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Town Centre Securities collects 75% of rents in Q4

Town Centre Securities provides covid-19 update

Town Centre Securities (TOWN), which owns property in Leeds, Manchester, Glasgow and London, has collected 75% of rents for the current quarter and 82% of rents since March 2020.

Current quarter

Of the £5.2m that TOWN billed for the quarter, it had collected £3.9m or 75%. A further £0.5m or 10% has been agreed to be deferred. Of the £0.8m remaining, £0.1m has been waived with a further £0.7m still outstanding.

Collection levels for the latest quarter are ahead of previous quarters’ levels at the same stage.

March – September*

%

Latest Quarter**

%

Cumulative

%

Total billed

£13.4m

£5.2m

£18.6m

Total collected

£11.3m

84%

£3.9m

75%

£15.2m

82%

Agreed to be deferred***

£0.4m

3%

£0.5m

10%

£0.9m

5%

Agreed total

£11.7m

87%

£4.4m

85%

£16.1m

87%

March to September

For the second and third quarters of the year, TOWN billed a total of £13.4m of which £11.3m or 84% has now been collected. A further £0.4m or 3% of deferrals have been agreed. A further £1.7m remains outstanding of which £0.8m has been waived.

Cumulative total

Of the £18.6m cumulative rent and service charge payments that have fallen due, the company has collected £15.2m and agreed to defer a further £0.9m, totalling £16.1m; equivalent to 87% of the amounts due. Of the £2.5m balance remaining, it has agreed to waive over £0.9m, mostly in return for an improvement in the terms or length of the lease, and is in talks with tenants on the £1.6m balance.

Retail asset sales

TOWN is repositioning its portfolio, selling retail and leisure assets. Last month it announced the sale of four retail properties in Scotland and London for £35.2m, with the proceeds being used to lower bank debt.

It has since agreed sales of a further three retail units; two in Wood Green in London and Abingdon Street market in Blackpool, for a total sum of £6.0m.

On a pro-forma basis, the loan to value has fallen to 47.2% (from 53.2% at 30 June 2020). The proceeds from these sales take total financial headroom to £20m, and reduces the proportion of retail and leisure in the company’s portfolio to below 41%.

The company is marketing further retail and leisure sales.

TOWN : Town Centre Securities collects 75% of rents in Q4

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