Town Centre Securities (LON: TOWN) provided a pleasant surprise with a 1.75p a share interim dividend. This indicates the confidence of management even though revenues have declined due to Covid-19.
Town Centre has collected 85% of rents since last March and 3% more relates to deferral agreements. Some high street retailers remain unwilling to pay rents, although Boots has started to pay after threatened legal action.
The reduction of exposure to retail and leisure properties continues and they currently account for 39% of the portfolio – pure retail is 26%. A further £1.4m of sa...
