Shaftesbury Capital, the central London mixed-use REIT, has published its interim results for the six months ended June 2024, reporting an EPRA NTA of 193.4 pence per share, up 1.6 % (December 2023: 190.3 pence per share).
The Group experienced strong leasing demand across all its assets with 217 leasing transactions, representing £28.1 million of contracted rent – 7% ahead of December 2023’s ERV and 16% ahead of previous passing rents.
With a high occupancy (2.7% of ERV available to let), levels of footfall, customer sales growth, and increasing levels of international tourism was experienced at its West End estates.
“We are very pleased with performance across the business. Having set clear priorities, we are delivering on strategy. Conditions across the West End’s occupational and investment markets continue to improve. Our strong leasing activity at rents on average 7 per cent ahead of December 2023 ERV is delivering rental growth and increased valuations. With a strong balance sheet, we are well-positioned to generate rental growth and take advantage of market opportunities,” comments Ian Hawksworth, Chief Executive of Shaftesbury.
The Group’s portfolio valuation increased by 1.4% on a like-for-like basis at £4.8 billion driven by ERV growth.
Shaftesbury reported a 3.2% like-for-like increase in its ERV to £241 million (December 2023: £236.9 million) with its annualised gross income up 3.9% like-for-like to £196.5 million (December 2023: £192.8 million).
Disposals of £216 million were completed since its merger with Capital & Counties in early March 2023, at an overall premium to valuation with £86 million reinvested in acquisitions. The Group’s balance sheet remains strong with access to £579 million of liquidity, net debt of £1.5 billion and an EPRA loan-to-value (LTV) ratio of 30% (December 2023: 31%).
The Group’s Board declared underlying earnings of 1.9 pence per share (H2 2023: 1.8 pence) and an interim dividend of 1.7 pence per share (H2 2023: 1.65 pence).