Home The Market Investment Portfolio Development Portfolio Investor Information About Us Contact Investor information Investment Overview Investment Overview Empiric Student Property plc (LSE: ESP), a UK REIT, is a leading provider and operator of modern, direct-let, nominated or leased student accommodation located in prime city centre locations in top university towns and cities in the UK. The Company listed on the Main Market (Premium Listing) of the London Stock Exchange in June 2014. Financial performance As at 30 June 2021, the Group owned 91 assets representing 9,170 beds (31 December 2020: 9,396 beds). The portfolio included 87 revenue-generating properties at the period end, with 8,543 beds. Property portfolio valued at £994 million at 30 June 2021 (31 December 2020: £1,005 million), reflecting the asset disposals completed. The portfolio valuation has remained stable since the year end on a like for like basis. The COVID-19 valuation deduction made by CBRE as at 30 June 2021 reduced to £20 million compared to £21.4 million at the year end. Underlying valuation yield of 5.59% (31 December 2020: 5.61%) has improved slightly, reflecting an improvement in rental growth on our super prime assets, partially offset by a reduction in secondary assets. As at 30 June 2021, EPRA net tangible assets ("NTA") per share was 106.2 pence (31 December 2020: 105.0 pence). Operational performance Throughout the pandemic, we have taken a supportive approach to our students' situation, granting later check-ins, deferments, cost-free cancellations and refunds. Online reviews suggest this has helped enhance our brand reputation and drive future customer acquisition. In November 2020, we successfully launched our new revenue management system and all bookings for the academic year 2021/22 are now managed in-house. We expect this to deliver annualised cost savings of about £1.5 million per annum from September 2021 onwards as well as increase customer acquisition and revenue. Outlook We are pleased to resume dividend payments in Q4 this year with a payment of 2.5p. This comprises the PID distribution requirement of 1p per share for the financial year 2019 and a 1.5p per share for 2020. In 2022, we intend to start paying a minimum dividend of 1.5p per share per annum, with a view to increasing this as occupancy levels normalise. We are making good progress on the disposal of non-core assets, and plan to use these proceeds to invest an estimated £44 million on the refurbishment of properties, with a targeted IRR of 9% to 11%, and also spend approximately £30 million over the period to 2025 on work to ensure our buildings comply with forthcoming changes in fire and safety legislation. Looking forward, once we achieve occupancy levels in line with those before the pandemic, we expect to deliver a Gross Margin above 70% and a total return in the 7% to 9% pa range. In this section Share price chart, regulatory news, reports and more... Share Information Regulatory News Company Documents Financial Intermediaries 9% The growth of full-time student numbers in ESPs locations vs 5% nationally over 5 years 165,965 The excess number of applicants who were not accepted to a UK University in 2017-18, indicating the continued demand for the UK’s quality Universities 18.4% Rental costs up 18.4% between 2012 and 2016, significantly outperforming RPI 25% The increase in full-time student population in the last ten years Questions? Get in touch using the contact details below. Contact Us Empiric Head Office Empiric Student Property plc 1st Floor, 72 Borough High Street London, SE1 1XF info@empiric.co.uk +44 (0)20 3828 8700 Media Contact James Benjamin Partner Maitland/AMO empiric-maitland@maitland.co.uk +44 (0)20 7379 5151 Joint Broker Stuart Klein/Tom Yeadon Jefferies International Limited 020 7029 8000 Joint Broker Charlie Foster / Marcus Jackson RBC Europe Limited (trading as RBC Capital Markets) 020 7653 4000 The Market Investment Portfolio Development Portfolio Investor Information About Contact Legal Modern Slavery Site Map © 2021 Empiric Student Property plc. All rights reserved. Address: 1st Floor, 72 Borough High Street, London, SE1 1XF | Tel: +44 20 8078 8791 Registered as a limited company in England and Wales under company number: 08886906 The company budgets and models on the basis of 97% occupancy. Occupancy or income of the operational portfolio to this level and in excess is considered fully let. Terms | Cookie Policy