SHC Results Neutral
SHAFTESBURY CAPITAL PLC - Interim results for the six months ended 30 June 2026
Shaftesbury Capital PLC
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What this filing means
Shaftesbury Capital's H1 results show solid operational delivery: EPRA NTA rose 3.9% to 223.1p, underlying earnings grew 8% to 2.4p per share, and the interim dividend increased 16% to 2.2p — outpacing earnings growth. The portfolio valuation rose 3.4% like-for-like to £5.6bn with 226 leasing deals priced 18% ahead of prior passing rents and the Covent Garden partnership secured a new £300m revolving credit facility, all supporting a balance sheet with EPRA LTV at 16.1%. The catch is that total…
Bull case
- EPRA NTA grew 3.9% to 223p, delivering a 4.9% total accounting return — clean NAV expansion for a West End REIT.
- Like-for-like portfolio valuation rose 3.4% to £5.6bn and ERV grew 3.8% to £281m, driving 5.0% total property return.
Bear case
- TSR of -3.3% versus H1 2025's +26.1% shows the equity market is rejecting the operational narrative despite management's upbeat tone.
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