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GCP Student flags Covid-19 hit to occupancy as lockdowns bite
StockMarketWire.com
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Student residential real estate company GCP Student reported a slight decline in quarterly net assets and said it would collect between 55% and 60% of budgeted total income for the 2020/21 academic year as ongoing Covid-19 lockdowns dent occupancy.
In the quarter ended 31 December, the valuation of the company's portfolio was £1.03 billion representing a like-for-like decrease over the quarter of 0.2%.
The recent intensification of international and national travel restrictions and changes in government guidance have weighed on occupancy, the company said.
Approximately 64% of booked rooms were currently occupied or subject to nominations agreements, with cancellations during the quarter have slightly reduced bookings levels to 68% from 69% previously, the company said.
The maximum loss of rental income arising from rent concessions - of up to 100% to certain students for a six-week period, commencing on 5 January 2021 - was estimated to be approximately £1.9 million, or about 0.43 pence per share.
The company declared a second interim dividend of 0.25 pence per for the quarter ended 31 December 2020, down from
Story provided by StockMarketWire.com
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