Town Centre Securities - FY18 earnings in line and DPS increased
Town Centre Securities (TCS) continued to reposition its portfolio in FY18, seeking to ensure a resilient income stream and unlock future growth potential. Underlying earnings were robust, supported by like-for-like rental growth, a good level of occupancy and further growth in car parking revenues and profits. Refinancing has provided significant additional financial flexibility as TCS continues to invest for future growth, and the DPS was increased 2.2% to 11.75p, representing a yield of 4.7%, while the shares trade at a significant discount to NAV per share of more than 30%.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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