Great Portland Estates reports 1H26 NAV growth amid strong leasing

Investing.com -- Great Portland Estates (LON:GPE) reported a 10p increase in its EPRA NTA per share to 504p for the first half of 2026, supported by strong leasing activity and strategic capital recycling.

The London-focused property company secured 43 new leases and renewals totaling £37.6m annually, which was 7.1% above March 2025 estimated rental values (ERV). This activity helped increase the company’s rent roll by 29% during the period.

GPE also has additional lettings worth £10.3m under offer at rates 30.9% above ERV. Like-for-like rental income grew by 5%, with the company maintaining its full-year 2026 guidance of 4.0-7.0% growth for prime offices.

The firm completed £292m in property sales at 1.7% above book value and made one acquisition to strengthen its West End portfolio. This transaction activity provides validation for the company’s net asset value calculations.

GPE’s development pipeline continues to advance with planning for 352,000 square feet of space and pre-letting activity at key schemes.

The property portfolio valuation increased by 1.5% to £3.1 billion during the period. The company reinforced its balance sheet liquidity with a new £525m bank facility, maintaining a loan-to-value ratio of 28%, which provides capacity for its forward capital expenditure commitments.

Earnings per share came in at 3.9p, while the dividend per share remained unchanged at 2.9p.

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