GCP Student Living has published its annual report covering the year to the end of June 2015. The EPRA NAV rose by 22.3% and the share price by 20.0%. The dividend increased from 5.47p to 5.6p. The EPRA EPS was 5.1p.The total return to shareholders was 26%.
The Company’s property portfolio has operated at full occupancy for the 2014/15 academic year, generating GBP11.5 million of rental income in the year to 30 June 2015. The Company saw rental growth of 3.6% for 2014/15 and has seen a further 4.5% increase for the 2015/16 academic year.
The external market valuation of the Company’s property portfolio was £177.2m at 30 June 2015. This represents a valuation uplift of £30.7m or 21% over the aggregate acquisition price (excluding acquisition costs). The valuation increase has been driven by a combination of rising rental rates and a reduction in yield across the portfolio reflecting tightening of yields in the wider student accommodation market.
DIGS : Bumper year for GCP Student Living