Great Portland Estates (GPE) Trading Update summary

Leasing and rental performance

• Signed 12 new leases and renewals in the quarter, generating £4.3 million in annual rent, averaging 7.7% above March 2024 ERV.

• Fully Managed leases contributed £3.1 million at an average £210 per sq ft, with West End deals averaging £237 per sq ft, 8.3% above ERV.

• Three new retail leases secured £1.1 million in rent, 6.0% above ERV.

• Investment void rate remained low at 1.2% as of 31 May 2024.

• £5.1 million of rent currently under offer, 3.8% ahead of ERV.

Portfolio and acquisitions

• Exchanged contracts to acquire The Courtyard, WC1 for £10.4 million cash and a property swap valued at £18.2 million.

• The Courtyard offers 62,000 sq ft of office and retail space, suitable for repositioning into the Fully Managed offering.

• The property is in a prime West End location, near Tottenham Court Road Elizabeth line station.

Capital and growth strategy

• Completed a £350 million rights issue in June 2024 to capitalize on central London real estate opportunities.

• Tracking £1.3 billion in acquisition opportunities, with a further £1.5 billion on the watchlist.

• Acquisitions and developments from rights issue proceeds expected to enhance shareholder returns and be accretive to EPRA earnings and NTA per share.

• Targeting a Total Accounting Return of 10%+ over the medium term, with potential upside from yield compression.