Ian Hawksworth, Chief Executive, commented: “We are very pleased with performance across the business. Having set clear priorities, we are delivering on strategy. Conditions across the West End’s occupational and investment markets continue to improve. Our strong leasing activity at rents on average 7 per cent ahead of December 2023 ERV is delivering rental growth and increased valuations. With a strong balance sheet, we are well-positioned to generate rental growth and take advantage of market opportunities.”

EPRA NTA of 193.4 pence per share, up 1.6 per cent (Dec 2023: 190.3 pence per share).

Wholly-owned portfolio valuation increased by 1.4 per cent on a like-for-like basis at £4.8 billion (Dec 2023: £4.8 billion) driven by ERV growth.

Strong leasing demand across all uses, 217 leasing transactions, representing £28.1 million of contracted rent, 7 per cent ahead of December 2023 ERV and 16 per cent ahead of previous passing rents.

3.2 per cent like-for-like increase in ERV to £241.0 million (Dec 23: £236.9 million) and annualised gross income up 3.9 per cent like-for-like to £196.5 million (Dec 23: £192.8 million).

High occupancy: 2.7 per cent of ERV available to let (Dec 2023: 2.1 per cent). High levels of footfall, customer sales growth and increasing levels of international tourism across our exceptional West End estates.

£216 million of disposals completed since merger at an overall premium to valuation, with £86 million reinvested in acquisitions improving the quality of our portfolio; well-positioned to take advantage of further market opportunities.

Underlying earnings up to 1.9 pence per share (H2 2023: 1.8 pence) and an interim dividend of 1.7 pence per share (H2 2023: 1.65 pence).

Strong balance sheet with access to £579 million of liquidity, net debt of £1.5 billion (Dec 2023: £1.5 billion) and EPRA loan to-value ratio of 30 per cent (Dec 2023: 31 per cent)