Great Portland Estates profit higher as rental value growth boosts portfolio gains

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Great Portland Estates said half-yearly profits grew as a rise in rental value boosted its property portfolio.

For the six months ended 30 September 2019, pre-tax profit rose to £44.4m £40.4m on-year as its portfolio valuation rose 0.8%, driven by committed developments and rental value growth.

Earnings per share -- stated as EPRA -- rose 11.1% to £28.1m and EPRA NAV per share rose 1.8% to 868p.

Net rental income from wholly-owned properties fell 1.3% to £39.5m, principally driven by property sales in the prior year.

But like-for-like rent roll was up 5.6% to £106.0m, with total potential future growth of 45% to £153.3m.

The company secured 23 new lettings, with market lettings 9.4% above March 2019 estimate rental value.

The interim dividend per share was up 9.3% to 4.7p.

'We do not expect significant rental value movements in the very near-term and, given the rental performance of the portfolio in the first half of the year, our rental value growth range for the financial year to 31 March 2020 is unchanged at minus 2.0% to +1.5%,' the company said.

At 8:26am: (LON:GPOR) Great Portland Estates PLC share price was +1.9p at 772.9p


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