Shaftesbury Capital (SHC) H1 2026 earnings summary

Executive summary

• Delivered strong H1 2026 results with growth in rents, property values, income, and dividends, supported by robust leasing activity and high occupancy across the West End portfolio.

• Maintained positive leasing momentum, enhanced customer experience, and resilient demand, with 226 leasing transactions completed, 18% ahead of previous passing rents and 5% above December 2025 ERV.

• Strategy focused on sustainable growth, disciplined capital management, and responsible stewardship.

Financial highlights

• Portfolio valuation increased 3.4% like-for-like to £5.6bn; EPRA NTA per share up 3.9% to 223p; total property return 5.0%; total accounting return 4.9%.

• Underlying earnings up 8% to £44m; underlying EPS 2.4p; interim dividend up 16% to 2.2p per share.

• Gross rents grew 4% to £97.3m; like-for-like rental income up 4% year-over-year.

• Net debt at £787.4m–£800m; EPRA LTV at 16%–16.1%; net debt to EBITDA at 6.4x.

• EPRA vacancy rate at 2.6%; cost ratio at 31.9%.

Outlook and guidance

• Confident in achieving medium-term targets: 5–7% rental growth, 7–9% total property return, 8–10% total accounting return (annualized over 3–5 years), supported by strong fundamentals and leasing momentum.

• Significant embedded reversion and refurbishment pipeline expected to drive income growth over the next 12 months.

• Well-positioned for selective expansion and capitalizing on market opportunities with robust liquidity.