Unite Students this morning announces a trading update and Q4 Fund Valuations.
The Group has seen a strong start to the 2023/24 cycle with an expected rental growth of at least 5% for the year, continuing to deliver high-quality properties to students across the country.
Please see the highlights below:
- Guidance reiterated for adjusted EPS at the top end of 40-41p range for FY2022, and a total accounting return of around 8%
- Strong start to the 2023/24 sales cycle with 70% of beds sold compared with 60% for 2022/23
- Targeting rental growth of at least 5% for 2023/24 (previously 4.5-5.0%)
- Committed development pipeline of two schemes, totalling 1,421 beds and £200m in future capex, which will be fully funded from existing facilities
- Q4 like-for-like valuation decreases of 1.4% and 2.8% in USAF and LSAV respectively, and increases of 4.6% and 5.6% for FY2022
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