Empiric Student Property PLC (LSE:ESP) said that paying tenants for this coming year were at the upper end of its guidance, despite the pandemic influencing the academic year.
The owner and operator of student accommodation in the UK said revenue occupancy rose to 84% in 2021/22, a 16% increase from the previous year and close to the top of its indicated range of between 75%-85%.
Duncan Garrood, chief executive, said he was pleased the occupancy given the disruption to the academic year from the pandemic.
“We are also encouraged by the start of our booking cycle for the forthcoming academic year 2022/23,” Garrood added.
The London listed company said it has completed the sale of some non-core assets, with the total value of £44.6mln, while discussions were ongoing over the sale of other properties.
Developments in Bristol, which will have 153 beds, and Edinburgh, 60 beds, to be completed ahead of the 2022/23 academic year.
A dividend of 2.5%p at least for financial year 2022 is still the target, said Garrood.
Shares in the company were up 1.9% in morning trading, changing hands at 86p.