Latest Rent Collections and Notice of HY Results

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 - December *	%	Latest Quarter **	%	Cumulative	%
Total billed	£19.4m		£5.2m		£24.6m
Total collected	£16.5m	85%	£3.9m	76%	£20.4m	83%
Agreed to be deferred ***	£0.5m	3%	£0.6m	10%	£1.1m	4%
Agreed total	£17.0m	88%	£4.5m	86%	£21.5m	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 £5.2m 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 £3.9m or 76%. A further £0.6m or 10% has been agreed to be deferred. This totals an agreed collection of £4.5m 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 £0.7m remaining, £0.05m 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 £0.1m 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 £19.4m of which £16.5m or 85% has been successfully collected

o  A further £0.5m or 3% of deferrals have been agreed, giving a total agreed collection amount of £17.0m or 88% (compared to 87% reported in October 2020)

o  A further £2.4m remains outstanding of which £1.2m has been waived

Cumulative total

· Therefore, since 25 March 2020, of the £24.6m cumulative rent and service charge payments that have fallen due and subsequently billed, we have collected £20.4m and agreed to defer a further £1.1m, totalling £21.5m; equivalent to 87% of the amounts due

· Of the £3.1m balance remaining:

o  We have agreed to concessions totalling over £1.2m 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 £1.9m

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   [e-mail]

 

END

 

 

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