4th Feb 2020 14:43
(Alliance News) - GCP Student Living PLC on Tuesday reported an improved performance in the quarter to the end of 2019 amid double-digit growth in net asset value.
The stock was trading 0.3% higher in London in afternoon trade at 204.00 pence a share.
The investment company, which is focused on student residential assets, said its NAV per share as at the end of December stood at 174.71p, representing a quarterly increase of 2.7% and year-on-year growth of 11%.
GCP Student Living declared a first interim payout of 1.58p per share for the three months to the end of 2019. The dividend will be paid on March 9, the company said, to shareholders on the register as at Friday next week.
As at December 31, GCP Student Living said its portfolio value was GBP987.3 million, representing a like-for-like increase of 1.9% quarter-on-quarter. The portfolio comprised of 11 assets with 4,100 beds, including one asset which is expected to complete construction for the 2020/21 academic year.
The company said its operational portfolio is fully occupied with respect to the 2019/20 academic year, with student rental growth of 4.4% year-on-year.
By Evelina Grecenko; [email protected]
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