Town Centre Securities (TOWN); occupancy level increases to 96.7%

Published on 22-01-2020 08:22:57
Author Sparks Team
Town Centre Securities (TOWN); H1 results show EPRA PBT down to £3.7m

Town Centre Securities announced an update for its half-year ended 31 December 2019. The company witnessed consistent operating performance with like-for-like passing rent increasing 0.4% underlying versus a year ago.

Footfall of 11.2m over the 12 month period represented a marginal year on year increase. The final ten weeks saw footfall up 6.7% in the prior year. CitiPark continued to grow its revenues and profits, while 98% of rent was paid within four days of its due date.

The company also completed or renewed 42 new leases in the past six months. In the six months to 31 December, the company had only one new administration and no new CVAs.

Town Centre Securities expects to issue its results for the half-year ended 31 December 2019 on 26 February 2020.

Edward Ziff, Town Centre Securities’ Chairman and CEO, commented: “We remain confident about our future direction, highlighted by our continued investment in our existing properties and progress in our development pipeline. We continue to explore opportunities to dispose of further retail assets, but will only do so for the right deal.”

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