Town Centre Securities has posted a near-flat net asset value with pretax profits almost halved.
The Leeds-based property investment, development and car parking company said net asset value was up 0.6% to £191.1m for the year ending 30 June 2016. Net assets per share were 359p.
The company’s pretax profit almost halved to £6.7m over the period. The full-year statutory profit, which includes a property revaluation deficit of £1.1m, is down from £11.9m last year.
The company saw a 1.4% like-for-like decrease in the value of its investment property portfolio, reflecting a reversionary yield of 6.5%. The like-for-like increase in development property was 20.1%. The total property return was 6%, down from 7.8% for the full year to 30 June 2016.
Passing rent across the portfolio was up 2.3% like for like.
Ziff said: “We are pleased with the progress that we achieved last year which belied the market backdrop of economic and political uncertainty following the Brexit referendum.
“Our continuing intensive management of the portfolio has again produced increases in rental income and capital value, broadly mitigating those assets which experienced market driven falls in value.
“Our capital recycling programme has accelerated with the disposals from our Scottish portfolio and we expect to make further disposals this year. We are actively looking to reinvest the proceeds of these sales as and when we see the right opportunities.
“The development programme has gone well and continues to drive increases in income throughout the portfolio which has allowed us to be bold in terms of disposing of mature properties. The portfolio holds extensive further development opportunities.”
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