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Annual Report 2018 Great Portland Estates Portland plc Great Unlocking potential Great Portland Estates plc Annual Report 2018 Annual Report 2018 Strategic Report – Overview Governance 01 Who we are 83 Overview 02 What we do 84 Introduction from the Chairman 04 Where we do it 87 Leadership 06 Why London? 92 Effectiveness 08 How we create value 98 Accountability 10 How we reposition properties 106 Relations with shareholders 12 Our clear strategic priorities 108 Directors’ remuneration report 14 Creating London spaces – case studies 135 Report of the directors 26 Our KPI benchmarks 140 Directors’ responsibilities statement Strategic Report – Annual review Financial statements 29 Statement from the Chief Executive 142 Group income statement 31 Our market 142 Group statement of comprehensive income 36 Investment management 143 Group balance sheet 38 Development management 144 Group statement of cash flows 42 Portfolio management 145 Group statement of changes in equity 44 Our financial results 146 Notes forming part of the Group 47 Our capital discipline financial statements 49 Our relationships 170 Independent auditor’s report 54 Our portfolio 176 Company balance sheet 60 Our culture and people 178 Notes forming part of the Company 64 The Board financial statements 66 Senior Management Team 68 Our approach to risk Other information 183 Five year record 184 Our properties and occupiers 187 Portfolio statistics 188 Notice of meeting 190 Glossary 192 Shareholders’ information ibc Financial calendar Visit us at our website at: www.gpe.co.uk Cover image: The reception of 73/89 Oxford Street, W1. Annual Report 2018 Great Portland Estates 01 Who we are Great Portland Estates is a property investment and development company Overview owning £2.8 billion of real estate, 100% in central London. Strategic Report – – Report Strategic We have a simple strategy – to generate superior portfolio and shareholder returns from investing in and improving central London real estate, a market that we know inside out. We aim to achieve this through our intense, customer-focused approach to managing our properties combined with an effective reading of the property cycle, increasing and reducing risk as appropriate. “ With our single focus on our central London portfolio, our experienced team delivered another strong operational performance and good financial results, driven by successful development completions and leasing, combined with profitable recycling and further returns of capital to shareholders. Our 2018 Strategic Report on pages 1 to 81 has been reviewed and approved by the Board.” On behalf of the Board Martin Scicluna Chairman 02 Great Portland Estates Annual Report 2018 What we do We aim to deliver superior returns by unlocking the often hidden potential in commercial real estate in central London. Our integrated team is focused on meeting occupiers’ needs through repositioning properties in tune with London’s property cycle. Our portfolio – 70% in West End Locations Business mix £2,790 million portfolio valuation North of Oxford Street £1,281.9m Office £1,995.9m Rest of West End £669.3m Retail £727.3m 2.9 million sq ft City £433.9m Residential £66.8m Southwark £209.4m 11% in committed development Midtown £195.5m 7% 37% in development pipeline 7% 55 properties, 40 sites 2% 346 occupiers 26% 16% £54.60 average office rent per sq ft 46% £107.3 million rent roll 72% 0.3% rental value uplift in year 12.1% reversionary potential 4.9% vacancy rate 24% 88% <800 metres from a Crossrail station Our financial strength Net Net debt Net Pro forma Pro forma cash and assets (excluding JVs) gearing loan to value undrawn facilities £2.37bn £(5.2)m 0% 11.6% £666m Performance highlights Portfolio EPRA NAV Total Property Total Accounting Total Shareholder valuation per share Return (TPR) Return (TAR) Return (TSR) £2.79bn 845p 5.5% 7.1% 4.0% 2017: £3.15bn 2017: 799p 2017: (3.0)% 2017: (4.6)% 2017: (9.3)% (up 2.9% LfL) (up 5.8%) (up 8.5 pps) (up 11.7 pps) (up 13.3 pps) Ordinary dividend Special dividend B share scheme EPRA and adjusted metrics: we prepare our financial per share per share return per share statements using IFRS, however we also use a number of adjusted measures in assessing and managing the performance of the business. These measures, including those defined by EPRA which are designed to enhance 11.3p 32.15p 93.65p transparency and comparability across the European 2017: 10.1p Declared in Approved in real estate sector, are included in note 9 of the financial (up 11.9%) April 2017 March 2018 statements. For a definition of pro forma debt metrics see page 45. See our KPIs and operational measures on pages 26 and 27 and glossary for definitions Annual Report 2018 Great Portland Estates 03 Overview Our management team – Report Strategic See our Board and Management team on pages 64 to 67 Our integrated approach Investment Development Portfolio management management management Buying well and selling at the right Upgrading our portfolio through Keeping close to our 346 occupiers to point in the cycle is key to crystallising development using targeted capital understand their needs helps us ensure portfolio returns. Our deep knowledge expenditure creates sustainable that we adapt and innovate in order to of our local markets and close network spaces with improved occupier appeal meet changing occupier requirements of contacts and advisers means we and longevity, enhancing both rental and ways of working. This helps improve acquire properties, often off-market, values and capital returns. Our strong satisfaction rates, which in turn drives that are rich with opportunity for relationships with planning authorities, sustainable rental growth and minimises improvement. Our reading of the contractors and local communities are vacancy through occupier retention. cycle has led us to be net sellers for central to our profitable development the last five consecutive years. activities and ensure that our properties are sensitive to the wider environment in which they are located. Sales activity Profit on cost on committed schemes Lettings and renewals in year £329.0m 15.9% £31.1m See more on pages 36 to 37 See more on pages 38 to 41 See more on pages 42 to 43 04 Great Portland Estates Annual Report 2018 Where we do it North of Oxford Street R D L E N DA 1. Mount Royal 9. 78/92 Great Portland Street 16. Kent House 26. Oxford House CROW 2. 35 Portman Square 11. 32/36 Great Portland Street 20. 55 Wells Street 27. Rathbone Square N E 3. Orchard Court 12. 6/10 Market Place 21. 27/35 Mortimer Street 28. Percy House W P A N N O 7. 160 Great Portland Street 13. Elsley House 24. 23/24 Newman Street C 29. 31/34 Alfred Place R R T A H M S 8. Walmar House 15. Wells & More 25. 183/190 Tottenham Court Road R I R D D D L A L E R D N V I L N T O N D P E R King’sD Cross St Pancras H EVE A A D O C L B A N Y S T IT R M Y U RS K R R D P D D I T T N D S H N E EY R S R O B E R T S T T OL G A R RD E D L T T R S G C O L U M B I A T C S A S S L D CKN N O E T I C S D S O A E G A S O S R T EustonEuston T S S I G R E H N Q U I R R E L S T C U W F R E O I L D S E K IT E S L P BETHNAL R L D S WO J R H U GREEN D O D B D D R R U SHOREDITCH E N E R E RN L G S D N A T H G I E T REGENT’S PARK Old T Euston P R B P L E C A Square Street A H R R D T K G WEAVERS N E H O S T R T R A D S Warren L D S I FIELDS E U A O T G Y E L E Street H R C Great ’ R C I S N Bethnal S R B T T E I S E S U T IR O Portland N U T T C HESH Green C N N Street O 30 S C AT L E R S T I H T R 31 CLERKENWELL T Shoreditch T D I Y L E Russell L N R High Street Baker D H Square R Regent’s F D A BLOOMSBURY R K E N W E L L R GOLDEN O Street A E M C L Park W R D 25 R C R LAND ESTATE E N I O GREAT PORTLAND O E B RUSSELL N A L V R Y MARYLEBONE U A G L M SQUARE A 7 R D P D T L O G O E L R R A R O N D D S CHIS T BT TOWER W R N C E S W ELL G T L D R S ST E L A A C H D A Goodge R B EE 29 O BarbicanBarbican B N E T T S H E Y M O U T H S T Street T R W D FITZROVIA E T D T S S M P C R A W F O R D S E T S T L G O Whitechapel E D FarringdonFarringdon BRICK LANE I S H S BARBICAN O Y O E GLOUCESTER PL B ST BEDFORD O R M 9 T A G BRITISH SQUARE G A O K N E W C A V E N D MUSEUM A G E GARDEN U 21 24 T S C R WHITECHAPEL R 28 MoorgateMoorgate E P O D S H H O L B O R 15 H I G R N L P O M E T P L T 27 H R S M A I M E Chancery Lane S H R T 13 20 Liverpool I E E C O B M R I T 8 11 L O T HolbornHolborn N C H R D S D O Street W 27 X F O N I W N E W O A L A 12 N L L N EW R G E S T CAVENDISH 16 L G EO 26 N S 3 SQUARE R E T WIGMORE ST Tottenham LINCOLN’S W E G R INN FIELDS T AT Court Road E D PORTMAN KINGSWA T S E E OLD BAILEY T D SQUARE S T F Aldgate East G R D O X F O SOHO W W A SQUARE C E R 2 Oxford HOLBORN T H S N C O M E H M E R C I A L R D Circus A St Paul’sSt Paul’s G R Y AldgateAldgate I R H D 6 E 4 I BANK OF T Marble Bond N F L E E T S ST PAUL’S CH A 1 SELFRIDGES HANOVER T E G 23 G CATHEDRAL APSI ENGLAND L D Arch Street S D A T C 5 SQUARE 22 ROYAL OPERA T PA E S C U L E A N N O N L I E R Covent HOUSE ’ K L E A D E N L S T H A A M O H I H I L L L L C C R BankBank C O R N S S T Garden Y H U C N H A S W Y M D A G S R D H N L IN E A W C R V R CITY OF S R M OR E A D I T T COVENT S L U S G Y A R L T R D MARBLE ARCH Mansion LONDON H H B R O O K S T T E 17 U Q U I C I N S B E E N C R ES N GARDEN V I C T O A O R S R I A S T House C U S N E INNER TEMPLE A M E H E T T N C E GROSVENOR V 18 N C N S F O F E Fenchurch O GARDENS N L SQUARE GARDEN G R S A BlackfriarsBlackfriars S A S L T T H T R TempleTemple B S Leicester Street R L U P P G L E S T E D CA B Square A R T
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