17th Sep 2015 07:44
LONDON (Alliance News) - Property investor and car parking company Town Centre Securities PLC on Thursday said its net asset value per share rose in the year to the end of June as the group delivered a robust total property return and posted rental income growth.
The company said its net asset value per share was up to 344.0 pence at the end of June, up from 308.0 pence at the same point a year earlier, as it delivered a total property return of 12.2% in the year, down from a 14.1% return the year earlier but ahead of the market, based on the IPD shopping centres index.
The group said its estimated annual rental value rose 8.0% in the year to GBP21.6 million, mainly due to deals signed at its Merrion House property in Leeds, while its like-for-like estimated rental value was up 2.8%. The valuation of its portfolio rose 7.1% on a like-for-like basis while occupancy was slightly down to 96% from 97%.
The group has maintained its total dividend at 10.44 pence per share, with its final dividend also flat at 7.34p.
"Retail valuations have continued to rise in the regions, and we expect this to continue as the economic backdrop continues to improve. The letting market remains competitive, but we continue to find opportunities to increase income in all areas of our portfolio and over the next couple of years our income will benefit from the transactions we have already concluded," said Chairman and Chief Executive Edward Ziff.
Town Centre shares were up 2.7% to 304.375p on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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