Business
Half Year Results
Half Year Results.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 17 November 2022\n \n \n \n \n \n \n \n \n \n Strong operating results supported by record leasing and financial strength\n \n \n \n \n \n \n \n \n The Directors of Great Portland Estates plc announce the results for the Group for the six months ended 30 September 2022\n \n 1\n \n ,\n with highlights including:\n \n \n ·\n \n New leasing record including largest ever letting at 2 Aldermanbury Square, EC2; 4.4% ahead of ERV2\n \n \n \n ·\n \n Significant capex programme of £1.1 billion; 1.5 million sq ft delivering into supply drought\n \n \n \n ·\n \n Yield driven valuation decline of 3.4% (ERVs up 0.7%); EPRA NTA per share of 794 pence\n \n \n \n ·\n \n Significant financial strength; low pro forma LTV of 17.8% and £494m of liquidity\n \n \n \n ·\n \n GPE well positioned to capitalise on opportunities emerging in London\n \n \n \n \n \n \n \n \n \n Toby Courtauld, Chief Executive, said:\n \n \"\n Over the past six months, property values in our markets have come under pressure, given the challenging macro-economic and geopolitical environment. However, demand for best in class spaces remains robust, driving strong leasing activity, best illustrated by our own record leasing since March, growing prime office rents and enabling us to continue recycling capital out of mature assets at near cycle-low yields.\n \n \n Whilst economic challenges may persist in the near term, our experience is that many customers are looking through the downturn in assessing their real estate needs, seeking to trade up to great spaces that are fit for future working patterns. In that context, GPE is well placed; the central London office market is prospectively starved of new, Grade A supply and we plan to deliver our £1.1 billion capex programme into this shortage and a recovering economy; our flex office offer is growing well, delivering our highest rental growth through providing great service to customers; and our strong balance sheet, low leverage and plentiful liquidity combined with our long track record of creating opportunities in volatile market conditions means that we are well positioned to capitalise. GPE is in good health and, against this backdrop, we look to our future with confidence.\"\n \n \n \n Record leasing inc. pre-let of all offices at 2 Alder...