Shaftesbury Capital PLC

Latest Results (30.06.2026):

Shaftesbury Capital PLC — results for the fourth quarter of 2025 (year ended 31 December 2025): the company reported strong full‑year 2025 results with growth across income, earnings, dividends and property valuation. EPRA NTA rose to 214.7p, portfolio valuation increased to about £5.4bn and underlying earnings and dividends both increased year‑on‑year, while the Group strengthened liquidity following a 25% sale of the Covent Garden estate to NBIM.

Headline financials

EPRA NTA up 7.2% to 214.7p per share; IFRS equity per share 214.6p. Underlying earnings rose c.12% to 4.5p per share; IFRS profit attributable to owners £340.2m. Dividend increased 14% to 4.0p per share (final proposed 2.1p).

Portfolio valuation and rental tone

Portfolio market value under management £5.41bn (+6.6% like‑for‑like); ERV up 6.2% to c.£270m. Equivalent yield marginally tightened to ~4.43%; net initial yield 3.6% (topped‑up 3.9%). Market rent (ERV) is ~26% above current passing rent, indicating reversionary upside.

Leasing and occupancy

434 leasing transactions in 2025 (total contracted rent c.£39m), 10.3% ahead of Dec‑2024 ERV and 13.9% ahead of previous passing rents. Portfolio occupancy effectively ~97% (EPRA vacancy including under‑offer 4.2%; available‑to‑let 2.6% of ERV). Strong footfall and customer sales reported.

Balance sheet and liquidity

Net debt reduced to £813.3m (EPRA LTV 16.8% vs 27.4% at Dec‑24). Cash and undrawn committed facilities total c.£1.01bn. Net debt/EBITDA ~6.6x; interest cover ~4.0x. Proceeds from the NBIM transaction strengthened liquidity.

Covent Garden partnership / major transaction

On 1 April 2025 NBIM acquired a 25% non‑controlling interest in the Covent Garden estate for gross cash proceeds of £574m. Group now reports on a Group‑share basis (75% Covent Garden) while IFRS consolidates with a non‑controlling interest line.

Investment and disposals

Total portfolio investment £113.3m in 2025 (capex £33.1m; acquisitions £80.2m). Disposals proceeds £12.4m. Active refurbishment pipeline with c.£11.3m ERV under refurbishment across ~130,000 sq ft.

Returns and shareholder performance

Total accounting return 9.1%; total property return 10.1% (outperforming MSCI UK property return). Total shareholder return for the year 18.6%, reflecting dividend and share price movement.

Operational & sustainability highlights

Annualised gross income c.£215.0m (+5.3% like‑for‑like). Customer sales ~30% above pre‑pandemic levels. Sustainability: 94% of portfolio by ERV rated EPC A–C; 54% cumulative GHG reduction vs 2019 and a Science Based Targets (Net Zero 2040) pathway.

Outlook

Management expects medium‑term rental growth of 5–7% pa, supporting total property returns of 7–9% and total accounting returns of 8–10% pa. The Group says it is well‑positioned to pursue accretive opportunities given low leverage, strong liquidity and an active leasing pipeline.