13th Nov 2014 08:17
LONDON (Alliance News) - Great Portland Estates PLC saw its shares rise early Thursday after it reported strong growth in its net asset value for the first half of its financial year, driven by 8.9% growth in its property portfolio valuation.
The company said its EPRA net asset value per share was 636 pence at the end of September, up 11.8% over the half. It grew 7.3% in the second quarter of its fiscal year. It had net assets of GBP2.16 billion On September 30, up from GBP1.93 billion at the end of March.
The increase in its like-for-like property portfolio valuation was 8.9% for the half as a wholem and was up 5.0% over the second quarter.
Its 12 month capital return was 21.9%, outperforming growth in the IPD Central London Index of 20.7%.
Great Portland reported an EPRA pretax profit of GBP21.0 million for the half, up 13.0% on the year, while pretax profit rose to GBP238.8 million, from GBP176.2 million, driven by the portfolio valuation increase.
Its net rental income grew to GBP33.8 million, from GBP34.9 million, although this was partly offset by a GBP1.7 million decline in joint venture fee income.
"We look forward to a productive second half: we can expect strong leasing interest in both our committed development properties and our limited quantity of vacant space, in both cases at rates ahead of estimated rental values; we will crystallise further surpluses through our disciplined approach to capital recycling; and our plentiful, low-cost financing will enable us to deliver on our significant growth plans," Chief Executive Toby Courtauld said.
The company raised its interim dividend by 2.9% to 3.5 pence.
Great Portland shares were up 0.7% at 691.50 pence early Thursday.
By Steve McGrath; [email protected]; @stevemcgrath1
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