Town Centre Securities has received 82% of rents owed since March so far this year, while posting an improvement for its latest quarter.
The landlord collected 84% of rents owed in the period between March and September, along with 75% of Q4 rents. TCS said the collection rate for its latest quarter were ahead of previous quarters’ levels.
After factoring in agreed deferrals, the collection levels respectively rise to 87% (£11.7m) for the six-month period, and to 85% (£4.4m) for the latest quarter. These total 87% (£16.1m) of rents collected since March.
The REIT, which develops and invests in properties in Leeds, Manchester, Glasgow and London, has also completed the sales of four retail properties in Scotland and London for £35.2m in September.
A further trio of sales – two in Wood Green in London, and one at Blackpool’s Abingdon Street market – have been agreed for £6m.
The proceeds from these sales, which amount to £41.2m, takes the REIT’s financial headroom to £20m. LTV has also reduced to 47.2%, from 53.2%. Retail and leisure now accounts for less than 41% of its portfolio.
Edward Ziff, chairman and chief executive, said the landlord continued to “see a consistent and reassuring level of rent collection”.
He added that the recent sales have created “greater flexibility for the future as we reset and reinvigorate the business”.
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