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 2019, our portfolio was valued at £1,029m (31 December 2018: £971m).
• We have paid out dividends in respect of the year ended 31 December 2019 equating to 5.00p per share (year to 31 December 2018: 5.00p per share).
• Our adjusted earnings per share was 4.43p per share for the year ended 31 December 2019 (3.20p per share for the year to 31 December 2018).
- Facilities management for the remaining 57 operating assets was brought in-house at the end of March 2019.
- Significant progress has been made with the in-sourcing programme, with revenue management on track for delivery in 2021.
- Direct led model continues to drive numerous benefits for the business with rental growth across the portfolio on a like for like basis of around 3% for the 2018/19 academic year (2017/18: 2%)
- Improvements in operating efficiencies and cost management has led to a reduction in the average cost per bed of 9% compared to 2018
- 95 assets with 9,401 beds contracted as at 31 December 2019 (31 December 2018: 9,397 beds).
- Development pipeline of 356 beds delivered in 2019 averaging a profit on cost of 14%.
* 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.