| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Unite extends 50% rent discount for students to seven weeks
StockMarketWire.com
|
Student accommodation provider Unite said it had extended a 50% rent discount for students, in light of the UK's latest national Covid-19 lockdown.
The extension took the period of the discount, first announced on 11 January, to seven weeks.
All eligible students who applied for the four-week 50% rent discount would now receive the additional three-week 50% discount automatically.
Eligible students also would be 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 loss of rental income associated with the additional three-week rental discount was up to £6 million, equivalent to 1.5p of EPRA earnings per share for the 2021 financial year.
The extension resulted in a total cost for the seven-week rental discount and tenancy extension of up to £15 million or 4p.
Unite said it had collected 91% of rent due to date for the 2020/21 academic year, reflecting successful term-one rent collection of 96% and a positive start to term two rent collection, at 84% to date.
The strong cash collection to date for term two means we retain headroom against all of our debt covenants, even after allowing for the maximum potential take-up of the seven-week rental discount,' the company said.
Story provided by StockMarketWire.com
|
|
|
|
|
|
