Accommodation Earmarked for New UA92 University
17th Jul 2018
Unite Group has released its half year results for the six months ending 30 June 2017, with the company reporting reservation levels of 91% for the 2017-18 academic year.
During the period, the company reported a 12% increase in EPRA earnings to £40.4 million, versus £36.1 million recorded during the same period a year earlier.
Profit before tax declined by 31.7% to £83.9 million or 36.7p basic earnings per share due to lower level of revaluation surplus as a result of yield compression in 2016.
For the upcoming 2017-18 academic year, the group has achieved a reservation rate of 91%, compared to 89% reported a year earlier. The pricing achieved on reserved rooms supports the company's full-year rental growth estimate of 3.0-3.5%, with 59% of rooms let under nomination agreements with an average unexpired term of six years.
Unite's average net yield across its portfolio declined to 5.3% from 5.4% at December 2016. The company attributed the fall to the change in mix of its portfolio following the purchase of Aston Student Village and portfolio disposals.
Commenting on the results, chief executive Richard Smith, said: "It has been a highly active and successful first half of the year in which we have aligned the portfolio to the strongest Universities and enhanced the service we provide, based on our unique insight into the needs of today's students.
"Our high levels of service combined with our quality properties in attractive locations have resulted in continued demand from both first, second and third year students as well as from our University partners, with reservations currently at record levels of 91% for the 2017/18 academic year."
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