Town Centre Securities PLC Trading Update and Notice of Results (8581R)
10 Noviembre 2021 - 1:00AM
UK Regulatory
TIDMTOWN
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 % Latest % Cumulative %
- September Quarter
2021 * **
Total billed GBP36.4m GBP4.8m GBP41.2m
============== ---- ========= ---- =========== ----
Total collected GBP33.5m 92% GBP4.6m 96% GBP38.1m 92%
-------------- ---- --------- ---- ----------- ----
Agreed to be deferred
*** GBP0.3m 1% GBP0.1m 3% GBP0.4m 1%
============== ==== ========= ==== =========== ====
Agreed total GBP33.8m 93% GBP4.7m 99% GBP38.5m 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 GBP41.2m cumulative
rent and service charge payments that have fallen due and
subsequently billed, we have collected GBP38.1m and agreed to defer
a further GBP0.4m, totalling GBP38.5m; equivalent to 93% of the
amounts due throughout the entire COVID-19 period.
-- Of the GBP2.7m balance remaining:
o We have agreed to concessions totalling over GBP2.1m 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 GBP0.6m
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 GBP3.85m. 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 / @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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