Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Student accommodation provider Unite posted a full-year loss as the pandemic weighed on the value of its properties and it offered affected students rent waivers and discounts.
The company, however, reinstated its dividend, citing the strength of its growth prospects.
Pre-tax losses for the year through December amounted to £120.1 million, compared to year-on-year losses of £101.2 million.
The company's EPRA net tangible asset value, a closely watched measure of performance, fell 3% to 818p amid a 0.6% decline in like-for-like rental income.
Unite reinstated dividends with a final payout of 12.75p, up from 10.25p year-on-year, and said it was targeting an increased payout ratio as earnings visibility improved.
'The outlook for the business and the UK higher education sector is strong,' chief executive Richard Smith said.
'A record share of school leavers are choosing to attend university, demographic growth is significant over the next decade and international student numbers continue to increase.'
'We expect strong demand for the 2021/22 academic year, supporting a return to full occupancy and 2-3% rental growth.'