Great Portland Estates Plc · LSE:GPE
Great Portland Estates — Shareholder Meeting (2017)
10 slides from Great Portland Estates's shareholder meeting presentation, 2017
Slide 1: AGM 2017: Unlocking potential
Unlocking potential GREAT AGM 2017 pee Ea @” | i ae ca ae aa i a. S| if | 4 — ——<— j — ed s -| = = = 2
Slide 2: Headline Results
Headline Results 31 March 2017 12 months H2 H1 Property Valuation1 (4.9%) (0.4%) (3.7%) Developments1 (1.2%) +4.8% (6.3%)2 Portfolio ERV movement1 (1.3%) (0.8%) (0.5%) Total Property Return (3.0%) (0.8%) (2.2%) EPRA NAV per share (5.7%) (1.7%) (4.0%) EPRA Earnings per share +28.1% +36.4% +20.3% 1. L
Slide 3: Financial Highlights
Financial Highlights Balance Sheet March 17 March 16 Change Portfolio value1 £3,145.5m £3,703.9m (4.9%)2 EPRA NAV per share3 799p 847p (5.7%) EPRA NNNAV per share3 782p 831p (5.9%) Loan-to-property value 12.2%4 17.4% (5.2pps) Income Statement March 17 March 16 Change EPRA earnings £59.3m £47.8m +24.
Slide 4: Executing Our Strategy
Executing Our Strategy Net sales Preparing to invest GPE Acquisitions less Sales1 Phase De-risk Done Execution Development completions Leasing 250.0 190.0 Reversion capture Acquisition Preparing to invest 0.0 FY 2017 Operational highlights 150.0 Record sales: £727m (v acquisitions of £71m) £m o
Slide 5: Opportunity
Opportunity Long term organic growth1 Committed Investment Portfolio Developments £2,753m £393m 12% 3.6% NIY 65.2% pre-let / pre-sold (-20%)2 5.8 years WAULT Near term value upside 88% Long-Dated (+20%) 2 £583m 3.6% NIY 11.4 years WAULT 19% 11% reversionary (+7%) 2 Crystallise surpluses Near Term 29
Slide 6: Development Pipeline – 40% of today's portfolio
Development Pipeline – 40% of today’s portfolio New build Opportunity 2 Earliest Status area (sq ft) Area Start Near Term Oxford House, W1 89,100 Crossrail <5 mins 2018 Refurb consented; New build feasibility Hanover Square, W1 220,200 Crossrail <5 mins 2018 Consented; Demolition complete Near Term
Slide 7: Medium Term Pipeline
Medium Term Pipeline Preparing for next cycle; increasing quality and scale 50 Finsbury Sq, EC2 Crossrail New City Court, 20 St Thomas St, SE1 London Bridge Mount Royal, 508/540 Oxford St, W1 Prime Retail 35 Portman Square, W1 Core West End 7
Slide 8: Opportunity
Opportunity Strategy: Consistent and clear - Repositioning: rental and capital growth - Recycling in tune with the cycle - Central London only: West End bias (73% today) London: Europe’s World City - Growing - Long term demand - Supply to remain tight - Deep, liquid Investment markets Delivering our
Slide 9: Appendix
Unlocking potential Appendix I i jist iH “ain i Ht ¢ if GREAT PORTLAND ESTATES
Slide 10: Pro Forma Debt Metrics
Pro Forma Debt Metrics Net debt, LTV and cash/undrawn facilities Cash & Net Debt undrawn facilities £m Group JVs Total Total At 31 March 2017 502.8 74.0 576.8 378 Sale of 73/89 Oxford Street, W11 (56.4) - (56.4) 56 Sale of Rathbone Square, W12 (259.7) - (259.7) 260 Special dividend 110.0 - 110.0 (11