Shaftesbury Capital
Website:
Shaftesbury Capital
Index:
FTSE 250
EPIC: SHC
Supersector:
Real Estate
Sector:
Real Estate Investment Trusts
Subsector:
Diversified REITs
Market Cap:
£2.61B
Payout Frequency: Semi-Annual
Shaftesbury Capital Dividend Analysis and Summary
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).
Read more
Shaftesbury Capital Annual Dividend Yield - 2.79%
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 (132.5p)
= 2.79%
Shaftesbury Capital Dividend History
| 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 |
|
Shaftesbury Capital Dividend Calculator
Shaftesbury Capital Dividend Growth
| Dividend Growth (1Y) |
14.29%
|
| Dividend CAGR (5Y) |
51.57%
|
| Years of Growth |
4
|
| Payout Ratio |
19.61%
|
| Buyback Yield |
-0.51%
|
| Shareholder Yield |
2.63%
|
| P/E Ratio (TTM) | 7.05 |
|---|
| Forward P/E | 26.17 |
|---|
| P/FCF | – |
|---|
| Earnings Yield | 14.32% |
|---|
| FCF Yield | – |
|---|
| ROE | 9.4% |
|---|
| ROCE | 2.55% |
|---|
| Profit Margin | 142.4% |
|---|
| Operating Margin | 57.1% |
|---|
| Gross Margin | 74.38% |
|---|