The company - 138 Student Living says the 90 per cent occupancy guarantee provided by the University of the West Indies (UWI) presented challenges during its 2018 financial year.
The listed company says the UWI failed to provide students to fulfil this guarantee.
It had booked the revenue as a receivable from the university.
In statements accompanying its 2018 financial results, 138 Student Living said subsequent discussions with the UWI revealed differences of interpretation as to who constitutes students for the purpose of computing this occupancy guarantee; as a result of which the company has made a provision of $19.96 million or 50 per cent of the disputed sum previously booked as revenue.
For the company's subsidiary, 138 Student Living Restoration, revenue was also sub optimal.
This resulted from a change in the configuration of the Irvine Hall re-development relative to that contemplated in the Concession Agreement coupled with lower approved rental rates.
These matters and the adverse financial impact on the company are under discussion with the UWI.
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