Wrap Text
Audited preliminary results for the year ended 31 December 2025
SHAFTESBURY CAPITAL PLC
(Incorporated and registered in the United Kingdom
with Registration Number 07145051 and
registered in South Africa as an external company
with Registration Number 2010/003387/10)
JSE code: SHC ISIN: GB00B62G9D36
LEI: 549300TTXXZ1SHUI0D54
("Shaftesbury Capital" or "the Company")
AUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025
25 FEBRUARY 2026
Ian Hawksworth, Chief Executive, commented:
"We are pleased to report another excellent year, delivering growth in rental income,
earnings, dividends, property valuation and net tangible assets per share. Our West End
estates continue to perform, with vibrant destinations supported by high occupancy,
footfall and customer sales. Leasing demand remains strong, with 434 transactions
completed during the year at 10 per cent ahead of December 2024 ERV. Portfolio valuations
increased by 6.6 per cent and we enter 2026 with a strong leasing pipeline across our
destinations.
The investment in Covent Garden by a leading global real estate investor, NBIM, further
underlines the quality and long-term appeal of our portfolio. With enhanced liquidity and
a strong balance sheet, we are well-positioned to pursue accretive opportunities and grow
assets under management."
Highlights
- EPRA NTA increased by 7.2 per cent to 214.7 pence per share delivering total
accounting return of 9.1 per cent
- Portfolio valuation increased by 6.6 per cent like-for-like to £5.4 billion, supported
by a 6.2 per cent like-for-like increase in ERV to £270 million
- Underlying earnings improved 12 per cent to 4.5 pence per share and dividends
increased by 14 per cent to 4.0 pence per share
- 434 leasing transactions, representing £39 million of contracted rent, 10.3 per cent
ahead of December 2024 ERV and 13.9 per cent ahead of previous passing rents
- High occupancy: 2.6 per cent of ERV available to let, with positive start to 2026 with
strong footfall and customer sales
- Portfolio investment through £113.3 million of capital expenditure and acquisitions
providing excellent asset management and rental growth opportunities
- Completion of long-term partnership with Norges Bank Investment Management ("NBIM") in
respect of the Covent Garden estate
- Well-positioned for growth, expansion and investment with a strong balance sheet,
access to significant liquidity and low leverage
Presentation of information
The property level information set out within the annual results, including valuation and
rental data, reflects the portfolio under management at 100 per cent. Further information
on the Group share, reflecting the Covent Garden estate at 75 per cent ownership,
following the long-term partnership with Norges Bank Investment Management ("NBIM"), is
set out on page 48 of the consolidated audited preliminary results for the year ended
31 December 2025 ("FY25 results"). The Group financial statements are prepared under IFRS
whereby the Group fully consolidates the Covent Garden estate, reporting NBIM's 25 per
cent interest in Covent Garden as a non-controlling interest.
KEY FINANCIALS
As at As at
31 December 2025 31 December 2024
Total equity attributable to owners of the Parent £3,954.2m £3,674.3m
IFRS total equity per share 214.6p 200.4p
EPRA net tangible assets £3,954.9m £3,671.1m
EPRA net tangible assets per share 214.7p 200.2p
Market value of property portfolio under £5,407.1m £4,973.5m
management
Like-for-like property valuation movement +6.6% +4.5%
Like-for-like ERV growth +6.2% +7.7%
Market value of property portfolio (Group share) £4,700.7m £4,973.5m
Net debt £813.3m £1,405.0m
EPRA LTV 16.8% 27.4%
Net debt to EBITDA 6.6x 10.9x
Year ended Year ended
31 December 2025 31 December 2024
Profit for the year attributable to owners of the £340.2m £252.1m
Parent
JSE headline earnings per share 3.3p 3.4p
Underlying earnings per share 4.5p 4.0p
Dividend per share 4.0p 3.5p
Total property return 10.1% 7.6%
Total accounting return 9.1% 7.0%
Total shareholder return 18.6% (6.9%)
About Shaftesbury Capital
Shaftesbury Capital is the leading central London mixed-use REIT and is a constituent of the
FTSE-250 Index. Our property portfolio under management, valued at £5.4 billion, extends to
2.8 million square feet of lettable space across the most vibrant areas of London's West End.
With a diverse mix of shops, restaurants, cafés, bars, residential apartments and offices,
our destinations include the high footfall, thriving neighbourhoods of Covent Garden,
Carnaby, Soho and Chinatown. Our properties are close to the main West End Underground
stations and transport hubs for the Elizabeth Line. Shaftesbury Capital shares are listed on
the London Stock Exchange ("LSE") (primary) and the Johannesburg Stock Exchange ("JSE")
(secondary) and the A2X (secondary).
Our purpose
Investing to create thriving destinations in London's West End where people enjoy visiting,
working, and living.
Our values
We have a set of values that are fundamental to our behaviour, decision making and the
delivery both of our purpose and strategy: Act with integrity; Take a creative approach;
Listen and collaborate; Take a responsible, long-term view; and Make a difference.
This announcement is the responsibility of the Directors of Shaftesbury Capital. It is
only a summary of the information contained in the FY25 results and does not contain full
or complete details.
Any investment decision should be based on consideration of the FY25 results accessible
from 25 February 2026 via SENS and the JSE cloudlink at:
https://senspdf.jse.co.za/documents/2026/JSE/isse/SHCE/FY25Result.pdf and also available
on the Company's website at:
https://www.shaftesburycapital.com/en/investors/results-reports-presentations.html.
Copies of the FY25 results may also be requested by contacting the Company
(cosec@shaftesburycapital.com or telephone +44 (0) 20 3214 9150).
The consolidated audited preliminary annual financial statements for the year ended
31 December 2025 and this announcement were approved by the Board of Directors on
24 February 2026. The auditors, PricewaterhouseCoopers LLP, have reported on the
consolidated audited preliminary annual financial statements for the year ended
31 December 2025 under section 495 of the Companies Act 2006. The auditors' report is
unqualified and does not contain a statement under section 498(2) or (3) of the Companies
Act 2006. The Company's statutory financial statements for the year ended
31 December 2024 have been filed with the Registrar of Companies and those for the year
ended 31 December 2025 will be filed following the Company's Annual General Meeting to be
held on Thursday, 14 May 2026.
DIVIDENDS
The Directors of Shaftesbury Capital have proposed a final cash dividend of 2.1 pence per
ordinary share (ISIN GB00B62G9D36) payable on Friday, 22 May 2026.
Dates
The following are the salient dates for the payment of the proposed 2025 final cash
dividend:
Proposed 2025 final dividend announced Wednesday, 25 February 2026
Sterling/Rand exchange rate struck Wednesday, 8 April 2026
Sterling/Rand exchange rate and dividend amount in Rand Thursday, 9 April 2026
announced by 11.00 am (Johannesburg time)
Last day to trade cum-dividend* Tuesday, 21 April 2026
Ordinary shares listed ex-dividend on the JSE Wednesday, 22 April 2026
Ordinary shares listed ex-dividend on the LSE Thursday, 23 April 2026
Record date for the 2025 final dividend in UK and South Africa Friday, 24 April 2026
Deadline for submission of declaration of eligibility to Friday, 24 April 2026
receive gross PID payment to UK registrar (COB)
Annual General Meeting Thursday, 14 May 2026
Dividend payment date for shareholders Friday, 22 May 2026
The proposed 2025 final cash dividend is subject to approval at the Company's Annual
General Meeting, to be held on Thursday, 14 May 2026.
*South African shareholders should note that, in accordance with the requirements of
Strate, the last day to trade cum-dividend on the JSE will be Tuesday, 21 April 2026. No
dematerialisation or rematerialisation of shares will be possible from Wednesday,
22 April 2026 to Friday, 24 April 2026 inclusive. No transfers between the UK and South
African registers may take place from close of business on Thursday, 9 April 2026 to
Friday, 24 April 2026 inclusive.
The above dates are proposed and subject to change.
The proposed 2025 final cash dividend will be paid wholly as a Property Income
Distribution ("PID"). There will be no Non-PID (ordinary dividend) element of the final
cash dividend. As such, the entire final cash dividend will be subject to a deduction of
a 20 per cent UK withholding tax unless exemptions apply.
Information for shareholders
The information below is included only as a general guide to taxation for shareholders
based on Shaftesbury Capital's understanding of the law and the practice currently in
force. Any shareholder who is in any doubt as to their tax position should seek
independent professional advice.
UK shareholders
The proposed 2025 final cash dividend will be paid wholly as a PID. Certain categories of
shareholders may be eligible for exemption from the 20 per cent UK withholding tax and
may register to receive their dividends on a gross basis. Further information, including
the required forms, is available from the 'Investor Information' section of the Company's
website (https://www.shaftesburycapital.com/en/investors/investor-information.html), or
on request from the Company's UK registrar, MUFG Corporate Markets. Validly completed
forms must be received by MUFG Corporate Markets no later than the dividend record date,
as advised; otherwise the dividend will be paid after deduction of tax.
There will be no Non-PID element of the final cash dividend.
South African shareholders
The proposed 2025 final cash dividend proposed by the Company is a foreign payment and
the funds are sourced from the UK.
PID: The proposed 2025 final cash dividend will be paid wholly as a PID and a 20 per cent
UK withholding tax is applicable to a PID. As such, South African shareholders may apply
to HMRC after payment of the proposed 2025 final cash dividend for a refund of the
difference between the 20 per cent UK withholding tax and the UK/South African double
taxation treaty rate of 15 per cent.
The proposed 2025 final cash dividend will be exempt from income tax but will constitute
a dividend for Dividends Tax purposes, as it will be declared in respect of a share listed
on the exchange operated by the JSE. South African Dividends Tax will therefore be
withheld from the proposed 2025 final cash dividend at a rate of 20 per cent, unless a
shareholder qualifies for an exemption and the prescribed requirements for effecting the
exemption are in place by the requisite date. Certain shareholders may also qualify for a
reduction of South African Dividends Tax liability to 5 per cent (being the difference
between the South African dividends tax rate and the effective UK withholding tax rate of
15 per cent) if the prescribed requirements for effecting the reduction are in place by
the requisite date.
Non-PID: There will be no Non-PID element of the proposed 2025 final cash dividend.
Other overseas shareholders
Other non-UK shareholders may be able to make claims for a refund of UK withholding tax
deducted pursuant to the application of a relevant double taxation convention. UK
withholding tax refunds can only be claimed from HMRC, the UK tax authority.
Additional information on PIDs and ordinary dividends (Non-PIDs) can be found at
https://www.shaftesburycapital.com/en/investors/investor-information/reit.html
ENQUIRES:
Shaftesbury Capital PLC +44 (0)20 3214 9150
Ian Hawksworth Chief Executive
Situl Jobanputra Chief Financial Officer
Director of Commercial Finance and Investor
Sarah Corbett
Relations
Media enquiries:
UK: Hudson Sandler Michael Sandler +44 (0)20 7796 4133
UK: RMS Partners Simon Courtenay +44 (0)20 3735 6551
SA: Instinctif Louise Fortuin +27 (0)11 447 3030
A presentation to analysts and investors will take place today at 09:30am (UK time) at
the offices of Peel Hunt LLP, 100 Liverpool Street, London, EC2M 2AT. The presentation
will also be available to analysts and investors through a live audio call and webcast
and after the event on the Group's website at www.shaftesburycapital.com.
A copy of this announcement is available for download from our website at
www.shaftesburycapital.com.
DISCLAIMER
This press release contains "forward-looking statements" regarding the belief or current
expectations of Shaftesbury Capital PLC, its Directors and other members of its senior
management about Shaftesbury Capital PLC's businesses, financial performance and results
of operations. These forward-looking statements are not guarantees of future performance.
Rather, they are based on current views and assumptions and involve known and unknown
risks, uncertainties and other factors, many of which are outside the control of
Shaftesbury Capital PLC and are difficult to predict, that may cause actual results,
performance or developments to differ materially from any future results, performance or
developments expressed or implied by the forward-looking statements. These forward-
looking statements speak only as at the date of this press release. Except as required by
applicable law, Shaftesbury Capital PLC makes no representation or warranty in relation
to them and expressly disclaims any obligation to update or revise any forward-looking
statements contained herein to reflect any change in Shaftesbury Capital PLC's
expectations with regard thereto or any change in events, conditions or circumstances on
which any such statement is based. The information contained in this press release does
not purport to be comprehensive and has not been independently verified.
Any information contained in this announcement on the price at which shares or other
securities in Shaftesbury Capital PLC have been bought or sold in the past, or on the
yield on such shares or other securities, should not be relied upon as a guide to future
performance. No statement in this press release is intended to be a profit forecast and
no statement in this press release should be interpreted to mean that earnings per share
of Shaftesbury Capital PLC for the current or future financial years would necessarily
match or exceed the historical published earnings per share of Shaftesbury Capital PLC.
Certain industry and market data contained in this press release has come from third
party sources. Third party publications, studies and surveys generally state that the
data contained therein have been obtained from sources believed to be reliable, but that
there is no guarantee of accuracy or completeness of such data.
Sponsor
Java Capital
Date: 25-02-2026 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
