Shaftesbury Capital Plc (LON:SHC) has announced its interim results for the six months ended 30 June 2026.
Ian Hawksworth, Chief Executive, commented:
“We have delivered strong performance, with 226 leasing transactions completing 18 per cent ahead of previous passing rents and 5 per cent ahead of December 2025 ERV contributing to portfolio valuation uplift of 3.4 per cent. Despite broader market uncertainty, our prime West End portfolio continues to deliver high footfall, customer sales growth, high occupancy and a strong pipeline. We have significant growth potential across our portfolio and supported by our strong balance sheet, we are well-positioned to pursue expansion opportunities and capitalise on market opportunities as they arise.”
Highlights
· EPRA NTA increased by 3.9 per cent to 223 pence per share delivering total accounting return of 4.9 per cent
· Portfolio valuation increased by 3.4 per cent like-for-like to £5.6 billion, supported by a 3.8 per cent like-for-like increase in ERV to £281 million, delivering total property return of 5.0 per cent
· H1 underlying earnings up 8 per cent to 2.4 pence per share and interim dividend increased by 16 per cent to 2.2 pence per share
· 226 leasing transactions, representing £23.2 million of contracted rent, 5 per cent ahead of December 2025 ERV and 18 per cent ahead of previous passing rents
· High occupancy: 2.6 per cent of ERV available to let, with strong footfall and customer sales growth
· Continued investment activity through £31.2 million of capital expenditure and acquisitions and disposal of non-core asset for £64.7 million broadly in line with valuation
· In June 2026, the Covent Garden partnership entered into a new £300 million unsecured revolving credit facility on attractive terms with a five-year maturity and two one-year extension options
· Well-positioned for growth, expansion and investment with a strong balance sheet, EPRA LTV of 16 per cent and access to significant liquidity
Key financials
| As at 30 June2026 | As at 31 December2025 | |
| Total equity attributable to owners of the Parent | £4,113.2m | £3,954.2m |
| IFRS total equity per share1 | 223.2p | 214.6p |
| EPRA net tangible assets1 | £4,112.1m | £3,954.9m |
| EPRA net tangible assets per share1 | 223.1p | 214.7p |
| Market value of property portfolio under management2 | £5,620.6m | £5,407.1m |
| Like-for-like property valuation movement | +3.4% | +6.6% |
| Like-for-like ERV growth | +3.8% | +6.2% |
| Market value of property portfolio (Group share)2 | £4,883.2m | £4,700.7m |
| Net debt (Group share) | £787.4m | £813.3m |
| EPRA LTV | 16.1% | 16.8% |
| Net debt to EBITDA (Group share) | 6.4x | 6.6x |
1. Refer to note 3 ‘Performance Measures’.
2. Refer to note 9 ‘Property Portfolio’.
| Six months ending30 June 2026 | Six months ending30 June 2025 | |
| Profit for the period attributable to owners of the Parent1 | £193.8m | £151.6m |
| Basic earnings per share2 | 10.6p | 8.3p |
| Underlying earnings per share2 | 2.4p | 2.2p |
| Interim dividend per share3 | 2.2p | 1.9p |
| JSE headline earnings per share2 | 2.3p | 1.6p |
| Total property return | 5.0% | 4.9% |
| Total accounting return | 4.9% | 4.2% |
| Total shareholder return | -3.3% | 26.1% |
1. Refer to the ‘Consolidated Income Statement’.
2. Refer to note 3 ‘Performance Measures’.
3. Refer to note 8 ‘Dividends’.
Refer to Glossary of terms.
Presentation of information
The property level information set out within the interim results, including valuation and rental data, reflects the portfolio under management at 100 per cent. Further information on the Group share, reflecting the Covent Garden estate at 75 per cent ownership, following the establishment of the long-term partnership with NBIM on 1 April 2025, is set out on page 39. The Group financial statements are prepared under IFRS whereby the Group fully consolidates the Covent Garden estate, reporting NBIM’s 25 per cent interest in Covent Garden as a non-controlling interest.
