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

Writer, Stock Market Wire
Thursday, November 14, 2019 - 08:26

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


Related content

Broker Forecast - Panmure Gordon issues a broker note on Great Portland Estates PLC

Panmure Gordon today upgrades its investment rating on Great Portland Estates PLC (LON:GPOR) to buy (from hold) and raised its price target to 921p (from...

Fri, 06/12/2019 - 12:00


Broker Forecast - Morgan Stanley issues a broker note on Great Portland Estates PLC

Morgan Stanley today upgrades its investment rating on Great Portland Estates PLC (LON:GPOR) to overweight (from underweight) and raised its price target to 870p (from...

Thu, 28/11/2019 - 13:10


Broker Forecast - Barclays Capital issues a broker note on Great Portland Estates PLC

Barclays Capital today reaffirms its underweight investment rating on Great Portland Estates PLC (LON:GPOR) and raised its price target to 700p (from 675p).

Broker Forecasts...

Mon, 25/11/2019 - 08:20


Broker Forecast - Deutsche Bank issues a broker note on Great Portland Estates PLC

Deutsche Bank today reaffirms its buy investment rating on Great Portland Estates PLC (LON:GPOR) and raised its price target to 890p (from 820p).

Broker Forecasts...

Fri, 22/11/2019 - 09:00


Broker Forecast - Berenberg issues a broker note on Great Portland Estates PLC

Berenberg today reaffirms its sell investment rating on Great Portland Estates PLC (LON:GPOR) and raised its price target to 700p (from 630p).

Broker Forecasts data...

Fri, 15/11/2019 - 11:50