Shaftesbury Capital (LSE:SHC) on Wednesday reported underlying earnings per share of 4.5 pence for the year ended 31 December 2025, representing a 12% increase compared with 4.0 pence in the previous year.
The West End-focused property group also announced a 14% rise in its dividend to 4.0 pence per share, supported by solid operational performance across its retail, food and beverage, and office portfolio.
The value of the company’s property portfolio increased 6.6% on a like-for-like basis to £5.4 billion, driven by a 6.2% uplift in estimated rental values, which reached £270 million.
Like-for-like revenue grew 5.3% to £215 million, underpinned by 434 leasing transactions generating £39 million in contracted rent. These agreements were signed at levels 10.3% above December 2024 estimated rental values and 13.9% higher than prior passing rents.
Portfolio occupancy remained strong, with only 2.6% of estimated rental value currently available for leasing.
Chief Executive Ian Hawksworth stated: “We are pleased to report another excellent year, delivering growth in rental income, earnings, dividends, property valuation and net tangible assets per share. Our West End estates continue to perform, with vibrant destinations supported by high occupancy, footfall and customer sales.”
EPRA net tangible assets per share rose 7.2% to 214.7 pence, resulting in a total accounting return of 9.1%. The equivalent yield across the portfolio tightened slightly by 2 basis points to 4.43%.
Administrative expenses declined by 8% year on year on a cash basis, excluding share-based payments, reflecting continued progress in cost efficiency initiatives.
In April 2025, the company completed a long-term partnership with Norges Bank Investment Management, selling a 25% non-controlling stake in its Covent Garden estate for £574 million.
The transaction strengthened Shaftesbury Capital’s balance sheet, reducing EPRA loan-to-value to 16.8% from 27.4% and lowering net debt to £813 million from £1.4 billion.
During the year, the company invested £113.3 million into its portfolio, including £33.1 million in capital expenditure and £80.2 million allocated to acquisitions. Retail assets, which account for 36% of the portfolio, delivered particularly strong performance, with valuations rising 10.4% and estimated rental values increasing 8.1%.
Leave a Reply