Town Centre Securities announces an interim dividend of 1.75p

DividendMax Ltd.

Town Centre Securities announces an interim dividend of 1.75p

An interim dividend of 1.75p per share (HY20 3.25p) will be paid by Town Centre Securities as a property income distribution and will amount to £0.9m. It will be paid on the 25 June 2021 to shareholders registered on 28 May 2021. The final dividend for 2020 of 1.75p was paid on the 5 January 2021.

Other financial highlights include:

Net assets:

o Resilient like for like portfolio valuation down only 0.8% from June 2020

o Statutory net assets of £152.0m or 286p per share down 2.3% (FY20: £155.5m, 292p). EPRA net tangible assets ('NTA') measure introduced at £147.8m or 278p per share (FY20 equivalent: 285p)

Profits and earnings per share:

o EPRA Earnings before tax of £0.2m (HY20: £4.1m), driven by an estimated £3.2m COVID-19 impact

o EPRA earnings per share of 0.4p (HY20: 7.7p)

o Statutory loss before tax of £3.5m (HY20: loss of £0.2m) and statutory loss per share of 6.6p (HY20: loss of 0.4p), including the unrealised £2.5m portfolio valuation and impairment movement (FY20: £26.4m)

Capital and financing:

o £41.2m of targeted retail asset sales during the first half has reduced absolute borrowing levels 20% to £147.6m at December 2020 (pre IFRS16 measure) (30 June 2020 £183.6m)

o Loan to value of 48.6% as at 31 December 2020 (FY20: 53.2%)

o Headroom of £12.8m at half-year end based on December 2020 borrowings and valuations (FY20: £14.8m)

Companies mentioned