Great Portland Estates plc R.E.I.T. (GB:GPE)
LSE:GPE
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Great Portland Estates plc R.E.I.T.
(LSE:GPE)
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Rating:64Neutral
Price Target:
301.00 p
▼(-7.95% Downside)
Action:ReiteratedDate:12/07/25
Great Portland Estates plc's overall stock score is driven by strong earnings call guidance and strategic corporate events, indicating positive future prospects. However, financial performance concerns, particularly in cash flow, and neutral technical indicators moderate the score. The stock's undervaluation enhances its appeal, but economic challenges remain a consideration.
Positive Factors
Strong leasing and rent growth
Sustained leasing success and rents ahead of ERV indicate resilient occupier demand in central London. This strengthens recurring rental income, supports development underwriting and reduces vacancy risk, providing a durable foundation for cash generation and long-term portfolio value uplift.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flow implies reliance on external financing or asset disposals to fund operations and developments. That dependency raises refinancing and liquidity risk, could pressure distributions, and makes the business more sensitive to capital market conditions over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong leasing and rent growth
Sustained leasing success and rents ahead of ERV indicate resilient occupier demand in central London. This strengthens recurring rental income, supports development underwriting and reduces vacancy risk, providing a durable foundation for cash generation and long-term portfolio value uplift.
Read all positive factors
Great Portland Estates plc R.E.I.T. (GPE) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.16B
Dividend Yield2.52%
Average Volume (3M)858.23K
Price to Earnings (P/E)5.5
Beta (1Y)0.95
Revenue Growth12.73%
EPS GrowthN/A
CountryUK
Employees134
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)0.04
Shares Outstanding406,188,660
10 Day Avg. Volume861,571
30 Day Avg. Volume858,228
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)0.51
Price to Sales (P/S)8.46
P/FCF Ratio-104.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£338.50Price Target Upside3.52% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)0.08
Revenue Forecast (FY)£92.98M
Great Portland Estates plc R.E.I.T. Business Overview & Revenue Model
Company Description
We are a FTSE 250 property investment and development company owning £2.6 billion of real estate in central London. We proactively manage our portfolio, flexing our activities in tune with London's property cycle to deliver long-term out-performan...
How the Company Makes Money
GPE primarily generates earnings from its central London commercial property portfolio through a combination of recurring property income and value-creation from development and asset management. (1) Rental income: The core, recurring revenue stre...
Great Portland Estates plc R.E.I.T. Earnings Call Summary
Earnings Call Date:Nov 18, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 27, 2026
Earnings Call Sentiment Positive
The earnings call reflects a strong operational performance with significant leasing achievements, financial growth, and positive market conditions. However, there are challenges related to the broader economic environment and strategic vacancy management.Positive Updates
Strong Leasing Performance
Delivered GBP 37.6 million in leasing within 6 months, equal to the entire previous year, and 7% ahead of Estimated Rental Value (ERV).
Negative Updates
Challenging Economic Backdrop
Despite strong company performance, the broader U.K. economic and political environment remains challenging.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Leasing Performance
Delivered GBP 37.6 million in leasing within 6 months, equal to the entire previous year, and 7% ahead of Estimated Rental Value (ERV).
Read all positive updates
Company Guidance
During the call, the company provided robust guidance for the fiscal year and beyond, focusing on multiple growth metrics. The company reiterated its rental value growth guidance, highlighting strong operational performance with leasing achievements significantly ahead of target, leading to a rental value increase of 2.6%. They achieved a customer retention rate of 76% and maintained a vacancy rate within their target range at 6.9%. Financially, they reported a pro forma rent roll up 29% and a valuation increase of 1.5%, with developments up 6.1%. Their balance sheet remains strong with a loan-to-value (LTV) ratio at 28%, and they anticipate a significant income growth of 140% in the medium term. The company expects a threefold increase in EPRA EPS over the medium term, aiming for a 10% plus return on equity. Additionally, they plan substantial acquisitions and sales, with more than GBP 800 million in sales identified for the medium term.Great Portland Estates plc R.E.I.T. Financial Statement Overview
Summary
Income Statement
55
Neutral
Balance Sheet
65
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Mar 2024 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 104.50M | 95.40M | 91.20M | 84.20M | 88.50M | 102.40M |
| Gross Profit | 63.50M | 62.10M | 57.20M | 52.10M | 62.10M | 73.00M |
| EBITDA | 24.30M | -288.50M | 31.30M | 16.20M | 39.60M | 47.00M |
| Net Income | 145.20M | -307.80M | -163.90M | 167.20M | -201.90M | 51.80M |
Balance Sheet | ||||||
| Total Assets | 3.23B | 2.48B | 2.51B | 2.78B | 2.56B | 2.75B |
| Cash, Cash Equivalents and Short-Term Investments | 23.10M | 22.90M | 19.40M | 16.70M | 11.10M | 94.90M |
| Total Debt | 1.09B | 815.50M | 527.20M | 589.70M | 533.20M | 489.80M |
| Total Liabilities | 1.19B | 895.00M | 588.20M | 662.40M | 588.30M | 550.20M |
| Stockholders Equity | 2.04B | 1.58B | 1.92B | 2.11B | 1.97B | 2.20B |
Cash Flow | ||||||
| Free Cash Flow | -14.90M | -7.70M | 5.60M | 15.90M | 24.50M | 43.10M |
| Operating Cash Flow | -14.30M | -7.60M | 5.80M | 16.20M | 24.90M | 43.20M |
| Investing Cash Flow | -396.00M | -231.70M | 105.10M | -31.40M | -118.30M | -72.90M |
| Financing Cash Flow | 191.60M | 242.80M | -108.20M | 6.30M | 9.60M | -14.80M |
Great Portland Estates plc R.E.I.T. Technical Analysis
Negative
327.00
Price Trends
335.37
Negative
326.89
Negative
326.91
Negative
Market Momentum
-12.80
Positive
25.79
Positive
11.00
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:GPE, the sentiment is Negative. The current price of 327 is above the 20-day moving average (MA) of 317.02, below the 50-day MA of 335.37, and above the 200-day MA of 326.91, indicating a bearish trend. The MACD of -12.80 indicates Positive momentum. The RSI at 25.79 is Positive, neither overbought nor oversold. The STOCH value of 11.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:GPE.
Great Portland Estates plc R.E.I.T. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | £3.49B | 3.98 | 7.75% | 5.85% | -20.83% | ― | |
69 Neutral | £2.50B | 7.76 | 8.78% | 2.58% | -0.04% | 655.16% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | £1.16B | 5.45 | 7.18% | 2.52% | 12.73% | ― | |
63 Neutral | £1.72B | 12.12 | 4.48% | 3.93% | 2.30% | ― | |
57 Neutral | £658.48M | -2.68 | -5.24% | 7.31% | -1.67% | -120.18% | |
50 Neutral | £223.62M | 35.14 | 5.91% | 2.71% | -14.09% | ― |
* Real Estate Sector Average
GB:GPE
Great Portland Estates plc R.E.I.T.
283.50
-11.83
-4.01%
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Great Portland Estates plc R.E.I.T. Corporate Events
Business Operations and Strategy
GPE Completes Flagship Low-Carbon HQ Development at 2 Aldermanbury Square
Positive
Mar 25, 2026
Great Portland Estates has completed its largest office project to date at 2 Aldermanbury Square in the City of London, delivering 321,650 sq ft of premium headquarters space across 13 storeys. All office space has been pre-let to law firm Cliffor...
Executive/Board ChangesRegulatory Filings and Compliance
New GPE CFO Jayne Cottam Buys Over £100,000 in Company Shares
Positive
Mar 18, 2026
Great Portland Estates plc has announced that its newly appointed Chief Financial Officer, Jayne Cottam, who joined the board on 16 March 2026, has purchased 32,330 ordinary shares in the company. The shares were acquired on 17 March 2026 at a pri...
Business Operations and Strategy
GPE Secures Long-Term Headlease for New Fully Managed Fitzrovia Flagship
Positive
Mar 18, 2026
Great Portland Estates has secured a new headlease and development agreement with the Evelyn Estate to refurbish and reconfigure 7/15 Gresse Street and 12/13 Rathbone Place in Fitzrovia into 42,800 sq ft of Fully Managed workspace. The deal extend...
Business Operations and StrategyM&A Transactions
GPE Sells Fully Let Fitzrovia HQ Building for £172 Million
Positive
Mar 16, 2026
Great Portland Estates has agreed to sell its wellsmore building at 45 Mortimer Street in Fitzrovia, London, to Feldberg Capital, acting for Fastighets AB Balder, for £172 million. The price reflects a 5.0% net initial yield and modestly exce...
Other
Great Portland Estates Directors Add Shares Through Incentive Plan
Neutral
Mar 2, 2026
Great Portland Estates has disclosed routine share purchases by senior executives under its 2010 Share Incentive Plan, a tax-advantaged employee share scheme that allows staff to buy “Partnership Shares” out of monthly salary. For ever...
Executive/Board ChangesRegulatory Filings and Compliance
New GPE Non-Executive Director Peter Duffy Buys Shares on Appointment
Positive
Mar 2, 2026
Great Portland Estates has appointed Peter Duffy to its board as a non-executive director, and he has simultaneously acquired a small stake in the company through on-market share purchases. Duffy bought a total of 20,000 ordinary shares in two tra...
Business Operations and StrategyFinancial Disclosures
GPE lifts flex-office income with strong Fully Managed leasing in London
Positive
Feb 26, 2026
Great Portland Estates has signed 16 Fully Managed workspace deals since 1 January 2026, covering 38,400 sq ft of newly refurbished premium office space in London. These agreements secure £9.1 million in annual rent at an average of £236...
Business Operations and StrategyFinancial Disclosures
GPE Fully Lets First Phase of City Tower Flexible Offices at Premium Rents
Positive
Feb 19, 2026
Great Portland Estates has fully let or placed under offer all 28,700 sq ft in the first phase of its Fully Managed workspace at City Tower in EC2, securing expected annual rent of £5.3 million at an average £186 per sq ft, a 6.6% premiu...
Business Operations and Strategy
GPE Secures Major Quantexa Pre-Let at Sustainable London HQ Scheme The Delft
Positive
Feb 12, 2026
Great Portland Estates has pre-let 52,293 square feet at The Delft, its redeveloped former Minerva House site near London Bridge, to Decision Intelligence specialist Quantexa on a 10-year lease covering multiple upper floors and part of the ground...
Other
Great Portland Estates Executives Add Shares Under Incentive Plan
Neutral
Feb 2, 2026
Great Portland Estates has reported routine share purchases by senior executives under its 2010 Share Incentive Plan (SIP), with Chief Executive Toby Courtauld and Executive Director Dan Nicholson each acquiring 40 partnership shares at 370.79 pen...
Business Operations and StrategyExecutive/Board Changes
Great Portland Estates Adds Mony Group CEO Peter Duffy to Board as Non-Executive Director
Positive
Feb 2, 2026
Great Portland Estates has strengthened its board with the appointment of Peter Duffy as a Non-Executive Director, effective 2 March 2026, when he will also join the Audit, Remuneration and Nomination Committees. Duffy, currently chief executive o...
Business Operations and Strategy
GPE Deepens AI Tenant Base as Vanta Expands at Kent House
Positive
Jan 29, 2026
Great Portland Estates has announced that Vanta, described as a leading agentic trust platform, has expanded its Fully Managed workspace at Kent House in Fitzrovia by nearly 50%, increasing its footprint from 7,500 sq ft to more than 11,000 sq ft....
Business Operations and StrategyExecutive/Board Changes
Great Portland Estates Names Former Assura Executive Jayne Cottam as New CFO
Positive
Jan 19, 2026
Great Portland Estates has appointed experienced real estate finance executive Jayne Cottam as its new Chief Financial Officer, effective 16 March 2026, succeeding Nick Sanderson, who leaves at the end of January to become CFO at Savills. Cottam, ...
Business Operations and StrategyFinancial Disclosures
Great Portland Estates Delivers Strong Q3 Leasing, Beats Rental Value Benchmarks
Positive
Jan 15, 2026
Great Portland Estates reported a strong third quarter to 31 December 2025, signing 17 new leases and renewals generating £8.9 million in annual rent, with market lettings 9.1% ahead of March 2025 estimated rental values. Across the first nin...
Business Operations and StrategyM&A Transactions
GPE Boosts West End Footprint with £51m Acquisition of 10 South Crescent
Positive
Jan 7, 2026
GPE has expanded its West End portfolio with the £51 million acquisition of a 155-year leasehold interest in 10 South Crescent, WC1, a 72,605 sq ft office and retail building near Tottenham Court Road’s Elizabeth line station. The prope...
Business Operations and StrategyRegulatory Filings and Compliance
Great Portland Estates Directors Add Shares Through Monthly Incentive Plan
Neutral
Jan 2, 2026
Great Portland Estates has disclosed routine director dealings under its 2010 Share Incentive Plan, in which employees buy partnership shares from salary and receive two matching shares from the company at no cost for each partnership share. In th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.