Shaftesbury Capital

Website: Shaftesbury Capital
Index: FTSE 250
EPIC: SHC
Supersector: Real Estate
Sector: Real Estate Investment Trusts
Subsector: Diversified REITs
Market Cap: £2.66B
Payout Frequency: Semi-Annual

Next Shaftesbury Capital Dividend

Shaftesbury Capital next goes ex-dividend on 23/04/2026. This will be the Final dividend for 2026.

The dividend per share amount is 2.1000p (GBP) and the payment date is 22/05/2026.

Key Dividend Details

Dividend type: Final (FY2025)
Dividend per share: 2.1p (wholly PID)
Total FY2025 dividend: 4.0p (up 14.3% YoY; 2024: 3.5p)
Ex-dividend date (LSE): 23/04/2026
Record date: 24/04/2026
Payment date: 22/05/2026
Tax: Paid wholly as a PID (20% UK withholding unless exemptions apply)
Coverage:
- Underlying EPS: 4.5p; DPS: 4.0p ? cover ~1.1x
- EPRA EPS: 4.9p ? cover ~1.2x
Indicative trailing yield: ~2.8% on FY2025 DPS (4.0p) using 31 Dec 2025 share price of 144.5p (actual yield varies with current price)

Context from Results

Underlying EPS up 12.2% to 4.5p; total DPS up 14.3% to 4.0p
Like-for-like ERV +6.2%; portfolio valuation +6.6%; occupancy ~97% (2.6% ERV available)
Balance sheet: EPRA LTV 16.8%; net debt to EBITDA 6.6x; interest cover ~4.0x; liquidity ~£1.0bn
Debt: £275m exchangeable bonds maturing Mar-2026 and £162.5m loan notes due 2026; company expects to fund from cash/undrawn lines

Dividend Sustainability

Earnings support: Final DPS (2.1p) takes FY DPS to 4.0p, covered by underlying EPS (4.5p) and EPRA EPS (4.9p). Coverage (~1.1–1.2x) is reasonable for a UK REIT paying PIDs.
Cash flow/operations: Robust leasing (434 transactions, rents signed >ERV), low vacancy and embedded reversion (ERV ~26% above passing) underpin cash generation.
Balance sheet: Low LTV 16.8% and ample liquidity (~£1.0bn) reduce refinancing risk and support ongoing distributions.
Interest burden: Weighted average cost of debt ~3.4–3.6%; management notes cost may rise on refinancing, but current ICR ~4.0x provides headroom.

Dividend Growth Outlook

Policy trajectory: FY2025 DPS +14.3% in line with earnings growth; management targets medium-term rental growth of 5–7%% which should support continued DPS progression.
Asset momentum: West End demand, ERV growth and reversion give multi-year visibility for NOI expansion, favouring sustained or modestly rising dividends.

Structural Changes and Capital Allocation

NBIM partnership: In Apr-2025, NBIM acquired a 25% non-controlling interest in the Covent Garden estate. Net effects:
- Strengthens liquidity (gross proceeds £574m) and reduces leverage, supporting dividend resilience.
- Introduces non-controlling interest share of earnings/cash flows from Covent Garden, but the Group retains 75% ownership and management control and earns asset management fees.
Refinancing/maturities: Exchangeable bond (£275m, Mar-2026) and £162.5m loan notes due 2026 are expected to be repaid from cash/undrawn facilities, limiting distribution risk.
Capital deployment: £113m invested (capex + acquisitions) and selective disposals; disciplined allocation should enhance ERV and support future DPS.

Risks and Flags

Macro/sector: Exposure to consumer/spend-sensitive retail and F&B in the West End; tenant failures or weaker footfall could pressure cash flows.
Refinancing/interest rates: Management anticipates higher cost of debt as maturities are refinanced; partially hedged to end-2026.
Portfolio concentration: High London West End concentration heightens local economic/regulatory sensitivity, though historically resilient.
Regulatory/tax: REIT PID structure (20% UK withholding) constrains retained earnings; residential policy changes (e.g., rent reforms) a watchpoint (residential is ~12% of value).

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
24/04/2025	30/05/2025	Final	1.80p	GBX
21/08/2025	01/10/2025	Interim	1.90p	GBX

Total (Annual Dividends Per Share): 3.70p

Dividend Yield = Annual Dividends Per Share (3.70p) ÷ Share Price (136.8p) = 2.7%

Ex Dividend Date	Payment Date	Type	Amount	Currency
23/04/2026	22/05/2026	Final	2.1000p	GBX
21/08/2025	01/10/2025	Interim	1.90p	GBX
24/04/2025	30/05/2025	Final	1.80p	GBX
22/08/2024	01/10/2024	Interim	1.70p	GBX
25/04/2024	31/05/2024	Final	1.65p	GBX
24/08/2023	18/09/2023	Interim	1.50p	GBX
02/03/2023	20/03/2023	Final	1.70p	GBX
25/08/2022	20/09/2022	Interim	0.80p	GBX
09/06/2022	08/07/2022	Final	1.00p	GBX
26/08/2021	23/09/2021	Interim	0.50p	GBX

Year	Interim	Final	Currency	Total	Change
2024	1.700	1.650	GBX	3.350	123.330
2023	1.500		GBX	1.500	-57.140
2022	0.800	2.700	GBX	3.500	600.000
2021	0.500		GBX	0.500

Number of Shares:

Payment	Paid	Amount
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