Great Portland Estates plc reported earnings results for the year ended March 31, 2013. For the period, the company reported total revenue was £69.0 million against £57.9 million a year ago. Operating profit was £193.6 million against £173.0 million a year ago. Profit before tax was £180.6 million against £155.2 million a year ago. Profit for the year was £180.6 million against £155.2 million a year ago. Diluted earnings per share was 55.7 pence against 50.2 pence a year ago. EPRA earnings per share was 6.9 pence against 5.6 pence a year ago. Cash flows from operating activities was £12.5 million against £16.4 million a year ago. Purchase of fixed assets was £0.1 million on against £0.1 million a year ago. The Group consolidated net debt was £658.9 million at March 31, 2013 up from £499.1 million at March 31, 2012 as a consequence of accretive acquisitions and development capital expenditure, partly mitigated by proceeds from the share placing and disposals. The board of the company declared a final dividend of 5.3 pence per share against 5.2 pence a year ago, which will be paid in July 2013. Of this dividend, 1.2 pence per share will be a REIT Property Income Distribution (PID) in respect of the group's tax exempt property rental business.

Great Portland Estates plc, 2013 Earnings Call, May 22, 2013

Great Portland Estates plc (GPE), in conjunction with the City of London Corporation, announces that it has pre-let 142,500 sq. ft. in its development at 12/14 New Fetter Lane, EC4 to top 20 international law firm Bird & Bird. Bird & Bird has agreed to lease all of the 12 storey office building with an option to hand back up to 25,900 sq. ft. up to six months prior to practical completion. Bird & Bird will take four 20.25 year leases, without break, paying an initial rent of £8,279,000 per annum, equating to an average of £58.80 per sq. ft. for the office space. Bird & Bird will receive 7 months rent free from lease commencement, and GPE will provide £20.6 million in cash in four equal quarterly instalments from lease completion to cover fitting out and other costs. 12/14 New Fetter Lane is held on a 154 year lease from the City Corporation at a 6% ground rent. GPE will commence demolition of the existing buildings on the site this summer with practical completion scheduled for late 2015.