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Shaftesbury (SHB) investor relations material

Shaftesbury Trading Update summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Trading Update summary26 Nov, 2024

Trading performance and leasing activity

  • High footfall and strong customer sales growth reported across West End estates, with 192 leasing transactions completed at rents 9% above June 2024 ERV and 7% above previous passing rent.

  • Low vacancy rates, with only 2.1% of ERV available to let and total EPRA vacancy at 2.7%, down from 4.5% in June 2024.

  • 48 new retail and hospitality openings since July, including prominent brands such as Longines, Barbour, and Farm Rio.

  • Office and residential portfolios continue to perform well, with high-quality office space achieving rents above £100 per sq ft and limited residential vacancy.

Asset management and investment activity

  • £240 million of asset disposals completed over 18 months, with £152 million in 2024; £86 million reinvested in targeted acquisitions.

  • Sale of 50% interest in Longmartin joint venture for £94 million, close to December 2023 balance sheet value.

  • Active pipeline of asset acquisitions under review, focusing on core streets with strong rental growth prospects.

Financial position and liquidity

  • EPRA loan-to-value ratio at 29% (down from 30% in June 2024), with net debt of £1.4 billion.

  • Over £550 million in cash and undrawn facilities available, supporting ongoing investment and operations.

  • £57.5 million of private placement debt repaid in August, with a further £37.5 million due in December.

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Frequently asked questions

Shaftesbury is a Real Estate Investment Trust (REIT) focused on owning and managing retail, food and beverage, leisure and creative based assets in London's West End. The company was founded in 1986, and is headquartered in London, United Kingdom.

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