Shaftesbury’s net asset value returns leapt 23.8% for the full year to the end of September according to its latest results.
The company showed strong growth across capital, rental and occupancy rates across the portfolio, all helping to deliver a NAV growth of 21.9% to £8.69 a share.
Net property income was up £4.7m or 6.3% year-on-year to £78.8m with vacancy rates at around 1.6% as a measure of the estimated rental value.
Shaftesbury’s portfolio capital return was up 18% like-for-like on the year before with a valuation at the end of September putting the portfolio at £3.13bn.
This has pushed Shaftesbury’s equivalent yield down to 3.61%, a cut of 39bps on the year before.
The portfolio has also continued to grow across the company’s heartland of Covent Garden, Soho and China Town.
Shaftesbury added £25.8m of assets in the full year with a further £22.1m acquired since the year end.
In addition the company spent £24.7m on asset management across 10% of their available floor space and gained planning permission for the 45,500 sq ft redevelopment of space fronting Charing Cross Road.
The company refinanced and cancelled some outstanding debt facilities which helped to reduce the gearing in the company to 22.5%.
