West End landlord Great Portland Estates swings to loss as tourists and Londoners stay at home
West End landlord Great Portland Estates has reported a full-year loss this morning, as the pandemic wreaked havoc in its retail portfolio.
The FTSE 250-listed company, which owns 2.6m sq ft of central London property, said loss after tax for the year to 31 March came in at £201.9m, compared with a profit of £51.8m a year earlier.
The London landlord said it expects retail challenges to persist given both structural change and the time it may take for footfall to recover to pre-pandemic levels.
Great Portland Estates said a per share measure which reflects the value of its buildings, EPRA net tangible asset (NTA), fell 10.3 per cent to 779p, and valuation of its retail portfolio plunged 27.3 per cent.
Yesterday, its larger rival Land Securities said its full-year loss widened by more than £500m as a steep decline in rental income and footfall during the pandemic battered the firm’s retail and leisure assets.
Great Portland said its annual net rental income fell to £62.1m from £79.9ms a year earlier.
The company has a joint venture at the newly developed 18 Hanover Square, a nine storey building incorporating the eastern entrance to the Elizabeth Line’s Bond Street station.