TIDMTOWN
RNS Number : 0740M
Town Centre Securities PLC
19 January 2021
19 January 2021
Town Centre Securities PLC
('The Company' or 'TCS')
Latest Rent Collections and Notice of Half Year Results
Consistent and reassuring collection level in current
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 86% of the total due.
Rent Collections:
March - % Latest % Cumulative %
December Quarter
* **
Total billed GBP19.4m GBP5.2m GBP24.6m
=========== ---- ========= ---- =========== ----
Total collected GBP16.5m 85% GBP3.9m 76% GBP20.4m 83%
----------- ---- --------- ---- ----------- ----
Agreed to be deferred
*** GBP0.5m 3% GBP0.6m 10% GBP1.1m 4%
=========== ==== ========= ==== =========== ====
Agreed total GBP17.0m 88% GBP4.5m 86% GBP21.5m 87%
=========== ==== ========= ==== =========== ====
*English & Scottish quarters, and monthly billings
(collections from 25 March 2020 to date)
**English quarter only (collections due on 25 December 2020 and
1 January 2021)
*** Agreed to be deferred and still outstanding
Current quarter:
-- TCS billed a total of GBP5.2m of rent and service charge
(including VAT) for the English quarters payable on 25 December
2020 and 1 January 2021
-- As of 18 January 2021, TCS had successfully collected GBP3.9m
or 76%. A further GBP0.6m or 10% has been agreed to be deferred.
This totals an agreed collection of GBP4.5m or 86%
-- Collection levels for the latest quarter are consistent with
previous quarters' levels at this stage. We expect the 76%
collection levels to rise as we have seen improvement in each
successive quarter previously
-- Of the GBP0.7m remaining, GBP0.05m has been waived with the
remainder still due and under discussion
-- Premier Inn, owned by Whitbread Plc, unexpectedly paid only
half of their rent due for the latest quarter, leaving GBP0.1m
unpaid, without any agreement.
March 2020 to December 2020:
-- The updated billings and collections for the previous
quarters (including monthly payments) and the Scottish quarters
are:
o TCS billed a total of GBP19.4m of which GBP16.5m or 85% has
been successfully collected
o A further GBP0.5m or 3% of deferrals have been agreed, giving
a total agreed collection amount of GBP17.0m or 88% (compared to
87% reported in October 2020)
o A further GBP2.4m remains outstanding of which GBP1.2m has
been waived
Cumulative total
-- Therefore, since 25 March 2020, of the GBP24.6m cumulative
rent and service charge payments that have fallen due and
subsequently billed, we have collected GBP20.4m and agreed to defer
a further GBP1.1m, totalling GBP21.5m; equivalent to 87% of the
amounts due
-- Of the GBP3.1m balance remaining:
o We have agreed to concessions totalling over GBP1.2m 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 with the respective tenants on the balance
of GBP1.9m
Notice of half year results
The Company intends to announce its half results for the six
months ending 31 December 2020 on Wednesday 24 February 2021.
Edward Ziff, Chairman and Chief Executive commented:
"We continue to experience a consistent and reassuring level of
rent collection, despite the ongoing level of disruption as a
result of COVID-19. We firmly believe this reflects the quality,
uniqueness and diversified nature of our portfolio and our
collaborative, longstanding and strong relationships with our
tenants. Once restrictions lift, particularly following the
disposals made at the start of this financial year, the business is
in a strong position to continue its 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
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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January 19, 2021 02:00 ET (07:00 GMT)
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