Hardman & Co Research 
Hardman & Co Research : Hardman Talks Video | Palace Capital Management Presentation 
25-Jun-2021 / 09:00 GMT/BST 
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Hardman Talks Video | Palace Capital 
Management Presentation 
On 22 June 2021, the Palace Capital management team gave a presentation to investors on Hardman Talks. Watch it here: 
https://youtu.be/OqGpEYQdmi8 
Of particular note was an excellent performance on rent collection over the course of the pandemic - 95% over the full 
year. Neil noted the near-term trends are positive. Businesses relocating to the regions continues apace. There is a 
much higher proportion of workers returning to the office in the north of England where PCA's office investment is 
located, roughly double that of the south of England. Even in the most difficult sector, retail, PCA has let vacant 
space. A 25% dividend hike in Q4 emphasises the confidence PCA has in its future prospects. 
The company's major focus for 2021 is reducing the discount to NAV and it aims to do this on three fronts. Selling the 
remaining residential properties at Hudson Quarter should realise around GBP38m, which will be reinvested in a very 
attractive pipeline of opportunities. Letting the remaining office space at Hudson should add GBP1m annually. Finally, 
the company will continue its GBP30m non-core disposal programme. ESG is a key focus moving forward and PCA is confident 
it is well positioned in this regard, with investment in energy efficiency and properties located at the centre of 
public transport infrastructure. 
Watch the recording: https://youtu.be/OqGpEYQdmi8 
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1211919 25-Jun-2021


 
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(END) Dow Jones Newswires

June 25, 2021 04:00 ET (08:00 GMT)