Great Portland Estates Plc · LSE:GPE
Great Portland Estates — Shareholder Meeting (2018)
8 slides from Great Portland Estates's shareholder meeting presentation, 2018
Slide 1: A year of unlocking potential
Great Portland Estates plc A year of unlocking potential AGM 2018
Slide 2: Strong Results
Strong Results 31 March 2018 12 months H2 H1 Property Valuation1 +2.9% +1.9% +1.0% Developments1 +7.0% +6.2%2 +1.6%3 Portfolio ERV movement1 +0.3% (0.4%) +0.7% Total Property Return +5.5% +3.1% +2.4% EPRA NAV per share +5.8% +3.9% +1.8% EPRA Earnings per share +17.9% +20.0% +15.7% 1. Like-for-like,
Slide 3: Financial Highlights
Financial Highlights Balance Sheet March 18 March 17 Change Portfolio value1 £2,790.0m £3,145.5m +2.9%2 EPRA NAV per share3 845p 799p +5.8% EPRA NNNAV per share3 842p 782p +7.7% Loan-to-property value 11.6%4 18.3% (6.7pps) Income Statement March 18 March 17 Change EPRA Earnings3 £66.5m £59.3m +12.1%
Slide 4: Executing Our Strategy
Executing Our Strategy Net sales & investing in organic growth GPE Acquisitions less Sales1 Phase De-risk Net seller Execution Leasing Reversion capture 250.0 190.0 Development starts Pipeline preparation Acquisition Ready to invest 0.0 FY 2018 Operational highlights 150.0 £m Accretive sales: £329
Slide 5: Opportunity
Opportunity Long term organic growth1 Committed Developments Investment Portfolio 11% £301m (+1%) 2 £2,440m 11% pre-let 3.9% NIY 100% Crossrail 5.2 years WAULT Near term value upside 89% (-1%) 2 Long-Dated £423m 3.2% NIY 11.7 years WAULT 0% reversionary Crystallise surpluses 15% Development Pipeline
Slide 6: Committed Project
Committed Project Hanover Square, W1 Scheme area 221,300 sq ft Over Station Development1 - 133,900 sq ft offices; 10,600 sq ft retail - 57,200 sq ft pre-let to KKR - Avg £115 psf; 15 year term - 36.6% of total office ERV - 25.8% of total scheme ERV - Further leasing interest - Land buy back process
Slide 7: Pipeline Update
Pipeline Update 13 schemes New build Opportunity Earliest area (sq ft)1 Area Start Next Steps Whitechapel Courtyard Sites, E1 19,000 Crossrail 2019 Planning application City Place House, EC2 176,600 Crossrail 2019 Planning application 50 Finsbury Sq, EC2 126,400 Crossrail 2020 Planning application 5
Slide 8: Opportunity
Opportunity Strategy: Consistent and clear - Repositioning: rental and capital growth - Recycling in tune with the cycle, crystalising profits - Central London only: West End bias (70% today) London: Europe’s World City - Growing - Long term demand - Supply to remain tight - Deep, liquid investment