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:
330.00 p
▲(1.29% Upside)
Action:Reiterated
Date:05/22/26
The score is led by attractive valuation (low P/E) and a constructive earnings-call outlook with strong leasing and growth guidance. Offsetting these positives are weak recent cash generation (negative operating/free cash flow) and only neutral-to-soft technicals (below longer-term moving averages with negative MACD).
Positive Factors
Record leasing momentum
Sustained record lettings and outperformance versus ERV indicate durable tenant demand and stronger occupancy. Higher lettings expand contracted rent roll, underpinning recurring cash income, lowering vacancy risk, and improving long-term earnings visibility for the central‑London office portfolio.
Negative Factors
Weak operating and free cash flow
Persistent negative operating and free cash flow weakens internal funding for dividends and development, increasing reliance on asset disposals or external debt. Over months this reduces financial flexibility, can delay cash‑cover for dividends, and raises execution risk if sales or refinancing windows tighten.
Read all positive and negative factors
Positive Factors
Negative Factors
Record leasing momentum
Sustained record lettings and outperformance versus ERV indicate durable tenant demand and stronger occupancy. Higher lettings expand contracted rent roll, underpinning recurring cash income, lowering vacancy risk, and improving long-term earnings visibility for the central‑London office portfolio.
Read all positive factors
Great Portland Estates plc R.E.I.T. (GPE) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.26B
Dividend Yield2.52%
Average Volume (3M)858.23K
Price to Earnings (P/E)8.2
Beta (1Y)1.08
Revenue Growth24.37%
EPS Growth29.61%
CountryUK
Employees134
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)0.39
Shares Outstanding406,188,660
10 Day Avg. Volume861,571
30 Day Avg. Volume858,228
Financial Highlights & Ratios
PEG Ratio0.28
Price to Book (P/B)0.54
Price to Sales (P/S)9.68
P/FCF Ratio-36.47
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£364.33Price Target Upside11.83% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)0.1
Revenue Forecast (FY)£114.81M
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:May 21, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 19, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial story: record leasing, material rent roll and NOI growth, notable valuation gains on developments, disciplined contracyclical acquisitions at significant discounts and a healthy balance sheet with ample liquidity. Key risks noted were construction cost pressures, mixed investment market/yield uncertainty, dependency on crystallizing a large sales program and the timing required for dividends to be fully cash‑covered. On balance the company emphasised execution, multiple growth levers (lettings, developments, fully managed flex) and financial flexibility to manage downside.Positive Updates
Record Leasing Activity
Total lettings of GBP 70.9m (record), 10.3% ahead of ERV with Q4 a 15.8% beat; fully managed (flex) lettings of GBP 40.9m, 7.7% ahead of ERV.
Negative Updates
Retail Sub‑portfolio Underperformance
Retail assets (13% of portfolio) lagged office performance and weighed on some valuation dynamics compared with office outperformance.
Read all updates
Q4-2026 Updates
Positive
Negative
Record Leasing Activity
Total lettings of GBP 70.9m (record), 10.3% ahead of ERV with Q4 a 15.8% beat; fully managed (flex) lettings of GBP 40.9m, 7.7% ahead of ERV.
Read all positive updates
Company Guidance
The guidance from the call was bullish and metric‑heavy: management reiterated office rental growth guidance of +4% to +7% for the year, targeted EPRA EPS of ~10p in the next 12 months (c. +20%), and reiterated a medium‑term ambition to deliver 3x EPS versus April 2025 and a return on equity >10% this financial year (three‑year ROE well ahead of cost of capital); they expect further c.20% earnings growth next 12 months, development surpluses of c. £260m (base case) rising to ~£330m at 20% rental growth or c. £427m with 25bp yield compression, and plan to crystallize sales in excess of £1.2bn (c. £200m near term) while remaining a net seller this year; operational targets include growing rent roll from £153m (up 46%) toward a potential £299m with completions/10% rent growth, capturing c. £42m of rent‑roll upside in the next 12 months (vacancy/reversion £16m + development/refurb £26m), doubling/strongly growing NOI (NI0 up >3x from £9m to £28m, medium‑term target c. £58m and ambition of c. £100m post acquisitions), and maintaining financial strength with LTV range 10–35% (current LTV 28.6%), £412m liquidity, WA debt maturity 5.4 years, WA interest rate 4.3% and a Moody’s Baa2 rating.Great Portland Estates plc R.E.I.T. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
34
Negative
| Breakdown | Mar 2026 | Mar 2024 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 117.90M | 94.20M | 91.20M | 84.20M | 88.50M |
| Gross Profit | 67.00M | 59.10M | 57.20M | 52.10M | 62.10M |
| EBITDA | 164.20M | 132.20M | 31.30M | 16.20M | 39.60M |
| Net Income | 154.50M | 116.00M | -163.90M | 167.20M | -201.90M |
Balance Sheet | |||||
| Total Assets | 3.12B | 3.03B | 2.51B | 2.78B | 2.56B |
| Cash, Cash Equivalents and Short-Term Investments | 22.70M | 18.20M | 19.40M | 16.70M | 11.10M |
| Total Debt | 878.00M | 935.00M | 527.20M | 589.70M | 533.20M |
| Total Liabilities | 990.10M | 1.03B | 588.20M | 662.40M | 588.30M |
| Stockholders Equity | 2.13B | 2.00B | 1.92B | 2.11B | 1.97B |
Cash Flow | |||||
| Free Cash Flow | -31.30M | -4.60M | 5.60M | 15.90M | 24.50M |
| Operating Cash Flow | -31.10M | -4.00M | 5.80M | 16.20M | 24.90M |
| Investing Cash Flow | 104.90M | -384.60M | 105.10M | -31.40M | -118.30M |
| Financing Cash Flow | -88.00M | 402.60M | -108.20M | 6.30M | 9.60M |
Great Portland Estates plc R.E.I.T. Technical Analysis
Positive
325.80
Price Trends
304.43
Positive
321.56
Negative
318.94
Negative
Market Momentum
0.18
Negative
53.86
Neutral
61.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:GPE, the sentiment is Positive. The current price of 325.8 is above the 20-day moving average (MA) of 306.81, above the 50-day MA of 304.43, and above the 200-day MA of 318.94, indicating a neutral trend. The MACD of 0.18 indicates Negative momentum. The RSI at 53.86 is Neutral, neither overbought nor oversold. The STOCH value of 61.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | £4.15B | 8.95 | 7.73% | 5.85% | 15.13% | 29.20% | |
69 Neutral | £2.65B | 7.26 | 8.78% | 2.58% | 5.42% | 35.88% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | £1.26B | 8.16 | 7.41% | 2.52% | 24.37% | 29.61% | |
63 Neutral | £1.99B | 12.38 | 4.48% | 3.93% | 39.97% | 39.03% | |
57 Neutral | £674.05M | -8.88 | -5.24% | 7.31% | -1.67% | -120.18% | |
51 Neutral | £235.16M | 41.40 | 5.91% | 2.71% | 4.03% | -79.67% |
* Real Estate Sector Average
GB:GPE
Great Portland Estates plc R.E.I.T.
312.40
-21.04
-6.31%
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Great Portland Estates plc R.E.I.T. Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Great Portland Estates posts record leasing and valuation gains as London office demand stays strong
Positive
May 21, 2026
Great Portland Estates reported a strong year to 31 March 2026, delivering record leasing with 88 new leases and renewals generating £70.9 million in annual rent, 10.3% above estimated rental value. The rent roll rose 46% on a like-for-like b...
Business Operations and StrategyFinancial Disclosures
GPE Fully Lets Nineteen Wells Street, Boosting Fitzrovia Workspace Cluster
Positive
May 14, 2026
Great Portland Estates has fully leased or placed under offer all floors at its refurbished Nineteen Wells Street office building in London’s West End just six months after completion, reflecting strong demand for its Fully Managed offering....
Business Operations and StrategyFinancial Disclosures
GPE pushes 170 Piccadilly to 73% let as prime London office demand stays robust
Positive
May 7, 2026
Great Portland Estates has reported strong leasing progress at its Fully Managed development at 170 Piccadilly in London, with new lettings to a facilities management firm and a global automotive technology company taking occupancy to over 73%. Th...
Executive/Board ChangesRegulatory Filings and Compliance
Great Portland Estates Directors Add Shares Through Incentive Plan
Positive
May 1, 2026
Great Portland Estates has disclosed routine share purchases by senior management under its 2010 Share Incentive Plan, in which employees buy partnership shares from salary and receive two matching shares from the company for each one purchased. C...
Business Operations and StrategyFinancial Disclosures
Great Portland Estates Hits Three-Year High in Customer Satisfaction
Positive
Apr 22, 2026
Great Portland Estates has reported its highest customer satisfaction levels in three years, with an overall Net Promoter Score of +29.7 across its office and retail portfolio, significantly above the industry average of +13.6. Its Fully Managed p...
Business Operations and StrategyFinancial Disclosures
Great Portland Estates caps record leasing year with strong London office demand
Positive
Apr 15, 2026
Great Portland Estates reported a strong final quarter that capped a record leasing year, with 88 new leases and renewals generating £70.9 million of annual rent, on average 10.3% above estimated rental values. Demand was especially robust fo...
Business Operations and StrategyFinancial Disclosures
GPE Fully Lets Farringdon Asset as AI Tenant Demand Lifts Flexible Office Portfolio
Positive
Apr 9, 2026
Great Portland Estates has fully leased its SIX St Andrew Street Fully Managed office development in Farringdon, after securing an AI tenant for the final 11,680 sq ft across the third and fourth floors. The building is now fully occupied, produci...
Other
Great Portland Estates directors add shares under incentive plan
Neutral
Apr 1, 2026
Great Portland Estates plc reported that its Chief Executive Toby Courtauld and Executive Director Dan Nicholson acquired shares under the company’s 2010 Share Incentive Plan for March 2026. Each director purchased 53 partnership shares at 2...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
GPE JV Sells Regent Street UNIQLO Flagship for £52m as Capital Recycling Drive Continues
Positive
Apr 1, 2026
The Great Ropemaker Partnership, a 50:50 joint venture managed by Great Portland Estates, has sold its 53-year short leasehold interest in 103/113 Regent Street, a 56,850 sq ft Grade II listed flagship retail and office building fully let to UNIQL...
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...
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.