2017 following asset sales. EPRA3 EPS of 9.0 pence, down 6.3%. Cash EPS of 8.3 pence, up 15.3% \n· After revaluation surplus, IFRS profit after tax of £33.7 million (2017: £25.3 million) \n· Total accounting return of 1.3% over six months; interim dividend per share of 4.3 pence, up 7.5%\n \nFurther leasing successes, market lettings 4.8% ahead of March 2018 ERV \n· 37 new lettings (annual rent of £8.4 million, 135,400 sq ft), market lettings 4.8% above March 2018 ERV \n· £1.6 million let since September 2018 and a further £2.7 million under offer; together 4.8% ahead of March 2018 ERV\n· Flex space and co-working commitments of 64,500 sq ft securing rent at a premium of 36%5; appraising further 100,000 sq ft \n· 17 rent reviews securing £7.6 million, 20.6% ahead of passing rent, 4.1% ahead of ERV at the review date\n· £1.9 million reversion captured since March 2018; further reversionary potential of 9.8% (£9.8 million)\n·  ...