Town Centre Securities PLC Latest Rent Collections (2025G)
23 Luglio 2021 - 8:00AM
UK Regulatory
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
tcs@mhpc.com
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