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.
IAN HAWKSWORTH, CHIEF EXECUTIVE
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 June 2026 | As at 31 December 2025 | |
|---|---|---|
| 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 | £5,620m | £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 |
- Refer to note 3 'Performance Measures' on page 28.
- Refer to note 9 'Property Portfolio' on page 32.
| Six months ending 30 June 2026 | Six months ending 31 December 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 share2 | 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% |
- Refer to the 'Consolidated Income Statement' on page 30.
- Refer to note 3 'Performance Measures' on page 28.
- Refer to note 8 'Dividends' on page 31.
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.
Enquiries
| Shaftesbury Capital PLC | +44 (0)20 3214 9150 | |
| Ian Hawksworth | Chief Executive | |
| Situl Jobanputra | Chief Financial Officer | |
| Sarah Corbett | Director of Commercial Finance and Investor Relations | |
| Media Enquiries | ||
| Hudson Sandler | Michael Sandler | +44 (0)20 7796 4133 |
| RMS Partners | Simon Courtenay | +44 (0)20 3735 6551 |
A presentation to analysts and investors will take place today at 08:30am (UK time) at the offices of UBS, 5 Broadgate, London EC2M 2QS. The presentation will also be available to analysts and investors through a live audio call and webcast and after the event on the Group’s website at www.shaftesburycapital.com.
A copy of this announcement is available for download here.
About Shaftesbury Capital
Shaftesbury Capital PLC ("Shaftesbury Capital") is the leading central London mixed-use REIT and is a constituent of the FTSE-250 Index. Our property portfolio under management, valued at £5.6 billion, extends to 2.8 million square feet of lettable space across the most vibrant areas of London's West End. With a diverse mix of shops, restaurants, cafés, bars, residential apartments and offices, our destinations include the high footfall, thriving neighbourhoods of Covent Garden, Carnaby, Soho and Chinatown. Our properties are close to the main West End Underground stations and transport hubs for the Elizabeth Line. Shaftesbury Capital shares are listed on the London Stock Exchange ("LSE") (primary) and the Johannesburg Stock Exchange ("JSE") (secondary) and the A2X (secondary).
Our purpose
Investing to create thriving destinations in London’s West End where people enjoy visiting, working, and living.
Our values
We have a set of values that are fundamental to our behaviour, decision making and the delivery both of our purpose and strategy: Act with integrity; Take a creative approach; Listen and collaborate; Take a responsible, long-term view; and Make a difference.