23rd Oct 2020 11:24
(Alliance News) - Empiric Student Property PLC on Friday said it has achieved a "solid" occupancy performance despite tough trading conditions, and the company continues to trade profitably.
The student accommodation provider said occupancy to date is at 70% across the portfolio and bookings continue to be made, albeit at lower levels than in prior years. Like-for-like rental growth to date is 2.4%, as the company's direct-let model allows adjustments to rental contracts.
"Our 70% occupancy is net of cancellations and includes just under 10% of occupancy from students still to check-in between now and January 2021. We have a good level of visibility over these bookings with students having re-confirmed their intention to occupy the accommodation," Empiric Student said.
The company added that it is "too early" to reinstate dividends but it will continue to keep this under review.
Chief Executive Officer Duncan Garrood "Whilst we continue to weather the challenges that have arisen as a result of Covid-19, we continue to trade profitably, and we remain very confident about our long term future. The long-term fundamentals supporting the student housing sector remain strong and our smaller, more flexible buildings have adapted well to many of the challenges posed by this pandemic. Our philosophy of "homes not halls" has never been more compelling."
Shares in Empiric Student Property were up 0.5% at 58.77 pence each in London on Friday morning.
By Tapan Panchal; [email protected]
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