Full Year 2019 Great Portland Estates PLC Earnings Call Transcript

May 22, 2019 / 08:00AM GMT
Toby Courtauld - Great Portland Estates Plc - CEO & Director

All right. Good morning, everybody. A very warm welcome to our annual results presentation. Thank you very much for coming. It's great to see so many of you here this morning. We're going to have our full on usual agenda. There's a lot of information that we are going to get through this morning. We're going to give you a really clear steer on market conditions. We're obviously going to talk about our investments and disposition programs, and we'll touch obviously on development and portfolio management with the team. I'm then going to ask my wonderful colleagues to come and help me answer some questions later on, so feel free to get stuck in at that point.

But let's start first of all with my overview. And in the face of an uncertain backdrop, we have again delivered solid results. Our valuation was up 0.2% over the year driven by developments, up 4.1%; and ERV is up 1.2%. NAV was up 1%; and we are paying a higher dividend, up 8%.

Our performance relative to IPD remains marginally negative, shown on the table, due

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