Edison Investment Research - Town Centre Securities PLC (TOWN) Town Centre Securities - Accelerating portfolio repositioning

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Edison Investment Research

Martyn King

Town Centre Securities - Accelerating portfolio repositioning

Against a challenging retail sector environment and ongoing economic uncertainty, Town Centre Securities (TCS) delivered a robust underlying performance in FY19 while continuing to re-position its portfolio for the long term. Earnings and NAV were lower than in FY18 but the fully covered DPS was maintained, now held or improved in each of the last 59 years. Already below 50%, TCS plans to reduce retail and leisure exposure further and continue to recycle capital into more attractive opportunities, including the group’s significant pipeline of development opportunities.

14/10/2019 16 EN

Underlying

Town Centre Securities PLC

Town Centre Securities is a specialist regional property investor. Co. is engaged in property investment, development and trading and the provision of car parking. Co. focuses its portfolio in the primary regional cities of Leeds, Manchester, Glasgow and Edinburgh along with suburban London. Co. operates in two business segments comprising property rental and car park operations.

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GB0003062816 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Martyn King

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Town Centre Securities - Accelerating portfolio repositioning

LIBERUM: UK Small & Mid Cap Dispatches

LIBERUM: Morning Comment

LIBERUM: Town Centre Securities* - Robust results as sales strengthen balance sheet and reduce LTV ratio

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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