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 IN THE HEART OF THE WEST END

14

/

1

2

acres

plus 1.9 acres owned in joint venture2

1.8 m sq.ft.

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

c.600 buildings

£3.45 bn

£112.0 m

£142.2m

clustered in iconic areas with high footfall

portfolio valuation1

annualised current income1

estimated rental value1

 

 

Village destinations

which appeal to visitors, businesses and residents

100%

22%

7%

% of valuation1

Acres3

35%

4.2

3%

0.8

% of valuation1

33%

Accumulated over 30 years

Focused on restaurants, leisure and retail

Virtually impossible to replicate

                                                            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

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

1.8 MILLION SQ. FT.

36%

of annualised current income3 at 31 March 2017

RESTAURANTS, CAFÉs and Pubs

0.6 m sq. ft.

282

SHOPS

0.5 m sq. ft.

of annualised current income3 at 31 March 2017

17%

OFFICES

301

570

0.3 m sq. ft.

34%

of annualised current income3 at 31 March 2017

APARTMENTS

13%

of annualised current income3 at 31 March 2017

0.4m sq.ft

WHY LONDON'S WEST END

  • 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

LONDON

  • 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%

4.8%

 

Vacancy3

31 March 2017:

10 year average:

 

 

3.0%

2.4%

 

INVESTING IN OUR PORTFOLIO

increasing leveL of asset management activity

Activity in H1 2017

Schemes across 216,000 sq. ft.

10.6% of ERV under refurbishment at 31 March 2017

- equivalent to £14m

- 180,000 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 limited to 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
    • Long-term financing preferred
    • Spread of maturities and diversity of sources of finance

Growing dividends

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

DIVIDENDS PER SHARE (pence)

26.1%

10.3 years

Loan to value1

 

Weighted average debt maturity1 (years)

+5.7%

DIVIDEND PER SHARE
5-year CAGR

7

1,6

1,6

  • 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

Further information

Brian Bickell

Chris Ward

Simon Quayle

Tom Welton

Chief Executive

Finance Director

Property Director

Property Director

Media Contacts

MHP Communications

John Olsen, Reg Hoare, Gina Bell

RMS Partners

Simon Courtenay

22 Ganton Street
Carnaby, London W1F 7FD

T: 020 7333 8118

      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 31 March 2017

7. 5 year period up to interim dividend for

    2017 year