Great Portland Estates PLC reported adjusted pretax profit, as measured by International Financial Reporting Standards, for the full year ended March 31 after a revaluation surplus reached £76.7 million in the period, compared to a loss of £140.2 million in the previous year.
EPS rose during the reporting period to 18.2 pence from a loss per share of 40.8 pence in 2017.
European Public Real Estate Association-defined NAV per share as at March 31 was £8.45, a gain of 5.8% from £7.99 in the prior year. At the end of the period, the office real estate investment trust's net assets stood at approximately £2.37 billion, down from roughly £2.74 billion in the previous 12-month period.
Operating profit for the period was £149.7 million, compared to a loss of £137.5 million, while total revenue jumped year over year to £386.5 million from £121.9 million.
The board of Great Portland declared a final dividend of 7.3 pence per share, to be paid in July. Together with an interim dividend of 4 pence per share, the total dividend for the year amounts to 11.3 pence per share, up 11.9% from the 10.1 pence per share total dividend paid for the previous year.
In a separate release, the REIT said nonexecutive director Jonathan Short is set to retire from the board at the annual general meeting on July 5. Chairman Martin Scicluna has also expressed his intention to retire at or before the annual meeting in 2019. Great Portland said it has commenced its search for Scicluna's replacement.
