Shaftesbury has reported steady growth in its half-year results, with EPRA net asset value nudging up by 0.3% to £3.06bn and EPRA NAV per share up by 0.4% to £9.95.
Net asset value return was 1.3% for the six months ended 31 March 2019.
The REIT, which owns just over 15 acres in the West End, also reported EPRA earnings of £27.3m and a 0.3% increase in the value of its portfolio, including its share in the Longmartin joint venture, to £3.98bn.
During the six months Shaftesbury completed leasing transactions with a rental value of £16.6m at an average of 2% above 30 September 2018 ERV.
ERV increased by £2.9m to £146.6m and vacancy was down by 1.3% to 3.3% for the portfolio, which is split 39% restaurants, cafés and leisure; 31% retail; 16% offices and 14% residential.
The REIT reported net property income of £48.6m, up by 5% on the half-year ended 31 March 2018, and a £7.7m increase in its net debt to £849m (not including its share in the Longmartin joint venture). Shaftesbury’s LTV stood at 22.8%.
Chief executive Brian Bickell said: “The resilient performance over the period demonstrates both the exceptional qualities of our portfolio, located in the heart of London’s West End, and our proven long-term strategy.
“We continue to deliver increases in current and potential rental income, which have underpinned growth in our earnings and dividends, and the stability of our net asset value.
“While macro uncertainties are likely to dominate the national mood for some time to come, we believe the medium to long-term outlook for London and the West End remains strongly positive, driven by their international appeal, broad economic base and dynamism.”
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