Great Portland Estates Plc · LSE:GPE
Great Portland Estates — Shareholder Meeting (2019)
8 slides from Great Portland Estates's shareholder meeting presentation, 2019
Slide 1: We unlock potential, creating space for London to thrive
Great Portland Estates plc We unlock potential, creating space for London to thrive AGM 2019
Slide 2: Solid Results
Solid Results 31 March 2019 12 months H2 H1 Property Valuation1 +0.2% (0.4%) +0.6% Developments1 +4.1% +2.4% +2.1% Portfolio ERV movement1 +1.2% +0.5% +0.7% Total Property Return +3.5% +1.3% +2.2% EPRA NAV per share +1.0% +0.5% +0.5% Ordinary Dividend +8.0% +8.2% +7.5% 1. Like-for-like, including sh
Slide 3: Financial Highlights
Financial Highlights Resilient financial performance Organic rent roll growth Ordinary dividend growth Exceptionally strong debt metrics Returning surplus equity Significant capacity for investment Balance Sheet March 19 March 18 Change Portfolio value1 £2,579.0m £2,790.0m +0.2%2 EPRA NAV per share3
Slide 4: Executing Our Strategy
Executing Our Strategy Net sales & investing in organic growth GPE Acquisitions less Sales1 Activity Sales & Net seller, Acquisitions crystallising surpluses 200 Leasing 250 Executing Reversion capture Asset Strategies Development starts Pipeline preparation 175 0 FY 2018 Operational highlights In
Slide 5: Opportunity
Opportunity Long term organic growth1 Committed Developments Investment Portfolio 17% £433m (+6%) 2 £2,146m 21% pre-let 4.2% NIY 100% Crossrail 4.7 years WAULT Near term value upside 83% Long-Dated (-6%) 2 £238m 3.9% NIY 10.5 years WAULT 3% reversionary Crystallise surpluses 9% (-7%) 2 Development P
Slide 6: Committed Project
Committed Project Hanover Square, W1 18 Hanover Sq, W11 - 144,500 sq ft (133,900 sq ft offices; 10,600 sq ft retail) - 53,900 sq ft of office space pre-let to Glencore (Levels 2-4) - Follows 57,200 sq ft pre-let to KKR (March ‘18) - 87% of ERV secured to date2 - 17.4 years avg lease length - 1 floor
Slide 7: Development Programme
Development Programme 13 projects, 1.8m sq ft Committed 3 projects 0.4m sq ft Targeting office & retail pre-lets Pipeline 10 projects 1.4m sq ft potential Good progress on planning applications Strong platform for growth 7
Slide 8: Opportunity
Opportunity Strategy: Clear and Consistent - Repositioning: rental and capital growth - Recycling - Returning surplus equity - Investing in new raw material - Central London only: West End bias (67% today) London: Europe’s Business Capital - Growing - Long term demand - Supply to remain tight - Deep