Town Centre Securities has published results for the year ended 30 June 2015. It is reporting an 11.7% increase in NAV to 344p, a maintained dividend of 10.44p (which was covered 1.16x by underlying earnings per share of 12.1p – down from 14.4p the previous year). The total return to shareholders was 19%.
Like-for-like property valuations increased by 7.1%, pushing the property return to 12.2%, ahead of the IPD equivalent indices. They report excellent performances from the completed Waitrose development at Milngavie, Glasgow and Merrion House which was transferred into a JV with Leeds City Council in May 2015.
They sold properties at Apperley Bridge and Victoria Gate for total consideration of £9.7m, exit yield 3.3% and bought four properties at an average net initial yield of 5.1% for a total cost of £11.3m . After the year end they sold Goodramgate, York for £3.55m, exit yield 6.24%.
TCSC : Town Centre Securities beats benchmark for year to June