10th Feb 2021 10:21
(Alliance News) - Empiric Student Property PLC on Monday said revenue occupancy for student accommodation has further reduced as a result of the third national lockdown.
In October, the student accommodation provider announced a revenue occupancy of 70% for the 2020/2021 academic year, which included just under 10% of occupancy from students who were yet to check-in.
On Wednesday, Empiric said the new lockdown has resulted in revenue occupancy falling to 65%, which includes 2% of students still to check-in now or at a later date in the academic year.
Looking ahead, the London-based company said: "Until there is greater certainty on when the current national lockdown will end, as well as students and universities intentions for the remainder of the current academic term and year, it is not possible to provide further guidance on revenue for the current academic year."
At December 31, the group loan to value was 35%, with cash and undrawn debt available of GBP63.9 million at the same date. It added it remains fully compliant with its banking covenants.
Shares in Empiric were trading 1.1% lower at 72.51 pence each on Wednesday morning in London.
By Ife Taiwo; [email protected]
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