Empiric Student Property PLC
LSE:ESP

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Empiric Student Property PLC Logo
Empiric Student Property PLC
LSE:ESP
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Price: 79.4 GBX 0.25% Market Closed
Market Cap: 527.4m GBX

Empiric Student Property PLC
Investor Relations

Empiric Student Property PLC operates as a real estate investment trust. The firm is a provider and operator of modern, direct let, nominated or leased student accommodation in center locations in the university towns and cities of the United Kingdom. The firm has an operating and marketing platform, Hello Student. The Company’s portfolio owned or was committed to owning approximately 95 assets, representing over 9,396 beds. Its investment portfolio includes operational assets, which are the properties that the Company lets, and development assets, which are the properties being built. Its investment portfolio includes Centro Court, St Peter Studios, Canal Bridge, James House, Piccadilly Place, Radway House, the Exchange, Widcombe Wharf, Brook Studios, Edge Apartments, College Green and Clifton Place. Its development portfolio includes the Franciscan and St Mary's Hospital.

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Last Earnings Call
Fiscal Period
Q4 2021
Call Date
Mar 3, 2022
AI Summary
Q4 2021

Occupancy Rebound: Empiric's revenue occupancy rose to 84% for the 2021/22 academic year, up from 65% during 2021, reaching the upper end of guidance and signaling market recovery.

Financial Performance: Reported revenue was £56 million (down 6%), gross margin declined to 59%, but the company returned to profitability with £29.2 million in profit and basic EPS of £0.0484.

Dividends Reinstated: Dividend payments resumed, with a minimum annual payment of £0.025 announced for 2022 and commitment to a progressive policy.

Portfolio Activity: Nine noncore asset disposals for £44.6 million (above book value) supported capital recycling, and one new Bristol acquisition marked the first since 2018.

Guidance Raised: Occupancy for 2022/23 is guided at 85–95%, with management targeting the upper end if no further disruptions occur.

ESG & Sustainability: Net zero operations by 2035 targeted; concrete steps taken on energy efficiency, health and safety, and social initiatives.

Strategic Focus: Emphasis on core university markets, capital recycling, operational efficiency, and margin expansion as occupancy and the student mix normalize.

Key Financials
Revenue
£56 million
Gross Margin
59%
Administration Costs
£10.5 million
Adjusted Earnings
£10 million
Adjusted Basic Earnings Per Share
£0.017
Basic Earnings Per Share
£0.0484
Profit
£29.2 million
Investment Property Valuation
3.3% increase (like-for-like)
EPRA Net Tangible Asset Value Per Share
£1.074
Total Accounting Return
4.6%
Net Initial Yield
5.3%
Portfolio Valuation
£995.9 million
Cash Holding
£37 million
Debt
£371 million
Net Asset Value
£648 million
Loan to Value
33.1%
Aggregate Cost of Debt
3%
Weighted Average Debt Term
4.9 years
Occupancy (2021/22)
84%
Dividend
£0.025 per annum (minimum for 2022)
Capital Expenditure (2022 guidance)
£24.5 million
Development Spend (2022 guidance)
£13 million
Earnings Call Recording
Other Earnings Calls
2021

Management

Dr. Duncan Garrood
CEO & Director
No Bio Available
Mr. Donald A. Grant C.A.
Chief Financial & Sustainability Officer and Executive Director
No Bio Available
Ms. Joanne Pollard
Chief Operating Officer
No Bio Available
Ms. Lisa Jefferson Hibberd
Company Secretary
No Bio Available
Charles Taylor
Consultant and Acquisitions Manager
No Bio Available
Mr. Martyn Roe MBA, MRICS, Dip Proj Man
Consultant
No Bio Available

Contacts

Address
London
Swan HSE, 17-19 Stratford Place
Contacts
+442038288700.0
www.empiric.co.uk