NAV has fallen 6.25% at Town Centre Securities to 270p per share.
Posting results for the full year to 30 June 2012, the company said it had lost £4.2m before tax after a revaluation deficit of £11.4m compared to a 2011 profit of £15.3m, on a gain of £6.7m.
The underlying profit before tax – which excludes the revaluation, exceptional items and profits and losses on disposals – was £7.3m, with underlying earnings per share of 13.6p.
Triple net asset value per share was 294p, down from 341p last year.
The total dividend per share was unchanged at 10.44p, with the proposed final dividend flat at 7.34p.
Borrowings now stand at £144.6m compared to £140.2m last year, meaning gearing is 101%.
The group’s overall occupancy level is up marginally to 97%.
Refinancing was completed in December 2011, extending facilities to 2015, 2016 and 2031.
Planning permission was granted for the Merrion New Front project during the period, while Leeds city council announced proposals to seek refurbishment and extension of Merrion House.
Urban Exchange in Manchester is now fully let.
Deals to buy Park Row, Leeds and Apperley Bridge, Bradford, came after the year end.
Chairman and chief executive Edward Ziff said: “Overall, Town Centre Securities is in good operational and financial condition. We have a number of exciting opportunities within our portfolio but we continue to take a cautious view of the market.
“Our strategy to invest in property in core cities protects us from the worst of the market downturn but we anticipate that pressures on rental income will remain for the foreseeable future. I am particularly excited about the opportunities we have to improve the Merrion Centre, the Merrion Way frontage, and offices occupied by Leeds city council.”
jack.sidders@estatesgazette.com
