Great Portland Estates plc R.E.I.T. (GPE) AI Stock Analysis

• Market Cap: £1.28B
• Dividend Yield: 2.52%
• Average Volume (3M): 858.23K
• Price to Earnings (P/E): 5.5
• Beta (1Y): 0.92
• Revenue Growth: 12.73%
• EPS Growth: N/A
• Country: UK
• Employees: 134
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Office
• EPS (TTM): 0.04
• Shares Outstanding: 406,188,660
• 10 Day Avg. Volume: 861,571
• 30 Day Avg. Volume: 858,228
• 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 Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £338.50
• Price Target Upside: 3.52% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.08
• Revenue Forecast (FY): £90.99M

• Rating: 64 Neutral
• Price Target: 390.00 p ▲(19.27% Upside)
• Action: Reiterated Date: 12/07/25
• Date: Action: Reiterated 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

Leasing Momentum

Sustained, above-target leasing demonstrates persistent tenant demand for GPE's prime London offices. Strong leasing converts into recurring rent rolls, reduces vacancy risk, and underpins medium-term income growth and asset reversion potential, supporting durable cash generation as developments settle.

Conservative LTV / Balance Sheet Cushion

A ~28% LTV provides material financial flexibility for acquisitions, development funding and downside protection. This buffer reduces refinancing pressure, improves resilience to interest-rate cycles, and supports the company's ability to execute its medium-term disposal and redevelopment plans without immediate liquidity strain.

Rental and Portfolio Repricing

Material rental reversion and a rising rent roll indicate structural income improvement from portfolio repricing. Combined with sales achieved above book value, this supports capital recycling, funds selective development, and improves long-term returns on equity through higher sustainable rental income per asset.

Negative Factors

Negative Operating & Free Cash Flow

Persistent negative operating and free cash flow signals reliance on external financing to fund distributions, developments and acquisitions. Over months, this constrains liquidity flexibility, increases refinancing needs, and raises execution risk if capital markets tighten or disposal timing slips.

Rising Leverage

An increasing debt-to-equity profile elevates exposure to interest-cost shocks and refinancing risk. Higher leverage narrows headroom for cyclical corrections in property values, reduces optionality on opportunistic deployments, and can pressure returns and dividend policy if earnings or valuation momentum weakens.

Earnings and Margin Volatility

Volatile net margins reflect swings from non-recurring items and valuation changes, undermining predictability of reported earnings and ROE. This complicates medium-term planning for capex, dividends and acquisitions, and increases execution risk when coupled with a contracyclical vacancy strategy that may suppress near-term cash receipts.

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-performance. We create in-demand spaces that people want to be part of; helping our occupiers, local communities and the city to thrive.

How the Company Makes Money

Great Portland Estates generates revenue through several key streams, primarily from rental income derived from its portfolio of commercial properties. The company leases office and retail spaces to a variety of tenants, which provides a stable and recurring revenue base. Additionally, GPE engages in property development, where it undertakes projects to enhance or create new properties to increase its asset value and generate future rental income. The company also benefits from strategic partnerships with other developers, investors, and businesses to expand its reach and access new markets. Furthermore, GPE is committed to sustainability, which not only attracts premium tenants but also can lead to cost savings and operational efficiencies. Overall, the combination of rental income, development activities, and strategic collaborations forms the backbone of GPE's revenue model.

Great Portland Estates plc R.E.I.T. Financial Statement Overview

Summary

Great Portland Estates plc shows mixed financial health. The income statement reveals operational profitability but also significant income volatility, impacting net margins. The balance sheet is relatively robust, yet increasing leverage poses potential risks. Cash flow performance is a concern, with negative operating and free cash flow indicating challenges in liquidity management.

Income Statement

The company's revenue has shown moderate growth over the years, with the latest year seeing a slight decrease. The gross profit margin is relatively stable, indicating consistent profitability from core operations. However, the net profit margin has experienced significant volatility, with large swings from profits to losses, suggesting potential issues with cost management or extraordinary items affecting net income. The EBIT and EBITDA margins have also fluctuated, reflecting operational challenges.

Balance Sheet

The balance sheet shows a reasonable equity ratio, indicating a stable capital structure with a significant proportion of assets funded by equity. However, the debt-to-equity ratio has increased, reflecting higher leverage which could pose risks in a rising interest rate environment. The return on equity has varied substantially, driven by volatile net income results.

Cash Flow

Cash flow from operations has been negative recently, raising concerns about the company's ability to generate cash internally. The free cash flow has also been negative, indicating reliance on external financing. The operating and free cash flow to net income ratios are adverse, suggesting cash flow issues relative to reported earnings.

Breakdown	TTM	Mar 2024	Mar 2022	Mar 2021	Mar 2020	Mar 2019
Income Statement
Total Revenue	104.50M	94.20M	91.20M	84.20M	88.50M	102.40M
Gross Profit	63.50M	59.10M	57.20M	52.10M	62.10M	73.00M
EBITDA	24.30M	132.20M	31.30M	16.20M	39.60M	47.00M
Net Income	145.20M	116.00M	-163.90M	167.20M	-201.90M	51.80M
Balance Sheet
Total Assets	3.23B	3.03B	2.51B	2.78B	2.56B	2.75B
Cash, Cash Equivalents and Short-Term Investments	23.10M	18.20M	19.40M	16.70M	11.10M	94.90M
Total Debt	1.09B	935.00M	527.20M	589.70M	533.20M	489.80M
Total Liabilities	1.19B	1.03B	588.20M	662.40M	588.30M	550.20M
Stockholders Equity	2.04B	2.00B	1.92B	2.11B	1.97B	2.20B
Cash Flow
Free Cash Flow	-14.90M	-4.60M	5.60M	15.90M	24.50M	43.10M
Operating Cash Flow	-14.30M	-4.00M	5.80M	16.20M	24.90M	43.20M
Investing Cash Flow	-396.00M	-384.60M	105.10M	-31.40M	-118.30M	-72.90M
Financing Cash Flow	191.60M	402.60M	-108.20M	6.30M	9.60M	-14.80M

Great Portland Estates plc R.E.I.T. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 327.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 below the 20-day moving average (MA) of 334.82, below the 50-day MA of 339.35, and below the 200-day MA of 328.37, indicating a bearish trend. The MACD of -5.55 indicates Positive momentum. The RSI at 37.06 is Neutral, neither overbought nor oversold. The STOCH value of 18.39 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BLND	75 Outperform	£3.72B	3.98	7.75%	5.85%	-20.83%	―
SHC	68 Neutral	£2.69B	7.76	8.78%	2.58%	-0.04%	655.16%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
GPE	64 Neutral	£1.28B	5.45	7.31%	2.52%	12.73%	―
DLN	63 Neutral	£1.93B	12.12	6.80%	3.93%	2.30%	―
WKP	57 Neutral	£771.91M	-2.68	-5.24%	7.31%	-1.67%	-120.18%
HLCL	55 Neutral	£241.78M	35.14	6.07%	2.71%	-14.09%	―

Great Portland Estates plc R.E.I.T. Corporate Events

GPE lifts flex-office income with strong Fully Managed leasing in London

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 per sq ft, 9.7% above estimated rental value and delivering a 74% cash flow uplift versus traditional Ready to Fit leases.

The new transactions include five renewals, one customer expansion and 10 new occupiers, bringing Fully Managed leasing this financial year to 50 deals across 148,900 sq ft and £35.4 million of annual rent, 7.8% ahead of ERV. With newly completed schemes at 170 Piccadilly and City Tower now at least half and fully let respectively, management highlights record viewing levels and strong demand, underlining GPE’s competitive position in London’s flex and service-led office market.

The most recent analyst rating on (GB:GPE) stock is a Hold with a £383.00 price target. To see the full list of analyst forecasts on Great Portland Estates plc R.E.I.T. stock, see the GB:GPE Stock Forecast page.

GPE Fully Lets First Phase of City Tower Flexible Offices at Premium Rents

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% premium to its March 2025 estimated rental value. A second phase of 19,900 sq ft launches in March, meaning roughly half of the 21-storey building will be converted, supported by new communal and event space and strong demand from blue-chip tenants, underscoring resilient appetite for high-quality, flexible City offices.

The fully managed space at City Tower has attracted occupiers including Standard Chartered, Agave Capital Management and Avalara Europe, reinforcing GPE’s positioning in the competitive flexible workspace market. Located near major transport hubs and adjacent to GPE’s pre-let 2 Aldermanbury Square development for Clifford Chance, the project strengthens the group’s footprint in the City core and signals continued investor and occupier confidence in premium, well-connected London office assets.

The most recent analyst rating on (GB:GPE) stock is a Hold with a £383.00 price target. To see the full list of analyst forecasts on Great Portland Estates plc R.E.I.T. stock, see the GB:GPE Stock Forecast page.

GPE Secures Major Quantexa Pre-Let at Sustainable London HQ Scheme The Delft

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 and first floors. The Delft will provide 143,100 square feet of prime HQ workspace from spring 2027, featuring extensive River Thames frontage and a communal roof terrace.

The scheme showcases strong sustainability credentials, including use of river barges for materials and waste to avoid more than 640 heavy goods vehicle journeys, retention of over 70% of the existing structure, and recovery of about 30 tonnes of glass for reuse in other London projects. Following the Quantexa deal the building is 38% pre-let, underscoring robust demand from global occupiers for high-quality, sustainable offices and reinforcing London’s role as a central hub for AI-led businesses.

The most recent analyst rating on (GB:GPE) stock is a Hold with a £382.00 price target. To see the full list of analyst forecasts on Great Portland Estates plc R.E.I.T. stock, see the GB:GPE Stock Forecast page.

Great Portland Estates Executives Add Shares Under Incentive Plan

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 pence and receiving 80 matching shares at no cost. The monthly SIP transactions, executed via trustee Equiniti Share Plan Trustees Limited on the London Stock Exchange, underscore ongoing alignment between management and shareholders through increased executive equity participation, but do not signal any change in strategy or capital structure.

The most recent analyst rating on (GB:GPE) stock is a Hold with a £410.00 price target. To see the full list of analyst forecasts on Great Portland Estates plc R.E.I.T. stock, see the GB:GPE Stock Forecast page.

Great Portland Estates Adds Mony Group CEO Peter Duffy to Board as Non-Executive Director

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 of Mony Group and formerly CEO of Just Eat and a senior executive at easyJet, Audi UK and Barclays, brings extensive commercial, operational and governance experience, and his appointment underscores GPE’s effort to deepen board expertise as it navigates a competitive property market and evolving stakeholder expectations.

The most recent analyst rating on (GB:GPE) stock is a Hold with a £410.00 price target. To see the full list of analyst forecasts on Great Portland Estates plc R.E.I.T. stock, see the GB:GPE Stock Forecast page.

GPE Deepens AI Tenant Base as Vanta Expands at Kent House

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. The deal underscores the growing importance of AI-led tenants in GPE’s portfolio, with such customers now accounting for 10.5% of its total office space and 22.9% of its Fully Managed offering, as the company capitalises on London’s emergence as a global hub for AI scale-ups and the wider economic contribution of artificial intelligence to the UK economy.

The most recent analyst rating on (GB:GPE) stock is a Hold with a £402.00 price target. To see the full list of analyst forecasts on Great Portland Estates plc R.E.I.T. stock, see the GB:GPE Stock Forecast page.

Great Portland Estates Names Former Assura Executive Jayne Cottam as New CFO

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, formerly CFO of Assura and with senior finance roles across housing development, metal recycling and leisure, will join the board on a remuneration package aligned with GPE’s existing policy, while interim finance responsibilities will be handled by the company’s joint finance directors, underscoring a managed transition as GPE pursues its growth strategy.

The most recent analyst rating on (GB:GPE) stock is a Hold with a £380.00 price target. To see the full list of analyst forecasts on Great Portland Estates plc R.E.I.T. stock, see the GB:GPE Stock Forecast page.

Great Portland Estates Delivers Strong Q3 Leasing, Beats Rental Value Benchmarks

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 nine months, the group completed 60 leases and renewals worth £46.5 million a year, has a further £14.5 million of rent either recently let or under offer at a 20.9% premium to ERV, and is seeing particularly robust demand for its Fully Managed and West End assets, supporting management’s confidence in delivering an exceptional leasing year and crystallising returns from its development pipeline.

The most recent analyst rating on (GB:GPE) stock is a Hold with a £341.00 price target. To see the full list of analyst forecasts on Great Portland Estates plc R.E.I.T. stock, see the GB:GPE Stock Forecast page.

GPE Boosts West End Footprint with £51m Acquisition of 10 South Crescent

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 property, currently single-let for four more years at a significantly below-market rent, will be repositioned as a best-in-class, decarbonised headquarters and retail asset with enhanced amenities and roof terraces, offering scope for substantial rental reversion given nearby lettings above £125 per sq ft versus the current £67 per sq ft. The deal, bought at a net yield of 6.8% and a projected 7.1% once the vacant retail unit is let, reinforces GPE’s strategy of sourcing value-add repositioning opportunities in its core West End market, bringing the number of such acquisitions since its 2024 rights issue to six with an estimated total capital commitment of about £440 million at a sizeable discount to replacement cost, underlining its confidence in central London office demand and potential upside for shareholders.

The most recent analyst rating on (GB:GPE) stock is a Hold with a £341.00 price target. To see the full list of analyst forecasts on Great Portland Estates plc R.E.I.T. stock, see the GB:GPE Stock Forecast page.

Great Portland Estates Directors Add Shares Through Monthly Incentive Plan

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 the latest monthly allocation, chief executive Toby Courtauld and executive directors Nick Sanderson and Dan Nicholson acquired small numbers of partnership shares at around 315.5p per share, with corresponding matching shares purchased via the plan’s trustee on the London Stock Exchange, underscoring continued management participation in the group’s long‑standing all‑employee share ownership scheme.

The most recent analyst rating on (GB:GPE) stock is a Hold with a £341.00 price target. To see the full list of analyst forecasts on Great Portland Estates plc R.E.I.T. stock, see the GB:GPE Stock Forecast page.

Great Portland Estates Directors Acquire Shares Through Incentive Plan

Great Portland Estates plc announced the acquisition of shares by its executive directors through the 2010 Share Incentive Plan (SIP). Under this plan, employees can purchase ‘Partnership Shares’ with their salary, and the company matches these with ‘Matching Shares’ at no extra cost. The recent transactions involved Executive Directors Toby Courtauld, Nick Sanderson, and Dan Nicholson, who acquired shares at specified prices, reflecting the company’s commitment to aligning employee interests with corporate performance.

The most recent analyst rating on (GB:GPE) stock is a Hold with a £342.00 price target. To see the full list of analyst forecasts on Great Portland Estates plc R.E.I.T. stock, see the GB:GPE Stock Forecast page.