Town Centre Securities have announcedv their interim dividend of 3.25p per share (2018: 3.25p) will be paid as a property income distribution and will amount to £1.7m. It will be paid on 26 June 2020 to shareholders registered on 29 May 2020. The final dividend for 2019 of 8.50p per share was paid on 7 January 2020.
Other financial highlights include:
The Company has applied IFRS 16 lease accounting standard for the first time which has reduced earnings by £0.3m. Going forward, the Company will also report Adjusted EPRA Earnings which removes the effect of IFRS 16
Adjusted EPRA Earnings before tax increased to £4.4m (2018: £3.7m), mainly driven by one off dilapidations income in the current year. EPRA Earnings were £4.1m (2018: £3.7m)
Adjusted EPRA earnings per share at 8.2p (2018: 6.9p). EPRA EPS at 7.7p (2018: 6.9p)
Statutory loss before tax of £0.2m with EPRA Earnings offset by unrealised valuation movements (2018: £8.7m loss)
Net assets per share down 3.2% since 30 June 2019 at 343p (2018: 361p; 30 June 2019: 354p)
Like for like portfolio value decreased by 1.2%
Merrion Estate increased in value by 0.3% including capex, driven by asset management initiatives
Net borrowings have continued to decrease to £174.0m excluding finance leases / IFRS 16 (30 June 2019: £177.5m)
Loan to value ratio of 48.5% (30 June 2019: 48.8%) (excluding finance leases / IFRS 16)
