GPE said the value of its portfolio fell by 6.6% to £2.4bn in its 2023 full year financial results, driven by yield expansion.
The company reported EPRA earnings of £24m – down 12.4% on 2022 – and an IFRS loss after tax of £163.9m (2022: profit of £167.2m).
GPE said rental values rose by 2.1% (+3.3% offices – including flex +4.0%, with retail rental values down 4.5%). It maintained its total dividend at 12.6p.
Toby Courtauld, GPE chief executive, said: During a year marked by elevated political and economic uncertainty, we have delivered a strong operating performance with record leasing, positive rental growth and resilient financial results.
“Despite the impact of recent interest rate rises, London has continued to recover and is evidently busier than this time last year; centrally located offices are returning to more normal levels of occupation, and the West End is seeing higher numbers of both shoppers and tourists, supported by the opening of the Elizabeth Line.
“So, with exceptionally strong finances and plentiful liquidity, we will continue capitalising on opportunities that are emerging, and with our experienced team, we can look to our future with confidence.”
