News

Shaftesbury Capital returns to growth

Shaftesbury Capital has reported strong annual results with valuations up 4.5%, a further indication that the real estate market has turned a tide.

The value of its portfolio in London’s West End at the end of 2024 was £5.0bn, up 4.5% on a like-for-like basis driven by 7.7% ERV growth offset by a marginal outward yield movement of 13 basis points.

This contributed to a EPRA net tangible assets (NTA) increase of 5.2% to 200.2p per share.

Underlying earnings increased by 16.2% to 4.0p per share, allowing the company to up its proposed total dividend for 2024 to 3.5p (up 11% on 2023).

Operational highlights

473 leasing transactions, representing £48.7m of contracted rent, 9% ahead of December 2023 ERV and 14% ahead of previous passing rents
8.0% like-for-like increase in annualised gross income to £202.8m (Dec 23: £192.8m) and 7.7% like-for-like increase in ERV to £250.6m (Dec 23: £236.9m)
Vacancy rate at just 2.6% of ERV
Customer sales were up 3.1% on a like-for-like basis relative to 2023
£246.6m of disposals completed since Capital & Counties and Shaftesbury merger, with £86m reinvested in acquisitions
In addition, it sold a 50% interest in Longmartin to its joint venture partner for net cash consideration of £94m
Strong balance sheet with access to £560m of liquidity, net debt of £1.4bn (Dec 2023: £1.5bn) and EPRA loan-to-value ratio of 27% (Dec 2023: 31%)

Ian Hawksworth, chief executive, commented:

“We are delighted to deliver a strong set of results for 2024. Our West End estates continue to be busy and vibrant with high footfall and customer sales growth. There continues to be strong leasing demand with 473 transactions completed 9 per cent ahead of December 2023 ERV, with an excellent leasing pipeline. Valuation has increased 4.5 per cent driven by strong ERV growth. The momentum of 2024 has continued into the current year. With our strong balance sheet, we are well-positioned to capitalise on market opportunities and confident of delivering further growth as the leading central London mixed-use REIT.”

Written By Richard Williams

Property Analyst

Disclaimer

This website is for information purposes only and is not intended to encourage the reader to deal in any mentioned securities. QuotedData is a trading name of Marten & Co Limited, which is authorised and regulated by the Financial Conduct Authority. Some of the content in this website is sponsored and, although it abides by Content Principles and Objectives, (/about-quoteddata/research-principles-objectives/) it is considered non-independent. Investments may involve a significant degree of risk, including loss of capital. The value of an investment and the income from it could go down as well as up. The return of your investment is not guaranteed, and you may get back less than you originally invested. Past performance is not an indicator of future performance. It is important that you read the Terms and Conditions (/about-quoteddata/terms-and-conditions/) before considering any investment.

Previous Article Next Article

Leave a Reply Cancel reply

JPMorgan UK Small Cap Growth & Income reports on “momentous year”

JPMorgan UK Small Cap Growth & Income (JUGI) has published its annual results for the year to 31st July 2024, which its chairman, Andrew Impey, says has been a “momentous year” for the company. During the year, JUGI provided an NAV total return of 28.4% and a share price total return of 43.3%, both massively […]

Heightened London activity boosts Shaftesbury Capital

Shaftesbury Capital has reported solid results for the year to 31 December 2023, as leasing activity picked up and valuations declines were muted. The company transacted 526 leasing deals, representing £37.0m of rent, 10.0% ahead of estimated rental value (ERV). Annualised gross income increased 10.4% on a like-for-like basis to £192.8m. The portfolio ERV grew 6.9% […]

Shaftesbury returns to pre-COVID performance metrics

Shaftesbury, which owns a 16.4-acre portfolio in the heart of London’s West End, has reported results for the year ended 30 September 2022 that show all performance metrics have returned to pre-COVID levels. It said that the West End economy had seen a “rapid rebound” in activity, with footfall and spending ahead of 2019 levels. […]

Tak Lee opposes Shaftesbury fundraise

Tak Lee opposes Shaftesbury fundraise – On 30 January Shaftesbury announced that it had received a statement from Mr. Samuel Tak Lee, the ultimate beneficial owner of a 25.02% stake in the company. The statement indicates that the shares ultimately owned by Mr. Samuel Tak Lee will be voted against the following resolutions to be proposed at […]

TR Property – Tactical gearing and income resilience help mitigate macro drag

TR Property (TRY) has reported full-year results to 31 March 2025, during which it delivered a NAV total return of -2.5%, outperforming its benchmark’s -3.8% decline. While the first half of the year was supported by narrowing credit spreads and improving sentiment, the second half was challenged by rising bond yields, geopolitical turbulence, and renewed […]

Clouds parting for real estate

Results season has been a depressingly gloomy affair over the last two or three years for property analysts, but a series of 2024 reports posted this week show that the clouds are parting and the light is starting to peer through for real estate. In the main, 2024 was a very positive year for the […]

QuotedData’s morning briefing 28 February 2025 – JGGI, ORIT, PIN

In QuotedData’s morning briefing 28 February 2025: JPMorgan Global Growth & Income (JGGI) has published its interim results for the six-months ended 31st December 2024. Highlights from the results include: JGGI provided an NAV total return of 2.7% and a share priced total return of 2.4% – both underperforming its benchmark, the MSCI AC World […]

QuotedData’s morning briefing 27 February 2025 – NCYF, BSIF, BBGI, MWY

In QuotedData’s morning briefing 27 February 2025: CQS New City High Yield (NCYF) posted a NAV total return of 3.6% for the six months ended 31 December 2024. The share price total return was 2.9%, with the premium to NAV narrowing slightly to 4.9%. The company’s dividend yield was 8.8% at the end of 2024, […]

QD view – meaningful mergers

Earlier this week the board of the Independent Investment Trust (IIT) announced plans to merge the company with Baillie Gifford’s Monks Investment Trust (MNKS). IIT’s shareholders can opt for a full cash realisation or choose to have their money rolled over into Monks (so would not be subject to capital gains tax), which follows similar […]

QD view – Watch property go in 2021

Forced closures, withheld rent and suspended dividends, the real estate sector had a tumultuous 2020. There were, however, some property sectors and companies that performed well during the year. So, what can be gleaned from looking at the performance of individual property companies during an unprecedented year of disruption, especially as we enter a third […]

Search

Account

Menu