Shaftesbury’s H1 EPRA NTA fell 21.5% to 583p, c.2% below our 595p forecast. Property values are c.10% lower and now 27% down since peak; a greater fall than during the GFC. Covid-related charges and higher costs leave EPRA EPS 0.6p vs 8.2p last year, but this is better than we expected. A 2.4p interim dividend is also being paid to maintain REIT obligations. LTV is lower at 25%, helped by the capital raise in November. We lower NTA forecasts c.4% but increase year-end EPS c.7%. Positively, occupier interest is improving as the economy continues to re-open. We think Shaftesbury’s portfolio of mid-market, affordable space still offers exceptional long-term potential. The shares currently trade at a 3% premium to March-21 NTA.
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