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Empiric Releases Trading Update

Posted by Richard Ward in

Image courtesy of Flickr, (View licence)

Empiric Student Property plc has announced that as of 23 October 2020 the company reported revenue occupancy of 70% for the 2020-21 academic year, which includes just under 10% of occupancy from students who had yet to check in.

After adjusting for support being provided to students since January 2021 and due to the latest national lockdown, revenue occupancy has fallen to 65%, which includes 2% of students still to check-in.

Empiric said the collection of rents remains in line with its usual collection profile and the physical occupancy level is around 50% of operational rooms. The company said it was unable to provide any additional guidance on revenue for the current academic year.

Around 60% of Empiric's residents for the 2020-21 academic year remain international students and the business is continuing to work closely with all stakeholders to ensure residents, colleagues, business partners and the communities in which it operates remain safe and secure.

The company will provide a further update when it announces its annual results on March 17th.