2025 Annual Report

Confidence in the strength of our West End portfolio

a group of people walking in a courtyard

Our unique portfolio of West End destinations, combined with active management and disciplined investment, continues to deliver strong performance. Explore our Annual Report to learn more about our financial results.

Our year in review

Delivering consistent, long-term rental growth

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2026 Interim Results

Positive momentum continued in H1 2026, delivering growth in rental income, earnings, dividends and property values, supported by a strong balance sheet and liquidity position. Download to learn more about our financial performance.

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Highlights

Strong financial performance

Strong performance with growth in rental income, earnings, dividends and valuation.

people a couple of people walking a dog outside a store

2026

H1 performance

223p

EPRA NTA per share

6.4x

net debt to EBITDA

16%

EPRA LTV

2.4p

underlying earnings per share

2.2p

dividend per share

Excellent operating performance

Strong operating performance with high occupancy, capturing reversion, ERV and valuation growth.

a storefront with a sign on the front

2026

H1 performance

2.6%

low vacancy

226

leasing transactions completed in H1, 4.9% ahead of ERV

+3.4%

L-f-L valuation growth to £5.6bn

+3.8%

L-f-L ERV growth (half year)

+2.0%

L-f-L AGI growth (half year)

a man in a suit and tie

Positive operating and financial performance has continued into the first half of 2026, resulting in growth in rental income, earnings, dividends, property valuation and net tangible assets per share, whilst maintaining a strong balance sheet and liquidity position.

Situl Jobanputra – Chief Financial Officer
a man in a suit and tie

We are pleased to report another successful year, delivering growth in rental income, earnings, dividends, property valuation and net tangible assets per share.

Ian Hawksworth – Chief Executive