Great Portland Estates (GPE) H2 2026 earnings summary

Executive summary

• Achieved record leasing and strong operational performance, exceeding targets for income and value growth.

• Focused exclusively on prime Central London assets, delivering premium HQ and flexible office spaces.

• Maintained high liquidity and low leverage, supporting strategic and financial flexibility.

• Strategic acquisitions made at significant discounts and profitable sales executed at premiums.

• Advanced sustainability and social impact initiatives, progressing toward net zero and community engagement.

Financial highlights

• EPS increased by 63% to £0.085, ahead of consensus; dividend up 4% to £0.082 per share, fully covered.

• Portfolio valuation rose 4.3% like-for-like to £3.0bn; EPRA NTA up 6.1% to £5.24 per share.

• Rent roll grew 46% to £153 million; rental values up 5.8% overall, prime offices up 7.2%.

• LTV reduced from 30.8% to 28.6%; liquidity increased to £412 million.

• Net operating income tripled in two years to £28 million, with further growth expected.

Outlook and guidance

• Targeting 10%+ return on equity for FY'27 and 3x EPS growth over the medium term.

• Expecting 20% EPS growth in the next 12 months, with organic rent roll growth potential of 95%.

• Maintaining office rental value growth guidance of +4% to +7% for the year.

• Anticipates £1.2bn+ in asset sales and £260m–£430m in development surpluses medium term.

• Well positioned for continued income and value growth, regardless of macroeconomic conditions.