Empiric Student Property PLC Business and Trading Update (2712R)
04 Noviembre 2021 - 12:59AM
UK Regulatory
TIDMESP
RNS Number : 2712R
Empiric Student Property PLC
04 November 2021
4 November 2021
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
BUSINESS AND TRADING UPDATE
Empiric Student Property plc (ticker: ESP), the owner and
operator of premium student accommodation across the UK, is pleased
to provide a business and trading update.
Duncan Garrood, Chief Executive Officer of Empiric Student
Property plc, said:
"We are making good progress on our strategic plan, with
occupancy demand for our rooms continuing to grow. Whilst travel
restrictions have affected some students' ability to confirm their
arrangements, we are pleased that revenue occupancy of 81% at the
start of the AY21/22 falls within the guidance we gave in August
this year. We expect to pay a dividend of at least 2.5 pence for
the financial year 2022, which is ahead of our previously stated
guidance of a minimum of 1.5 pence for our financial year 2022, all
else remaining equal. Progress on asset disposal continues to be
positive and we will further update the market in due course."
Academic year 2021/22
We have achieved a good performance at the start of the academic
year 2021/22 ("AY21/22") with 81% revenue occupancy across our
portfolio (AY20/21 70%). This is in line with our AY21/22 guidance
range provided on 12 August 2021 of between 75% to 85% revenue
occupancy.
Our 81% occupancy includes just over 1% of occupancy from
students still to check-in between now and January 2022. We have a
good level of visibility over these bookings with students having
re-confirmed their intention to occupy the accommodation. We
continue to see a pipeline of additional bookings with a start date
in January 2022 onwards from both direct let customers as well as
universities, where several discussions are already underway.
We have collected 98% of rent due this term for the AY21/22.
The Group currently has a greater proportion of UK students in
its mix resulting from our targeted marketing, now representing 46%
of bookings, the balance being 27% Chinese and 27% other
international. This compares to our pre-pandemic breakdown of
approximately one third each for UK, Chinese and other
international.
Travel restrictions continue to have an effect on demand from
China and some of our other international markets, where record
numbers of new undergraduate students have not yet fully translated
into bookings. For students needing to self-isolate on arrival in
the UK, we have supported students with a comprehensive quarantine
package and offered two free weeks of accommodation as well as
providing food, laundry services and making arrangements for
testing so that they were able to self-isolate without any
difficulties at no extra cost .
Capital expenditure
The two pilot refurbishments in Bristol and Leeds have been
successfully completed, and we are pleased that all upgraded rooms
have been let at higher rental levels that are in line with our
expectations.
Dividends
As announced on 29 October 2021, we are now pleased to
recommence dividend payments, which we suspended in March 2020 due
to the uncertainty arising from the COVID pandemic. The payment due
on 3 December 2021 of 2.5 pence comprises the PID distribution
requirement of 1 pence per share for the financial year 2019 and
1.5 pence per share for 2020.
Regular dividend payments are expected to be re-instated from 1
January 2022, paid quarterly, and will be fully covered and
progressive in nature. Given our 81% revenue occupancy for AY21/22
and assuming no further impact from COVID, the Board is expecting
to pay a dividend of at least 2.5 pence for the financial year
2022, ahead of the guidance we gave on 12 August 2021, where we
stated that we intend to start paying a minimum dividend of 1.5
pence per share per annum in 2022, with a view to increasing this
as occupancy levels normalise.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Empiric Student Property plc (via Maitland/AMO below)
Duncan Garrood (Chief Executive Officer)
Lynne Fennah (Chief Financial & Operating
Officer)
Jefferies International Limited 020 7029 8000
Stuart Klein
Tom Yeadon
RBC Europe Limited (trading as RBC Capital
Markets) 020 7653 4000
Charlie Foster
Marcus Jackson
Maitland/AMO (Communications Adviser) 07747 113 930
James Benjamin empiric-maitland@maitland.co.uk
The Company's LEI is 213800FPF38IBPRFPU87.
Further information on Empiric can be found on the Company's
website at www.empiric.co.uk .
Notes:
Empiric Student Property plc is a leading provider and operator
of modern, predominantly direct-let, premium student accommodation
located in high-demand university towns and cities across the UK.
Investing in both operating and development assets, Empiric is a
fully integrated operational student property business focused on
premium studio-led accommodation managed through its Hello
Student(R) operating platform, that is attractive to affluent
growing student segments.
The Company, an internally managed real estate investment trust
("REIT") incorporated in England and Wales, listed on the premium
listing segment of the Official List of the Financial Conduct
Authority and was admitted to trading on the main market for listed
securities of the London Stock Exchange in June 2014.
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END
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November 04, 2021 02:59 ET (06:59 GMT)
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