Shaftesbury Capital PLC

Latest Results (20.05.2026):

Shaftesbury Capital PLC — Q4 2025 / Year ended 31 December 2025: The company reported robust full‑year 2025 results (year ended 31 December 2025, including Q4 2025), showing growth across income, earnings, dividends and valuation, supported by strong West End leasing and the formation of a long‑term 25% Covent Garden partnership with NBIM.

Headline financials

EPRA net tangible assets per share rose to 214.7p (+7.2%). Underlying earnings were £81.9m (4.5p per share, +12.2%); dividend increased 14% to 4.0p per share. Reported total accounting return was 9.1% and total property return 10.1%.

Portfolio valuation and ERV

Portfolio market value under management was £5.41bn (like‑for‑like +6.6%). Estimated rental value (ERV) increased 6.2% to £270.3m. Retail and F&B led performance with retail valuations +10.4% and ERV growth +8.1%.

Leasing and occupancy

434 leasing transactions completed in 2025, representing c.£38.8–39.0m of contracted rent, on average 10.3% ahead of Dec‑2024 ERV and 13.9% ahead of previous passing rents. Portfolio occupancy remained high (c.97% occupied; 2.6% of ERV available‑to‑let).

Capital activity and partnerships

Shaftesbury invested £113.3m into the portfolio (£33.1m capex; £80.2m acquisitions). On 1 April 2025 NBIM acquired a 25% interest in the Covent Garden estate, generating gross proceeds of £574m and establishing a long‑term operating partnership.

Balance sheet and liquidity

Net debt (Group share) was £813.3m (EPRA LTV 16.8%, down from 27.4% in 2024). Cash plus undrawn committed facilities totalled c.£1.014bn, providing substantial liquidity and covenant headroom.

Debt, hedging and maturities

Net debt to EBITDA reduced to 6.6x. The Group has largely fixed or hedged its interest exposure (interest‑rate caps in place for 2026) and intends to apply proceeds towards refinancing/repayment needs, including the £275m exchangeable bond maturing in March 2026.

Operational and sustainability highlights

Annualised gross income rose to £215.0m (like‑for‑like +5.3%). Consumer footfall and sales strengthened (customer sales ~30% ahead of pre‑pandemic levels). Sustainability progress includes a 29% decrease in Scope 1 & 2 emissions in 2025 and continued work on net‑zero targets (SBTi‑aligned, Net Zero Carbon target reset to 2040).

Outlook

The Board expects medium‑term rental growth of 5–7% pa and targets total property returns of 7–9% and total accounting returns of 8–10% pa, driven by active asset management across Covent Garden, Carnaby | Soho and Chinatown and by the strengthened balance sheet and liquidity position.