Great Portland Estates plc · LSE:GPE
Great Portland Estates — Shareholder Meeting (July 2016)
7 slides from Great Portland Estates's shareholder meeting presentation, Jul 7, 2016
Slide 1: AGM 7 July 2016
Un locking potential —
Slide 2: Strong Results
Strong Results To March 2016 12 months H1 H2 +10.5% +3.9% Property Valuation1 +14.7% +18.3% +9.1% Developments1 +26.2% +6.5% +2.6% Portfolio ERV movement1 +9.9% +13.6% +4.7% Total Property Return +18.9% +14.0% +4.8% NAV per share +19.5% 1. Like-for-like, including share of joint ventures 2
Slide 3: Financial Highlights
Financial Highlights Balance Sheet March 16 March 15 Change Portfolio value1 £3,703.9m £3,206.2m +14.7%2 EPRA NAV per share3 847p 709p +19.5% EPRA NNNAV per share3 831p 684p +21.5% Loan-to-property value 17.4% 21.8% -4.4pps Income Statement March 16 March 15 Change EPRA PBT £47.8m £45.1m +6.0% EPRA
Slide 4: Near-term: de-risked
Near-term: de-risked Longer-term: significant potential Phase 1: Phase 2: Phase 3: Acquisition Execution De-risk Brexit = uncertainty 400.0 But GPE well placed Forecast 300.0 • Net property sales last 3 years 200.0 • Record low gearing: capacity for expansion • Development de-risked: 62% pre-let 100
Slide 5: Opportunity
Opportunity Long term organic growth1 Committed / Near Term Investment Portfolio Developments £2,454m £1,250m 34% 3.4% NIY 43% pre-let / pre-sold 5.7 years WAULT (+5%)2 Near term value upside 66% Long-Dated (-5%) 2 £425m 3.4% NIY 12.8 years WAULT 27% reversionary 11% (-9%) 2 Crystallise surpluses De
Slide 6: Rathbone Square, W1
Rathbone Square, W1 Reducing risk and creating performance Facebook Update - Change of use to office: 13,700 sq ft - 242,800 sq ft total area - £17.8m p.a.; Best space £87.00 psf - PC Q2 2017 Residential - H2 2016 9 apartments sold £2,413 psf - Only 3 apartments remain £19.3m - PC Q3 2017 GDV 92% se
Slide 7: GPE well placed
GPE well placed Strategy: Consistent and clear - Repositioning: rental and capital growth - Central London only: West End bias (76%) - Recycling in tune with the cycle Delivering the strategy - Executing & crystallising - Leasing well - Strong returns across portfolio Well positioned for current mar
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