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Share Name Share Symbol Market Type Share ISIN Share Description
Town Centre Securities Plc LSE:TOWN London Ordinary Share GB0003062816 ORD 25P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 87.00 5,474 08:00:53
Bid Price Offer Price High Price Low Price Open Price
84.50 90.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 27.99 -24.16 -45.50 46
Last Trade Time Trade Type Trade Size Trade Price Currency
09:42:20 O 5,474 85.875 GBX

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Date Time Title Posts
22/10/202013:06:::: TOWN CENTRE SECURITIES ::::177
02/3/201623:21*** Town Centre Securities ***-

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Town Centre Securities (TOWN) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
09:42:2185.885,4744,700.80O
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Town Centre Securities (TOWN) Top Chat Posts

DateSubject
26/10/2020
08:20
Town Centre Securities Daily Update: Town Centre Securities Plc is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker TOWN. The last closing price for Town Centre Securities was 87p.
Town Centre Securities Plc has a 4 week average price of 80.50p and a 12 week average price of 80.50p.
The 1 year high share price is 234p while the 1 year low share price is currently 80.50p.
There are currently 53,161,950 shares in issue and the average daily traded volume is 14,253 shares. The market capitalisation of Town Centre Securities Plc is £46,250,896.50.
22/10/2020
13:06
speedsgh: COVID-19 Update - HTTPS://www.investegate.co.uk/town-centre-secs---town-/rns/covid-19-update/202010220700058363C/ ...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. £41.2m 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."
12/10/2020
13:08
speedsgh: PurplePelmets - I know it is somewhat out-of-date now that the 2020 Final Results have been released (we are still awaiting release of the 2020 Annual Report) but according to the 2019 Annual Report, the Ziff family owns 52% of the company's shares. AFAIAA it has been at this level for a while and hasn't changed materially since release of the 2019 Annual Report. HTTPS://s3-eu-west-1.amazonaws.com/tcs-plc-uploads/tcs-plc/files/bbcab04031_2019-10-25-08-57-20.pdf Again out-of-date but this analysis of TOWN by Maynard Paton (published March 2018) is well worth a read for background info if you haven't already seen it. HTTPS://maynardpaton.com/2018/03/08/town-centre-securities-57-years-of-unbroken-dividends-and-a-share-price-25-below-nav/
21/9/2020
06:28
spectoacc: Some interesting sales, all at or near to book value, which is a plus. However, not sure the headline of selling some "retail" assets really accounts for the fact that the lion's share of the sales was of Waitrose/Aldi/Home Bargains, 3 very strong covenants. But all a positive for the LTV: "Town Centre Securities PLC, the regional property investor and car park operator, today announces that it has sold four retail properties in Scotland and London for a total sum of £35.2m. The units sold comprise of two Waitrose stores in Milngavie and Glasgow; an Aldi/Home Bargains store in Milngavie; and a high street retail store in Chiswick, London. The details of the sales are as follows: Two Waitrose Stores: · Sold as a single lot to Wire Oast Ltd on a freehold basis for £23.2m. Unconditional contracts have been exchanged with a completion date agreed of 8 October 2020 · The stores are located in Milngavie and Glasgow and total 70,000 square feet · As at 30 June 2020, the combined assets were valued at £23.2 million on a freehold basis and generated annual net rent of £1.23 million Aldi/Home Bargains Store: · Sold to Magell Ltd on a freehold basis for £10.66m · The store is located in Milngavie, Scotland, totals 36,500 square feet and is let to Aldi and Home Bargains · Contracts have been exchanged and will complete follow the completion of the sale of the two Waitrose stores · As at 30 June 2020, the property was valued at £10.825 million on a freehold basis and generated annual net rent of £0.5 million Retail property, Chiswick · The sale of this London property took place through an auction process in August. Let to a local florist on the ground floor with residential upper floors, the property sold for £1.4m · As at 30 June 2020 the property was valued at £1.13 million on a freehold basis and generated annual net rent of £0.1 million The proceeds of all sales will initially be used to reduce bank debt and thereby improve LTV. Edward Ziff, Chairman and Chief Executive of TCS, said: "These disposals represent an acceleration of our strategy to reposition TCS's portfolio; reducing our retail exposure, and enabling a significant reduction in bank debt. "We have successfully navigated an extremely difficult period as a result of the COVID-19 disruption, and have continued to receive high levels of rent receipts. That said it has become increasingly clear that we need to reset and reinvigorate the business. These disposals represent the beginning of that process. "Reducing indebtedness and increasing headroom for growth ensures TCS is better placed to move forward beyond the current period of uncertainty." "
25/8/2020
17:58
speedsgh: TOWN have recently completed the refurbishment of Carvers Warehouse, situated in Manchester's Piccadilly Basin, which has been positioned as an office hub... HTTPS://www.tcs-plc.co.uk/portfolio/carvers-warehouse
25/8/2020
17:53
speedsgh: HTTPS://www.thebusinessdesk.com/northwest/news/2064719-dental-practice-to-open-in-grade-ii-listed-city-centre-building Property investor and car park operator, Town Centre Securities (TCS) has secured a new tenant at 75 Dale Street, in Manchester’s award-winning Piccadilly Basin. Dental practice Allegra Dental, trading as Your Smile Clinic, has signed a deal on the whole building. Your Smile Clinic will relocate its existing client base to the 1,300 sq ft self-contained, Grade II-listed building on a 15-year lease term and is due to open this October...
17/6/2020
16:12
rogerlin: Thank you for posting that okosling, I was thinking that was an important step for Town, quite a slice of their income.
03/6/2020
08:41
nickrl: TOWN put out good update with plenty of detail on where there at on rental collection to date. Like others warns about June qtr collection and final dividend being paid but is continuing with interim. www.londonstockexchange.com/news-article/TOWN/covid-19-update-and-interim-dividend-confirmation/14562898
26/2/2020
13:08
speedsgh: Half year results for the six months ended 31 December 2019 - HTTPS://www.investegate.co.uk/town-centre-secs---town-/rns/half-year-results/202002260700021046E/ Financial Performance · Interim dividend unchanged at 3.25p (2018: 3.25p) · The Company has applied IFRS 16 lease accounting standard for the first time which has reduced earnings by £0.3m. Going forward, the Company will also report Adjusted EPRA Earnings which removes the effect of IFRS 16 · Adjusted EPRA Earnings before tax increased to £4.4m (2018: £3.7m), mainly driven by one off dilapidations income in the current year. EPRA Earnings were £4.1m (2018: £3.7m) · Adjusted EPRA earnings per share at 8.2p (2018: 6.9p). EPRA EPS at 7.7p (2018: 6.9p) · Statutory loss before tax of £0.2m with EPRA Earnings offset by unrealised valuation movements (2018: £8.7m loss) · Net assets per share down 3.2% since 30 June 2019 at 343p (2018: 361p; 30 June 2019: 354p) · Like for like portfolio value decreased by 1.2% · Merrion Estate increased in value by 0.3% including capex, driven by asset management initiatives · Net borrowings have continued to decrease to £174.0m excluding finance leases / IFRS 16 (30 June 2019: £177.5m) · Loan to value ratio of 48.5% (30 June 2019: 48.8%) (excluding finance leases / IFRS 16) Operational Performance · Robust underlying operational performance · Like-for-like (LFL) passing rent up by 0.4% (FY19: 2.6%) versus a year ago, excluding the effect of Milngavie and The Cube redevelopment projects · Overall occupancy level increased to 96.7% (June 2019: 95.8%) · Retail & leisure exposure reduced to 49%, from 70% in 2016. Pure retail now only accounts for 35% of the portfolio by value · CitiPark continued to grow its revenues and operating profits Commenting on the results, Edward Ziff, Chairman and Chief Executive said; "In our sixtieth year I am pleased to report a resilient set of results and the continuation of our strong dividend track record. We continue to invest in our assets, with significant redevelopment schemes underway in both Leeds and Manchester. Progress with our development pipeline continues, and following the successful completion of our first dedicated PRS building, Burlington House, in Manchester, it's pleasing to have been awarded Insider's North West Apartment Developer of the Year. Plans for our next development, a joint venture with Leeds City Council to build a 136-room aparthotel, are progressing well. "The active management of our portfolio has ensured delivery of resilient earnings and a stable valuation. Of particular note, is the increase in value of the Merrion Estate. The ongoing diversification of our portfolio, with our retail assets representing only 35% of the portfolio, will continue as we actively look to further sell retail assets." Dividends The interim dividend of 3.25p per share (2018: 3.25p) will be paid as a property income distribution and will amount to £1.7m. It will be paid on 26 June 2020 to shareholders registered on 29 May 2020. The final dividend for 2019 of 8.50p per share was paid on 7 January 2020.
26/9/2019
13:33
speedsgh: Even though it was written back in March 2018, the following Maynard Paton article is an excellent, highly informative, almost forensic analysis of TOWN at that point and much of it holds true today. A highly useful starting point for undertaking investment research on the company. I note that at the time of writing the shares were trading at 281p which represented a 25% discount to the company's 375p NAV (as at 31/12/2017). Today the shares are trading at c185p which represents a 48% discount to the company's latest published NAV of 354p (as at 30/6/2019). There is also a very interesting graph (extracted from SharePad) which shows that the TOWN share price has pretty much consistently traded at a discount to NAV over the past 15-20yrs, albeit rarely as deep as the current discount. HTTPS://maynardpaton.com/2018/03/08/town-centre-securities-57-years-of-unbroken-dividends-and-a-share-price-25-below-nav/
26/9/2019
12:41
speedsgh: Whilst acknowledging that they are talking their own book below, I am inclined to agree with their statement below that in the long term the current share price will prove to have been an opportunity. In view of the board and their families' large shareholdings, I also suspect that there is low probability of the "59-year history of maintaining or increasing dividends" not continuing for years to come. ------------------------------------------------------ From the Finals... Creating long-term value for shareholders Our objective has always been to generate value for our shareholders, with a particular emphasis on income and dividend, and we are very proud of our unbroken, 59-year history of maintaining or increasing dividends. A source of frustration in recent times has been the disconnect between our share price and net asset value per share. We firmly believe that our long history of value creation combined with our material development pipeline should present an excellent investment opportunity for investors. £1,000 invested in TCS shares 50 years ago would today be worth circa £580,700 on a total return basis, equivalent to a CAGR of 13.6% per annum (Source: Datastream). Furthermore, again over the last 50 years, the TCS share price has increased in value by an average annual rate of 9.1%, compared to the FTSE All Share at 7.0% (As at 9/8/19)
Town Centre Securities share price data is direct from the London Stock Exchange
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