Great Portland Estates plc R.E.I.T. (G9KB) AI Stock Analysis

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.