Shaftesbury has reported a resilient set of results, led by 7.2% growth in EPRA NAV to £9.52 and 15.7% growth in EPRA earnings per share to 16.2p.
The West End landlord attributed the growth to “relentless management activity” against a backdrop of “exceptional” numbers of domestic and international visitors and low availability.
It said it expected continued growth off the back of Crossrail attracting greater footfall in Tottenham Court Road and Bond Street.
London’s West End, it added, had a “considerably degree of protection” against uncertainties arising from the UK leaving the EU.
The Shaftesbury portfolio had a 7% like-for-like increase in value to £3.64bn, and investment totalled £78.6m. Refinancing activity cut the cost of debt from 4.5% to 3.3%.
As a result, the company increased its total dividend by 8.8% to 16p.
Brian Bickell, chief executive of Shaftesbury, said: “It is pleasing to report another year of good progress and strong results, against a backdrop of economic uncertainty.
“The broad economic base of the West End, and its enduring global appeal to visitors and businesses, underpin its resilience and long-term prospects, providing a considerable degree of protection against national economic headwinds.”
As of this morning, Shaftesbury is trading at a 5% premium to NAV.
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