Town Centre Securities chief executive Edward Ziff says recent market increases in value over the past few years have come to an end.
The Leeds based property investment and car parking company said net assets per share were up 3.8% to 357p, as it reported its final results for the year ending 30 June 2016.
The company saw like-for-like property valuation increase of 2.2% and an increase in passing rent up 2.8% like for like. Last September its property portfolio valuation rose by 7.1%.
The year before that another revaluation of investment properties – an increase of £8.2m – helped it to a £12.3m profit hike.
Pretax profits fell to £11.9m from £24m last year.
Last year’s results: TCS posts 11.7% NAV lift
Chairman and chief executive Edward Ziff said there was an extended period of uncertainty as a result of the Brexit vote.
He said: “There is no doubt that the market increases in value we have seen in the last couple of years have come to an end, but our portfolio has not seen the Brexit effects reported in central London and the end of year values reflect the hard work we have done in recent times.
“In fact we have seen excellent valuation results from some of our assets, particularly the development sites.”
He said three ‘top quality’ assets would be added to its investment portfolio while increasing rental income and net assets.
