Trading Update - Notice of Results
Town Centre Securities Plc today (10.11.21) provides an update on the property valuation to 30 June 2021, rent collections, a property disposal and Full Year results timing.
Reassuring collection level in latest quarter, back to pre-pandemic levels
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.
Collected and deferred rent receipts for the current quarter stand at 99% of the total due, which is back to pre-pandemic levels.
*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.”