1st May 2020 11:59
(Alliance News) - GCP Student Living PLC said Friday its net asset value and portfolio value declined over the third quarter of its financial year, driven by uncertainty surrounding the Covid-19 pandemic.
The student property-focused real estate investment trust said as at March 31, EPRA net asset value per share was 171.55 pence, down 1.8% from 174.71p the prior quarter, and the value of its portfolio declined by 0.9% on a like-for-like basis to GBP986.5 million.
GCP Student Living said it has collected 80% of all the budgeted income for the current academic year, which comes up to GBP50.5 million.
However, as a result of the flexibility offered to direct let tenants and the economic hit from Covid-19, the group expects a reduction of around GBP9.0 million to the all the budget income.
GCP Student expects to make cost savings of GBP1.0 million from lower occupancy, thus reducing the effect to GBP8.0 million.
For the quarter, the company will pay a dividend of 1.58 pence per share.
Looking ahead, booking for the 2020/21 academic year is marginally behind the prior year. GCP Student warned that should the disruption caused by the pandemic continue into the next academic year, rental income will be "adversely impacted".
Shares in GCP Student Living were down 2.4% at 131.38 pence on Friday in London.
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
DIGS.L