The Great Portland Board has declared an interim ordinary dividend of 4.7 pence per share (2018: 4.3 pence) which will be paid on 2 January 2020. All of this dividend will be a REIT Property Income Distribution (PID) in respect of the Group's tax-exempt property rental business.
Other financial highlights include:
EPRA NAV per share of 868 pence, up 1.8% over six months
EPRA earnings of £28.1 million, up 11.1% on H1 2018. EPRA EPS of 10.6 pence, up 17.8%
After revaluation surplus, IFRS profit after tax of £44.1 million (2018: £33.7 million)
£9.9 million let, 220,100 sq ft, market lettings 9.4% above March 2019 ERV
Flex space now c.10% of office portfolio, including a new partnership at City Place House; 35% > ERV so far, appraising further 153,000 sq ft
23 rent reviews secured £11.7 million p.a., 20.9% ahead of passing rent, 0.6% ahead of ERV at review date
£3.6 million reversion captured since March 2019; further reversionary potential of 7.8% (£8.3 million)
Vacancy rate down to 2.3% (31 March 2019: 4.8%); average office rent of £56.00 per sq ft; 79% of retail (28% of portfolio by value) in prime West End locations.
Like-for-like rent roll up 5.6% to £106.0 million, with total potential future growth of 45% to £153.3 million.
Q3 started well; £2.2 million p.a. of lettings completed since 1 October, market lettings in line with September 2019 ERV; £8.1 million of lettings under offer, 5.4% ahead of September 2019 ERV
