Town Centre Securities PLC Latest Rent Collections (2025G)

TIDMTOWN

RNS Number : 2025G

Town Centre Securities PLC

23 July 2021

23 July 2021

Town Centre Securities PLC

('The Company' or 'TCS')

Latest Rent Collections

Continual improvement in rent collection in latest 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 96% of the total due.

Rent Collections:

 
                           March 2020      %     Latest     %    Cumulative    % 
                           - June 2021           Quarter 
                                *                  ** 
 Total billed               GBP31.0m            GBP4.9m           GBP35.9m 
                         ==============  ----  =========  ----  ===========  ---- 
 Total collected            GBP27.7m      89%   GBP4.3m    88%    GBP32.0m    89% 
                         --------------  ----  ---------  ----  -----------  ---- 
 Agreed to be deferred 
  ***                        GBP0.3m      1%    GBP0.4m    8%     GBP0.7m     2% 
                         ==============  ====  =========  ====  ===========  ==== 
 Agreed total               GBP28.0m      90%   GBP4.7m    96%    GBP32.7m    91% 
                         ==============  ====  =========  ====  ===========  ==== 
 

*English & Scottish quarters, and monthly billings (collections from 25 March 2020 to date)

**English quarter only (collections due on 24 June 2021 and 1 July 2021)

*** Agreed to be deferred and still outstanding

Latest quarter:

-- TCS billed a total of GBP4.9m of rent and service charge (including VAT) for the English quarters payable on 24 June 2021 and 1 July 2021

-- As of 22 July 2021, TCS had successfully collected GBP4.3m or 88%. A further GBP0.4m or 8% has been agreed to be deferred. This totals an agreed collection of GBP4.7m or 96%

-- With the gradual easing of lockdown, collection levels continue to improve on a quarter-by-quarter basis and we expect to see this improvement continue

   --     The GBP0.2m remaining is still due and under discussion with tenants 

March 2020 to June 2021:

-- The updated billings and collections for the previous quarters (including monthly payments) and the Scottish quarters are:

o TCS billed a total of GBP31.0m of which GBP27.7m or 89% has been successfully collected

o A further GBP0.3m or 1% of deferrals have been agreed, giving a total agreed collection amount of GBP28.0m or 90% (which is slightly ahead of the percentage reported in April 2021)

o A further GBP3.0m remains outstanding of which GBP1.9m has been waived mostly in return for improvements in the terms or length of leases

Cumulative total

-- Therefore, since 25 March 2020, of the GBP35.9m cumulative rent and service charge payments that have fallen due and subsequently billed, we have collected GBP32.0m and agreed to defer a further GBP0.7m, totalling GBP32.7m; equivalent to 91% of the amounts due

   --     Of the GBP3.2m balance remaining: 

o We have agreed to concessions totalling over GBP1.9m 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 GBP1.3m

Edward Ziff, Chairman and Chief Executive, commented:

"I am pleased to report that rent collection is continuing to improve with the current quarter showing the highest level of recovery during the entire COVID-19 period, when one includes amounts agreed to be deferred. This demonstrates the resilience, quality and diversified nature of our continuing portfolio as well as our collaborative, longstanding and strong relationships with our tenants."

-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 [e-mail]

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July 23, 2021 02:00 ET (06:00 GMT)