The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of student accommodation across the UK, today announced the Company's preliminary results for the year ended 31 December 2022.

Financial highlights

• Record revenue occupancy for AY2022/23 of 99% with LfL growth of 5.2%
• Portfolio valuation up 7.3% LfL (2.4% net of capex) to £1.1 bn
• Net Initial Yield of 5.2%, stable since interim
• EPRA Net Tangible Asset value increase 8% to 115.4 pence per share
• Total accounting return of 10.5%
• Property LTV improved to 31%
• Total dividends paid and declared 2.75 pence per share, guiding to an 18% improvement in 2023 (3.25 pence per share)