Town Centre Securities reports continued improvement in rent collections as lockdown eases

Town Centre Securities has provided an update on rent collections for the current English quarter and an update on previous collections since the beginning of the COVID-19 pandemic.

Collected and deferred rent receipts for the current quarter stand at 96% of the total due, TCS said.

TCS billed a total of £4.9m of rent and service charge (including VAT) for the English quarters payable on 24 June 2021 and 1 July 2021.

The company said; "With the gradual easing of lockdown, collection levels continue to improve on a quarter-by-quarter basis and we expect to see this improvement continue."

Edward Ziff, Chairman and Chief Executive, commented: “I am pleased to report that rent collection is continuing to improve with the current quarter showing the highest level of recovery during the entire COVID-19 period, when one includes amounts agreed to be deferred.

"This demonstrates the resilience, quality and diversified nature of our continuing portfolio as well as our collaborative, longstanding and strong relationships with our tenants.”