REG - Town Centre Secs. - Trading Update and Notice of Results

Town Centre SecuritiesAnnouncement

10/11/2021 07:00

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RNS Number : 8581R  Town Centre Securities PLC  10 November 2021

10 November 2021

Town Centre Securities PLC

('The Company' or 'TCS')

 

Trading Update

Notice of Results

Reassuring collection level in latest quarter, back to pre-pandemic levels

Town Centre Securities Plc, the Leeds, Manchester, Glasgow and London property
investment, development and car park operator, today provides an update on the
property valuation to 30 June 2021, rent collections, a property disposal and
Full Year results timing.

 

30 June 2021 Valuation

 

The Company is pleased to announce that the external valuation of TCS's
property portfolio as at 30 June 2021 has been completed, and on a like for
like basis has shown a marginal increase of 0.3% over the 30 June 2020
valuation.

 

Rent Collections

 

Collected and deferred rent receipts for the current quarter stand at 99% of
the total due, which is back to pre-pandemic levels.

 

                           March 2020 - September 2021*  %    Latest Quarter**  %    Cumulative  %
 Total billed              £36.4m                             £4.8m                  £41.2m
 Total collected           £33.5m                        92%  £4.6m             96%  £38.1m      92%
 Agreed to be deferred***  £0.3m                         1%   £0.1m             3%   £0.4m       1%
 Agreed total              £33.8m                        93%  £4.7m             99%  £38.5m      93%

*English & Scottish quarters, and monthly billings (collections from 25
March 2020 to date)

**English quarter only (collections due on 29 September 2021 and 1 October
2021)

*** Agreed to be deferred and still outstanding

 

·     Therefore, since 25 March 2020, of the £41.2m cumulative rent and
service charge payments that have fallen due and subsequently billed, we have
collected £38.1m and agreed to defer a further £0.4m, totalling £38.5m;
equivalent to 93% of the amounts due throughout the entire COVID-19 period.

·     Of the £2.7m balance remaining:

o  We have agreed to concessions totalling over £2.1m of this outstanding
amount which will not be collected, mostly in return for an improvement in the
terms or length of leases

o  We continue to work with the respective tenants on the balance of £0.6m

 

 

Update on Disposals

 

Since the year end, the Company is also pleased to announce that on 13 October
2021 it completed on the sale of its property interests at Duke Street, London
W1 for £3.85m. The net proceeds from the sale, which represented a 6% premium
to the 30 June 2020 valuation, were used to repay bank borrowings.

Notice of Results

 

The Company intends announcing its results for the year ended 30 June 2021 on
24 November 2021.

 

 

Edward Ziff, Chairman and Chief Executive commented:

"I am pleased to report that the modest increase, on a like-for-like basis, of
the valuation of our property portfolio again underlines its quality,
uniqueness and diversified nature. Rent collection is a key element of this
and in the last quarter it returned to pre-pandemic levels, whilst the amounts
outstanding with no agreement with tenants for the entire COVID -19 period has
significantly reduced.  This is testament to our collaborative, longstanding
and strong relationships with our tenants."

"Alongside the property portfolio, our hotel and car park businesses are both
showing strong recoveries and I am looking forward to seeing this continue in
the current financial year."

"We will continue to make further disposals of non-core assets, providing both
additional security through further debt repayments and the ability to
reinvest in the long-term growth opportunities in our development pipeline,
whilst furthering our programme of reset and reinvigoration."

 
-Ends-

 

For further information, please contact:

 

Town Centre Securities
PLC
www.tcs-plc.co.uk (http://www.tcs-plc.co.uk) / @TCS PLC

Edward Ziff, Chairman and Chief
Executive
0113 222 1234

 

 

MHP Communications
 
                 020 3128 8572

Reg Hoare / Alistair de Kare-Silver / Florence Mayo
 
tcs@mhpc.com (mailto:tcs@mhpc.com)

 

 

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