Full Year 2023 Great Portland Estates PLC Earnings Interview with CEO Transcript
Well, in the context of conditions, which we said in November were likely to be challenging, I think we performed actually remarkably well. You've seen some of that challenge in the valuation, which was down 6.6%. But at the same time, we've delivered significant outperformance against our main benchmarks in our valuation and total return numbers. Our rents are up. We've beaten ERV substantially by 2.1% and 3.3% in offices, and our Flex portfolio has performed really well, where the beat was 10.8%. So there's some really strong numbers.
And if you look at the shape of the balance sheet today, it's as strong as it's ever been. Gearing was under 20% at the end. We have more than GBP 400 million of cash sitting available for us to use in our portfolio and acquisitions. So overall, I think, actually, we performed remarkably well.
So in the context of these more difficult conditions I referenced earlier, the leasing has been a record level. We delivered GBP 55.5 million worth of new rents over the year. We saw really strong
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