Shaftesbury Capital PLC (SHC) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

If you're ready to start, we can crack on. Well, good morning again. Thanks so much for joining us today at our interim results presentation. We're delighted to report strong results for the first half, delivering growth across all key metrics. This is the agenda for this morning. I'll start with an overview. Sital will then take you through the financial review. and I'll then provide an update on portfolio activity and we'll finish with a summary and outlook. So it's been a successful period, delivering strong performance with an increase in rents, values, income and dividend. And despite the well-documented uncertain geopolitical and macroeconomic environment, I'm pleased to say that the West End continues to demonstrate its strength and our portfolio is well positioned to outperform. We continue to see positive trends in footfall and customer sales growth across our prime portfolio and the team, many of whom are here today, is successfully achieving significant leasing spreads with excellent levels of activity, limited vacancy and a strong pipeline of transactions. We continue to invest in our portfolio through capital expenditure and acquisitions and also disposed of non-core asset Lily Square during the period. We have a strong balance sheet with access to substantial liquidity and are well positioned to take advantage of market opportunities. So just turning to the headline results for the first half of the year, total property value increased 3.4% like for like to 5.6 billion pounds. That was supported by 3.8% increase in ERV. EFRA NTA increased 3.9%, 223 pence per share, provided a total property return which was 5%, which is significantly above the MSCI index of 2.6%. The total accounting return was 4.9%. We continue to deliver rental growth and operational ...