Great Portland Estates has posted a 1.8% rise in net asset value (NAV) in full year results to the end of March 2020.
The central London office developer reported an EPRA NAV per share of 868p. Its portfolio valuation was stable, with a slight decrease of 0.3% to £2,624.1m. The increase in NAV was due to increased earnings and the positive impact of a share buyback during the year.
EPRA earnings were up 6.1% to £57m. EPRA earnings per share was up 13.4% to 22.0p. Meanwhile, it paid a total dividend of 12.6p, up 3.3% on 2019. It recorded a total return of 3.2%, an increase on the 2.3% recorded in 2019.
Profit after tax was also up, from £49.5m in 2019 to £51.8m.
Leasing deals during the year were 8.8% ahead of estimated rental value (ERV), totalling £14.4m per annum. It concluded 29 rent reviews totalling £13.2m per annum, 19.7% ahead of previous passing rent.
In all its rent roll was up 3.0% to £100.8m per annum. A further £12.3m was under offer across 13 deals, including three office pre-lettings.
Across the portfolio it has a very low vacancy rate of 2.0%.
It has pre-let or has under offer 48% of space at its three committed developments, with two expected to complete in the next six months despite delays caused by covid-19.
The company has now collected 71.0% of rent for the current quarter. It said two-thirds of balance relates to occupiers from the retail, hospitality and leisure sectors, which have been hardest hit. It added there had been seven occupier “delinquencies” since April 2019, representing 1.3% of rent roll.
It has very low gearing of 16.2% and a loan to value of 14.2%. Its debt covenants have substantial headroom, with March 2020 values having to fall by 70% before breaching.
It has cash of £111m and undrawn committed facilities of £300m. Committed capital expenditure on development and refurbishment is £66m.
GPOR : Great Portland Estates posts strong results