Shaftesbury Capital (SHC) Trading Update summary

Portfolio performance and leasing activity

• 367 leasing transactions completed year to date, totaling £30.2 million in new contracted rent, 9% ahead of December 2024 ERV and 14% above previous passing rents.

• 174 transactions in H2 to date generated £11 million, 4.3% ahead of June 2025 ERV and 10% above previous passing rents.

• High occupancy with only 2.6% of ERV available to let and 1.5% under offer.

• Strong footfall and sales growth position the West End portfolio well for the Christmas trading period.

Asset management and development

• £10.7 million of ERV across 134,000 sq ft under refurbishment, representing 4.1% of portfolio ERV.

• Approximately 23% of refurbished space is pre-let, equating to £2.4 million in rental income.

• Notable new openings and signings across Covent Garden, Soho, Carnaby Street, and Chinatown, enhancing the tenant mix.

Financial position and capital allocation

• £80 million invested year to date in targeted acquisitions of prime, well-located assets.

• New £300 million unsecured revolving credit facility secured in October 2025, with an initial five-year maturity and two-year extension option.

• Early repayment of a £200 million senior unsecured term loan completed in October using cash resources.

• Pro forma EPRA loan-to-value ratio at 17% and net debt at £0.8 billion; access to £675 million undrawn facilities and over £300 million cash.