Shaftesbury Capital (SHC) H1 2025 earnings summary

Executive summary

• Delivered strong operating and financial performance in H1 2025, with growth in rents, earnings, dividends, valuation, and EPRA NTA, supported by a resilient West End portfolio and a new long-term partnership.

• Completed 193 leasing transactions, 9% ahead of December 2024 ERV, and maintained high occupancy with only 2.4% of ERV available to let.

• Enhanced financial flexibility and liquidity through the sale of a 25% interest in Covent Garden to NBIM for £574 million, while retaining management control.

• Portfolio comprises iconic West End locations with high occupancy, low capital requirements, and reliable long-term cash flows.

• Well-positioned to capitalize on market opportunities in London’s West End.

Financial highlights

• Underlying earnings grew 16% to £40.6 million (2.2p per share); interim dividend increased to 1.9p per share, up 12%.

• Portfolio valuation increased 3.1% like-for-like to £5.2 billion, driven by 2.9% ERV growth and stable yields.

• EPRA NTA per share rose 3.3% to 206.8p; total accounting return was 4.2% for the period.

• Net debt reduced to £776.7 million (from £1,405.0 million at year-end 2024); EPRA LTV improved to 16.6%.

• IFRS profit for the period was £173.0 million, up from £86.1 million in H1 2024.

Outlook and guidance

• Targeting 5–7% rental growth and 8–10% total accounting returns over the medium term, supported by strong leasing pipeline and high activity levels.

• Well positioned for expansion and investment opportunities in London’s West End, with strong liquidity and balance sheet.

• Focus remains on rental growth, operational efficiencies, and accretive capital deployment.