TIDMTOWN
RNS Number : 2184W
Town Centre Securities PLC
22 April 2021
22 April 2021
Town Centre Securities PLC
('The Company' or 'TCS')
Latest Rent Collections and Update on Disposals
Consistent and reassuring collection level in latest quarter
Town Centre Securities Plc, the Leeds , Manchester, Glasgow and
London property investment, development and car park operator,
today provides an update on rent collections for the current
English quarter and an update on previous collections since the
beginning of the COVID-19 pandemic. Collected and deferred rent
receipts for the current quarter stand at 92% of the total due.
Rent Collections:
March 2020 % Latest % Cumulative %
- March 2021 Quarter
* **
Total billed GBP25.3m GBP5.1m GBP30.4m
=============== ---- ========= ---- =========== ----
Total collected GBP22.0m 87% GBP4.1m 80% GBP26.1m 86%
--------------- ---- --------- ---- ----------- ----
Agreed to be deferred
*** GBP0.3m 1% GBP0.6m 12% GBP0.9m 3%
=============== ==== ========= ==== =========== ====
Agreed total GBP22.3m 88% GBP4.7m 92% GBP27.0m 89%
=============== ==== ========= ==== =========== ====
*English & Scottish quarters, and monthly billings
(collections from 25 March 2020 to date)
**English quarter only (collections due on 25 March 2021 and 1
April 2021)
*** Agreed to be deferred and still outstanding
Latest quarter:
-- TCS billed a total of GBP5.1m of rent and service charge
(including VAT) for the English quarters payable on 25 March 2021
and 1 April 2021
-- As of 21 April 2021, TCS had successfully collected GBP4.1m
or 80%. A further GBP0.6m or 12% has been agreed to be deferred.
This totals an agreed collection of GBP4.7m or 92%
-- With the gradual easing of lockdown, we are now seeing
collection levels improving on a quarter by quarter basis and we
expect to see this improvement continue
-- The GBP0.4m remaining is still due and under discussion with tenants
March 2020 to March 2021:
-- The updated billings and collections for the previous
quarters (including monthly payments) and the Scottish quarters
are:
o TCS billed a total of GBP25.3m of which GBP22.0m or 87% has
been successfully collected
o A further GBP0.3m or 1% of deferrals have been agreed, giving
a total agreed collection amount of GBP22.3m or 88% (which is
consistent with the percentage reported in January 2021)
o A further GBP3.0m remains outstanding of which GBP1.6m has
been waived mostly in return for improvements in the terms or
length of leases
Cumulative total
-- Therefore, since 25 March 2020, of the GBP30.4m cumulative
rent and service charge payments that have fallen due and
subsequently billed, we have collected GBP26.1m and agreed to defer
a further GBP0.9m, totalling GBP27.0m; equivalent to 89% of the
amounts due
-- Of the GBP3.4m balance remaining:
o We have agreed to concessions totalling over GBP1.6m 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 GBP1.8m
Update on Disposals
The Company is also pleased to announce that on 7 April 2021 it
simultaneously exchanged and completed on the sale of its property
interests at Thornton's Chambers, Leeds. This brings the total of
asset sales to GBP45.3m for the current financial period, compared
to GBP41.2m as reported at the Half Year Results on 24 February
2021.
Edward Ziff, Chairman and Chief Executive commented:
"I am pleased to report that rent collection has continued at a
strong level, with the current quarter's rent showing the highest
level of recovery, when you include amounts agreed to be deferred,
during the entire COVID-19 period. This demonstrates the resilience
of our continuing portfolio reflecting its quality, uniqueness and
diversified nature and our collaborative, longstanding and strong
relationships with our tenants.
"We will continue to make further disposals of non-core assets,
providing both additional security 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 / @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
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END
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