GCP Student Living
Company Notes
Beneficiary of a 'return to normal'
On 5 March GCP Student Living published its interim results for the six months to 31 December 2020. In the period the fund’s EPRA NTA per share fell by 0.2% from 171.78p to 171.38p. The decline was driven by a reduction in rental receipts for the period, largely offset by a reduced dividend payout. The total shareholder return for the period was 16.9%, with the share price having seen a notable recovery since the financial year-end.
Adjusted earnings per share were 0.71p for the interim period, down significantly from 2.91p in the first half of the previous financial year. Dividends totalling 0.5p per share have been declared in respect of the period, representing a significant reduction on the dividend of 3.15p paid in respect of the previous equivalent period. The fund’s rental income is being materially adversely impacted as a result of the disruption caused by the Covid-19 pandemic, with total rental income for the interim period down 32% year-on-year. It is currently expected that the fund will collect between 55% and 60% of pre-pandemic budgeted total income of £60.1m for the 2020/21 academic year.
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