TCS ‘reassured’ by the level of payments
TOWN CENTRE Securities has reported a “reassuring” rent collection level in the current quarter despite the pandemic.
The Leeds-based property investment, development and car park operator, has provided an update on rent collections for the current English quarter and an update on collections since the beginning of the pandemic.
Collected and deferred rent receipts for the current quarter stand at 86 per cent of the total due, the company said. TCS billed a total of £5.2m of rent and service charge (including VAT) for the English quarters payable on December 25, 2020 and January 1, 2021.
As of January 18, TCS had successfully collected £3.9m or 76 per cent. A further £0.6m or 10 per cent has been agreed to be deferred. This totals an agreed collection of £4.5m or 86 per cent.
The company said: “Collection levels for the latest quarter are consistent with previous quarters’ levels at this stage. We expect the 76 per cent collection levels to rise as we have seen improvement in each successive quarter previously.”
Edward Ziff, the chairman and chief executive, commented: “We continue to experience a consistent and reassuring level of rent collection, despite the ongoing level of disruption as a result of Covid-19. We firmly believe this reflects the quality, uniqueness and diversified nature of our portfolio and our collaborative, long-standing and strong relationships with our tenants.
“Once restrictions lift, particularly following the disposals made at the start of this financial year, the business is in a strong position to continue its programme of reset and reinvigoration.”