Great Portland Estates Plc (GPE) Earnings Call Transcripts

Great Portland Estates Plc's Latest Earnings Call - May 21, 2026

In the Q1 2026 earnings call for Great Portland Estates Plc (GPE:GB), management reported a robust operational performance with a 63% increase in earnings per share (EPS) to 8.5p, surpassing consensus expectations. The company achieved record leasing of GBP 70.9 million, 10.3% ahead of estimated rental values (ERV), and maintained a strong rental growth trajectory with a 5.8% increase in rental values. Management signaled confidence in future growth, projecting a 20% increase in EPS over the next year and maintaining a dividend increase of 4% to 8.2p per share, reflecting strong earnings growth and a commitment to returning capital to shareholders.

Reported metrics

Guidance from management

Management expects a 20% increase in EPS over the next year, targeting an EPRA EPS of around 10p. They also anticipate significant development surpluses and continued rental growth in prime locations.

What management said

Right, lots of information in there. I hope that all made sense. We are, as ever now more than happy to take any questions you wish to throw at us. There are mics going around the room. I've got the members of the Executive Committee here to help answer any questions as well and provide more color. Who would like to go first? Yes.

If you were to turn around and look at the screen behind you, you would see the net effective in the West End, where rents -- the package to incoming customers has not moved. But in the city, if you go forward one, it has come in a tiny bit as you can see over the last couple of years.

What analysts pressed on

Analysts expressed concerns about the potential impact of macroeconomic uncertainties on future growth and the sustainability of current rental growth rates. There were questions regarding the softness of leasing incentives and how that might affect future performance.

Main topics on the call

• Record Leasing Performance — GPE reported record leasing of GBP 70.9 million, which is 10.3% ahead of ERV. The fourth quarter was particularly strong, with a 15.8% beat on leasing targets. Management stated, "We are maintaining last year's run rate ...
• Strong Earnings Growth — Earnings per share increased by 63% to 8.5p, exceeding consensus estimates. Management noted, "We expect further growth over the next 12 months, targeting an EPRA EPS of around 10p, an increase of 20%."
• Dividend Increase — The dividend was raised by 4% to 8.2p per share, reflecting confidence in earnings growth. This increase is fully covered by earnings, indicating a strong commitment to returning capital to shareholders.
• Valuation and Rental Growth — The company reported a like-for-like valuation increase of 4.3% across its portfolio, with rental values up 5.8%. Management emphasized that "the West End continues to outperform the rest of London," supporting their gro...

Read the full Great Portland Estates Plc transcript (May 21, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 24 Great Portland Estates Plc earnings call transcripts on record, spanning May 20, 2020 to May 21, 2026. Based on this history, Great Portland Estates Plc reports quarterly. The most recent call on file is dated May 21, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

GPE

Exchange

LSE

Country

GB

Sector

Real Estate

Industry

Office REITs

Calls on record

24

First call

May 20, 2020

Most recent

May 21, 2026

Reporting cadence

quarterly