Great Portland Estates’ share price rose today despite the company swinging to a loss, as it reported rising office rental values and plans to expand its flexible office portfolio.
The FTSE 250 developer’s shares were valued at 723.5p at the close, a near 1% gain, as it put its losses down to a steep, but expected, 16.7% drop in retail rent value.
The company reported a year-end net asset value per share of 779p, down 10.3% year-on-year but marginally above analyst forecasts.
Speaking to EG, GPE chief executive Toby Courtauld said flex space could become the dominant use type across its portfolio over the coming years.
Regional REIT was the day’s property riser, gaining 6.2% to finish at 87.5p. The company said in a trading update today that it will increase its dividend and continue to dispose of properties in sectors other than offices.
Also trading up was LXi REIT, finishing up 1.47% at 138p after confirming that its NAV rose over the past year. That was driven by its industrial and supermarket assets performing well during the pandemic.
Elsewhere, property shares had a mixed day on the FTSE 100 index, with housebuilder Persimmon dropping 2% to 3,046p, Landsec finishing 1.64% down at 707.4p and British Land falling 0.73% to 518.6p. SEGRO rose by 0.75% to 1,014p.
That came as the blue-chip index fell 1.2% to 6,950 points as inflation fears spooked investors. The latest official figures revealed consumer prices more than doubled in April to 1.5%, pushed higher by energy costs. The FTSE 250 was down 0.44% to 22,243 points at the close.
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