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.
• As at 31 December 2018, our portfolio was valued at £970.6m (31 December 2017: £890.1m).
• We have paid out dividends in respect of the year ended 31 December 2018 equating to 5.00p per share (year to 31 December 2017: 5.55p per share).
• Our adjusted earnings per share was 3.20p per share for the year ended 31 December 2018 (1.86p per share for the year to 31 December 2017).
- Current occupancy of 96% for academic year 2018/19 (2017/18: 92%), benefiting from rigorous focus on driving revenue, although below our target for the year of 97%. Further action taken to enhance sales capabilities and attract short-term lets
- All properties brought onto the Hello Student® platform from 1 September 2018
- Facilities management for 27 assets brought in-house ahead of the 2018/19 academic year, with remainder bought in-house by 1 April 2019
- Wide range of other improvements to enhance operational performance and reduce costs, helping to ensure our business is fit for the long term
- 95 assets with 9,397 beds contracted as at 31 December 2018 (31 December 2017: 94 assets with 9,158 beds)
- 91 revenue-generating assets at the year-end (31 December 2017: 85 assets), with an average valuation yield of 5.64% (31 December 2017: 5.70%)
* 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.