Edison Investment Research Limited
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 sales reduce near-term income but further de-risk the business, creating a stronger footing on which to build, focused on well-performing regional cities and substantial strategic development opportunities.
Management is strongly aligned with shareholders and is committed to restoring the level of dividends as soon as is practicable. Our FY23e DPS of 7.25p, fully covered by EPRA earnings, represents a yield of 5.4% while the shares trade at a c 50% discount to H121 EPRA NTA.
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