AT A GLANCE

AUTUMN 2017

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Shaftesbury is a Real Estate Investment Trust, which invests exclusively in the heart of London’s West End. Our objective is to deliver long-term growth in rental income, capital values and shareholder returns.

 

33%

6.6

EXCEPTIONAL PORTFOLIO

1.8 m sq.ft.

commercial and residential space and 0.3m sq.ft. in joint venture2

c.600 buildings

£3.64 bn

clustered in iconic

areas with high footfall

portfolio valuation1

£114.1 m

£144.5 m

annualised current income1

estimated rental value1

14

/

1

2

acres

plus 1.9 acres owned in joint venture2

  • Accumulated over 31 years
  • Focused on restaurants, leisure and retail
  • Virtually impossible to replicate

 

 

 

Iconic destinations

which appeal to visitors, businesses and residents

100%

22%

7%

% of valuation1

Acres3

35%

4.3

4%

0.8

% of valuation1

32%

                                                            of our portfolio is between five and ten minutes’ walk of an Underground/Elizabeth Line station and close to major visitor attractions

Acres3

3.2

1.4

4.8

0.6 m sq. ft.

0.5 m sq. ft.

of annualised current income3 at 30 September 2017

17%

OFFICES

APARTMENTS

13%

of annualised current income3 at 30 September 2017

282

of annualised current income3 at 30 September 2017

37%

RESTAURANTS, CAFÉs and Pubs

of annualised current income3 at 30 September 2017

33%

SHOPS

302

562

0.4m sq.ft

OF COMMERCIAL AND RESIDENTIAL ACCOMMODATION PLUS 0.3M SQ.FT. HELD IN JOINT VENTURE

1.8 MILLION SQ. FT.

0.3 m sq. ft.

WHY LONDON'S WEST END

LONDON

  • Unrivalled visitor and business destination
  • One of the world’s principal global cities
  • World’s most popular tourist city in 2015
  • Growing population in southern England which can easily visit for a day
  • “Safe haven” status provides stability and resilience
  • Expectation of long-term growth in London’s economy, population and tourism
  • Global destination attracting high volumes of footfall and spending
  • Broad-based local economy, not solely reliant on the fortunes of the UK
  • Record of long-term prosperity, economic resilience and growth
  • Structured in balance between availability of space and occupier demand
  • Exceptional/improving transport links
  • Elizabeth Line will extend West End’s catchment, increase visitor numbers and materially change footfall patterns

WEST END

Strong relationships with tenants,

local authorities and communities

All assets within 15 minutes’ walk of our office

 

Long-established, innovative team

Forensic knowledge of the West End

property and occupier markets

Track record of long-term outperformance

against the wider real estate market

EXPERIENCED MANAGEMENT TEAM

MANAGEMENT STRATEGY TO CREATE PROSPEROUS ENVIRONMENTS FOR TENANTS

FOOTFALL and spending

SUSTAINED DEMAND

LOW VACANCY

LIMITED OBSOLESCENCE

Growing contracted income and potential future income

GROWTH IN EARNINGS AND DIVIDENDS

LONG-TERM GROWTH IN PORTFOLIO VALUE AND TOTAL SHAREHOLDER RETURNS

SUSTAINED RENTAL GROWTH THROUGH THE CYCLES

10-Year CAGR(L-f-L)1

Annualised current income

ERV

 

 

4.9%

4.6%

 

INVESTING IN OUR PORTFOLIO

increasing leveL of asset management activity

6.6% of ERV under refurbishment at 30 September 2017

- equivalent to £8.9m

- 124,000 sq.ft.

Space under refurbishment (% of ERV3)

we are not exposed to material speculative development risks

High level of asset management and refurbishment activity...

…yet annual capex is around 1% of portfolio value

Selective acquisitions in our locations

 

PRUDENT FINANCIAL MANAGEMENT

  • Tax-efficient REIT structure
  • Majority of earnings are distributed
  • Modest leverage with low risk debt structure

26.7%

Loan to value1

 

1,6

10.3 years

Weighted average debt maturity1

1,6

Growing dividends

Policy to maintain steady growth in dividends, reflecting the long-term trend in income and earnings

DIVIDEND PER SHARE
5-year CAGR

DIVIDENDS PER SHARE (pence)

+5.9%

7

  • Sustainably extend buildings’ useful lives through re-use and careful management of existing building structures, fabric, space and materials
  • Create operational efficiencies/reduce running costs
  • Focus on local community social issues and challenges through cash donations, in-kind contributions, pro-bono advice and staff time
  • Partner with specific charities
  • Inclusive culture to encourage diversity, professional development of employees and transparency though our supply chain.

PROMOTING GOOD SOCIAL RESPONSIBILITY

Brian Bickell

Chris Ward

Simon Quayle

Tom Welton

Chief Executive

Finance Director

Property Director

Property Director

Media Contacts

MHP Communications

Andrew Leach, Reg Hoare

RMS Partners

Simon Courtenay

      NOTES

  1. Including our 50% share of Longmartin
  2. Shaftesbury has a 50% interest in this joint venture
  3. Wholly-owned portfolio
  4. Restated for change in accounting policy for our joint venture

 

 

 

5. Calculated in accordance with EPRA’s Best

    Practice and Policy Recommendations

6. As at 30 September 2017

7. 5 year period up to dividend for  2017