20th Mar 2019 10:08
LONDON (Alliance News) - GCP Student Living PLC increased its interim dividend once again on Wednesday, after further rental growth.
The student accommodation investor is paying 3.06 pence per share for the six months to December, after 2.96p the year prior and 2.86p the year before that, meaning 7.0% growth over two years.
GCP's rental income in the recent half-year was GBP20.9 million, up 21% from GBP17.3 million a year prior. Pretax profit was GBP48.9 million, up 26% from GBP38.8 million, including fair value gains.
The value of GCP's portfolio was GBP841.5 million at the end of December, up 14% from GBP739.6 million a year before.
"The company's properties continue to benefit from the supply-demand imbalances for modern student facilities, with the portfolio fully occupied and rental growth of 3.5% for the 2018/19 academic year," said GCP.
EPRA net asset value per share as of the end of the half was 157.93p, up from 146.31p a year prior and 138.17p two years before that.
Looking ahead, GCP said despite Brexit the number of international students coming to the UK continues to rise, many of whom study in and around London, where GCP's portfolio is situated. As a result, GCP is confident its portfolio can continue to do well.
Shares in the company were 0.6% lower on Wednesday, at a price of 153.90 pence each.
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