GCP Student Living has posted a 47.6% decline in profit before tax to £48.6m for the year to the end of June.
The compared with an equivalent of £92.8m in the previous year.
GCP said 68% of rooms across the group’s portfolio have been booked for the 2020/21 academic year.
EPRA NAV per share grew to 171.8p, from 165.5p in June 2019. Rental income increased by 7.7% to £47.8m.
Its NAV growth was driven by a 3.2% valuation uplift. The value of its 11 properties, which are mainly in and around London, stood at £1bn at the end of June.
Total shareholder return for the year stood at -20.6%. This compares with 14.8% during the previous year.
The firm also announced that chairman Robert Peto is to retire from the board. He will be replaced by non-executive director David Hunter.
Peto said: “The longer-term impact of the Covid-19 pandemic remains unknown and difficult to quantify. Further, there remains ongoing uncertainty as to the impact of the UK’s departure from the EU on the company.”
He added: “It has been a great joy serving shareholders and working alongside my fellow board members and the company’s advisers during my tenure.”
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