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