Shaftesbury hikes dividend after adding to its West London portfolio
Shaftesbury posted strong half-year results this morning, with an increase in net property income, EPRA earnings and an interim dividend increase of 4.8 per cent.
The property firm's net income was up by 8.8 per cent, to £42.1m, compared with £38.7m at the same point last year.
The interim dividend per share for the West End property company was at 7.15p, compared to 6.625p at the same point last year – an increase of 4.8 per cent.
EPRA earnings increased by 12.8 per cent to £20.2m, and EPRA earnings per share wer by by 14.1 per cent to 7.3p.
Read more: Shaftesbury buoyed by West End property market
Over the past six months, the company has started two major development schemes, in Charing Cross Road and Thomas Neal's Warehouse. The group also made acquisitions totalling £43.2m in Covent Garden, Soho and Charlotte Street.
Brian Bickell, chief executive of Shaftesbury, said: "This has been a period of considerable activity across our portfolio. A combination of sustained demand for accommodation in our areas and our asset management initiatives continues to deliver growing current and future potential rental income, underpinning growth in earnings, the value of our portfolio and shareholders' investment in our business.
"We are confident that, with the benefit of our proven strategy, together with our experience and forensic knowledge of the West End, our business will continue to deliver growth in income and shareholder value over the long-term."