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Unite offers students rent discount in wake of Covid-19 lockdown
StockMarketWire.com
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Student accommodation provider Unite said it was offering students a discount on their rent in the wake of the UK's new nationwide Covid-19 lockdown.
Students would be able to apply for a discount of 50% of their rent for a total of four weeks.
They also would be given a four-week complimentary extension of their tenancy agreement at the end of the academic year to extend their stay into the summer.
The rental discount and tenancy extension would be available to all students checked-in but not living in their accommodation between 18 January and 14 February.
Unite said the associated loss of rental income was expected to result in a reduction to EPRA earnings per share of up to £8 million, or 2p, for the 2021 financial year.
'We continue to monitor our banking covenants closely and retain significant headroom against all group debt covenants," Unite said
'Based on checked-in occupancy of 80% for the 2020/21 academic year and expected rent collection from students and universities for the second and third terms, we expect to maintain compliance with all debt covenants.'
Separately, the company said the value of its Unite UK Student Accommodation Fund had fallen to £2.80 billion million in the December quarter.
That marked a 0.3% decrease on a like-for-like basis during the quarter and a 1.8% decrease for the year.
The value of the London Student Accommodation Joint Venture fund, meanwhile, was £1.32 billion, down 0.1% in the quarter on a like-for-like basis and down 0.9% for the year.
Story provided by StockMarketWire.com
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