reports
- Liberum Research Team
- Liberum Research Team
SFR SEVERFIELD
NEX NATIONAL EXPRESS GROUP PLC
AHT ASHTEAD GROUP PLC
RTN RESTAURANT GROUP PLC
KIE KIER GROUP PLC
FAN VOLUTION GROUP
OCI OAKLEY CAPITAL INVESTMENTS
PAGE PAGEGROUP PLC
TOWN TOWN CENTRE SECURITIES PLC
CTEC CONVATEC GROUP PLC
HMSO HAMMERSON PLC
1B3N THUNGELA RESOURCES LTD
DOM DOMINGUEZ & COMPANIA
- Bjorn Zietsman
- Chris Spearing
LIBERUM: Town Centre Securities* - Robust results as sales strengthen ...
TCS has delivered a robust set of results with EPRA NTA down 8.0% to 306p in the six months to 31 Dec’22 reflecting a 7.0% decrease in property values. The tender offer and share buybacks mitigated the NTA decline. TCS has continued to reduce debt from sales and with the LTV ratio now 44% is looking at acquisitions and selectively bringing forward developments. With the 23H1 NTA and EPS outturn in-line with our expectations we keep our forecasts unchanged. The shares stand at a c.48% discount to...
- Richard Williams
QuotedData’s Real Estate Monthly Roundup – January 2023
Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month...
PHP PRIMARY HEALTH PROPERTIES PLC
ESP EMPIRIC STUDENT PROPERTY PLC
RGL REGIONAL REIT LTD.
CAPC CAPITAL & COUNTIES PROPERTIES PLC
RLE REAL ESTATE INVESTORS PLC
LMP LONDONMETRIC PROPERTY PLC
PCA PALACE CAPITAL
CRC CIRCLE PROPERTY
SRE SIRIUS REAL ESTATE LIMITED
TOWN TOWN CENTRE SECURITIES PLC
ASLI ABERDEEN STANDARD EUROPEAN LOGISTICS INCOME
WHR WAREHOUSE REIT PLC
CSH CIVITAS SOCIAL HOUSING PLC
DEL GRIT REAL ESTATE INCOME GROUP
SHED URBAN LOGISTICS REIT PLC
EBOX TRITAX EUROBOX GBP
CBA CEIBA INVESTMENTS
MLI INDUSTRIALS REIT LTD
API ABRDN PROPERTY INCOME TRUST
- Richard Williams
QuotedData’s Real Estate Monthly Roundup – January 2023
Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month...
PHP PRIMARY HEALTH PROPERTIES PLC
ESP EMPIRIC STUDENT PROPERTY PLC
RGL REGIONAL REIT LTD.
CAPC CAPITAL & COUNTIES PROPERTIES PLC
RLE REAL ESTATE INVESTORS PLC
LMP LONDONMETRIC PROPERTY PLC
PCA PALACE CAPITAL
SERE SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST
CRC CIRCLE PROPERTY
SRE SIRIUS REAL ESTATE LIMITED
TOWN TOWN CENTRE SECURITIES PLC
ASLI ABERDEEN STANDARD EUROPEAN LOGISTICS INCOME
WHR WAREHOUSE REIT PLC
CSH CIVITAS SOCIAL HOUSING PLC
DEL GRIT REAL ESTATE INCOME GROUP
SHED URBAN LOGISTICS REIT PLC
EBOX TRITAX EUROBOX GBP
CBA CEIBA INVESTMENTS
MLI INDUSTRIALS REIT LTD
API ABRDN PROPERTY INCOME TRUST
Town Centre Securities (TOWN): Reinvigorating strategy
Edison Investment Research Limited Town Centre Securities (TOWN): Reinvigorating strategy 27-May-2021 / 07:00 GMT/BST London, UK, 27 May 2021 Town Centre Securities (TOWN): Reinvigorating strategy Town Centre Securities (TCS) has been hard hit by the pandemic, particularly in its car parking business, but the effects have been mitigated by the strategic repositioning of the property portfolio in recent years, reflected in relatively robust rent collection and capital values. Management expects a strong recovery in car parking as the lockdown eases. In property, retail asset ...
- Martyn King
Town Centre Securities - Reinvigorating strategy
Town Centre Securities (TCS) has been hard hit by the pandemic, particularly in its car parking business, but the effects have been mitigated by the strategic repositioning of the property portfolio in recent years, reflected in relatively robust rent collection and capital values. Management expects a strong recovery in car parking as the lockdown eases. In property, retail asset sales reduce near-term income but further de-risk the business, creating a stronger footing on which to build, focus...
- Martyn King
Town Centre Securities - Positive trading update
A confident trading update from Town Centre Securities (TCS) points to a stable financial performance, supported by robust operational metrics, across its increasingly diversified regional commercial property portfolio. Against the backdrop of a challenging retail sector, and the economic and political uncertainty of recent months, we view this positively, justifying the recent share price strength. We make no changes to our forecasts and will review these with the interim results due 26 Februar...
- 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 opportunitie...
- Martyn King
Town Centre Securities - Robust performance while delivering strategy
Town Centre Securities (TCS) will release its results for the year ending 30 June 2019 (FY19) on 24 September. Despite the tough retail environment, in a trading update the company states that the year ended in line with expectations. We expect a robust recurring earnings performance and an unchanged but fully covered and attractive dividend yield. The year saw continuing progress with the strategy of repositioning the portfolio away from retail and recycling capital into more attractive opportu...
- Martyn King
Town Centre Securities - Delivering on strategy
H119 saw continued progress with unlocking value from the development pipeline, which is particularly focused on offices and residential assets. A challenging retail environment was well managed, occupancy increased, and car parking profits grew. Excluding some short-term factors, EPRA earnings were robust and the DPS well covered, but NAV was negatively affected by weak investor sentiment, particularly for retail assets.
- Martyn King
Town Centre Securities - Adding resilience and recycling for growth
As a family run business, Town Centre Securities (TCS) has a strong focus on dividend returns and has increased or maintained DPS in each of the last 58 years, while investing for growth. H119 saw further progress with ongoing portfolio repositioning, targeting increased income resilience while recycling capital to unlock the sizeable future growth and diversification opportunity in the development pipeline. Retail & leisure assets have reduced to 52% of the total from 70% in 2016. We will revie...
- Martyn King
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%,...
- Martyn King
Town Centre Securities - Positive trading update and innovative refina...
Town Centre Securities (TCS) says that FY18 ended positively with overall trading in line with the board’s expectations. Like-for-like property rental income increased, with a good level of occupancy maintained, and car parking revenues and profits grew further. In addition to refinancing existing bank debt facilities, TCS has also now completed an innovative refinancing of Merrion House in Leeds, which allows it to maintain its joint ownership, benefit from rental increases and receive a £26...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.