TIDMTOWN
RNS Number : 8363C
Town Centre Securities PLC
22 October 2020
22 October 2020
Town Centre Securities PLC
('The Company' or 'TCS')
COVID-19 Update
Latest Rent Collections and Operational Update
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 latest quarter
and an update on previous collections. The Company also gives an
update on its retail asset sale programme.
Rent Collections:
March - % Latest % Cumulative %
September Quarter
* **
Total billed GBP13.4m GBP5.2m GBP18.6m
============ ---- ========= ---- =========== ----
Total collected GBP11.3m 84% GBP3.9m 75% GBP15.2m 82%
------------ ---- --------- ---- ----------- ----
Agreed to be deferred
*** GBP0.4m 3% GBP0.5m 10% GBP0.9m 5%
============ ==== ========= ==== =========== ====
Agreed total GBP11.7m 87% GBP4.4m 85% GBP16.1m 87%
============ ==== ========= ==== =========== ====
*English & Scottish quarters, and monthly billings
(collections from 25 March to date)
**English quarter only (collections due on 29 September and 1
October)
*** Agreed to be deferred and still outstanding
Latest quarter:
-- TCS billed a total of GBP5.2m of rent and service charge
(including VAT) for the English quarters payable on 29 September
and 1 October 2020
-- As of 19 October 2020, TCS had successfully collected GBP3.9m
or 75%. A further GBP0.5m or 10% has been agreed to be deferred.
This totals an agreed collection of GBP4.4m or 85%
-- Collection levels for the latest quarter are ahead of
previous quarters' levels at this stage. We expect the 75%
collected to continue to rise as we have seen collection levels
improve in each successive quarter
-- Of the GBP0.8m remaining, GBP0.1m has been waived with a
further GBP0.7m requiring some form of agreement
March to September:
-- Further to TCS's FY20 results announced on 22 September 2020,
the updated billings and collections for the previous two quarters
(including monthly payments) and the Scottish quarters payable in
May and August are:
o TCS billed a total of GBP13.4m of which GBP11.3m or 84% has
been successfully collected
o A further GBP0.4m or 3% of deferrals have been agreed, giving
a total agreed collection amount of GBP11.7m or 87% (compared to
86% reported in FY20 results)
o A further GBP1.7m remains outstanding of which GBP0.8m has
been waived
Cumulative total
-- Therefore since 25 March 2020, of the GBP18.6m cumulative
rent and service charge payments that have fallen due and
subsequently billed, we have collected GBP15.2m and agreed to defer
a further GBP0.9m, totalling GBP16.1m; equivalent to 87% of the
amounts due
-- Of the GBP2.5m balance remaining:
o We have agreed to concessions over GBP0.9m of this outstanding
amount which will not be collected, mostly in return for an
improvement in the terms or length of the lease
o We continue to work towards a fair and equitable conclusion
with the respective tenants on the balance of GBP1.6m
Further Retail asset sales agreed
In its FY20 results, TCS highlighted the decision to further
accelerate the sale of retail and leisure properties from within
the portfolio and subsequently announced, in September 2020, the
sale of four retail properties in Scotland and London for a total
sum of GBP35.2m. These sales have now completed, with the proceeds
being used to lower bank debt. TCS has since agreed sales of a
further three retail units; two in Wood Green in London and
Abingdon Street market in Blackpool, for a total sum of
GBP6.0m.
Collectively, proceeds on sales of retail properties since 30
June 2020 now total GBP41.2m. At the time of this announcement, the
proceeds from these sales take total financial headroom to GBP20m,
and reduces the proportion of retail and leisure in the Company's
portfolio to below 41%. At the 30 June 2020 year end the Company
reported a Loan to Value level of 53.2%. On a proforma basis the
sales reduce the LTV to 47.2%.
The Company continues to market further retail and leisure sales
in line with its strategy to reset and reinvigorate the business
for the future, including accelerating its disposal programme.
Edward Ziff, Chairman and Chief Executive commented:
"We continue to see a consistent and reassuring level of rent
collection. To have maintained collection and deferred payment
levels at 87% to date reflects the quality, uniqueness and
diversified nature of our portfolio and the collaborative and
strong relationships we have built in partnership with our tenants
over many years.
"I am also pleased with the significant and swift progress made
on our disposal programme. GBP41.2m of sales since our June year
end has allowed us to significantly reduce debt, lower the
proportion of retail and leisure assets in our portfolio, increase
financial headroom, and create greater flexibility for the future
as we reset and reinvigorate the business."
-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
Mark Dilley, Group Finance Director
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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(END) Dow Jones Newswires
October 22, 2020 02:00 ET (06:00 GMT)
Town Centre (AQSE:TOWN.GB)
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