Empiric Student Property PLC Update on continuing support to students & trading (5397O)
10 Febrero 2021 - 1:00AM
UK Regulatory
TIDMESP
RNS Number : 5397O
Empiric Student Property PLC
10 February 2021
10 February 2021
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
UPDATE ON CONTINUING SUPPORT TO STUDENTS AND TRADING
Empiric Student Property plc (ticker: ESP), the owner and
operator of premium student accommodation across the UK, today
provides an update on the continuing support we provide to our
residents and an update on trading.
A s a responsible owner and operator of predominantly
direct-let, premium UK student accommodation, the Group continues
to support students through providing Covid-19 secure homes,
critical services, and assistance to ensure the safety and
wellbeing of our residents and staff.
The Group supported its students throughout 2020 and remains
committed to supporting students who have been further impacted by
the UK Government's latest Covid-19 lockdown and associated
restrictions. We continue to look favourably upon requests on a
case-by-case basis from students seeking to amend their rent and
lease obligations for the current semester if they are unable to
occupy their rooms at this time.
We also remain committed to supporting residents who currently
occupy their rooms at the Group's properties. Our accommodation is
a person's home and often residents do not have alternative
accommodation. This is particularly important for international
students who comprise around 60% of Empiric's residents for the
current academic year 2020/21. All our buildings remain open,
staffed, maintained, and operating strictly in line with Government
guidance. We are continuing to work closely with students,
universities and wider stakeholders, and by following Government
guidance we are ensuring that our residents, colleagues, business
partners and the communities in which we operate remain safe and
secure.
On 23 October 2020, we announced revenue occupancy of 70% for
the academic year 2020/21, which included just under 10% of
occupancy from students who were yet to check-in. Following further
progress with the late checking-in of students and adjusting for
the support we have provided to students since January 2021 as a
result of the further national lockdown, revenue occupancy has
reduced to 65% to date, which includes 2% of students still to
check-in now or at a later date in the academic year. The
collection of rents remains in line with our usual collection
profile and the physical occupancy level in our buildings is
currently approximately 50% of total operational rooms. Until there
is greater certainty on when the current national lockdown will
end, as well as students and universities intentions for the
remainder of the current academic term and year, it is not possible
to provide further guidance on revenue for the current academic
year.
At 31 December 2020, the Group LTV was 35.4%, with cash and
undrawn debt available of GBP63.9 million at the same date. The
Group remains fully compliant with its banking covenants.
The Company will provide a further update at the time of its
annual results for the year ended 31 December 2020, which are on
Wednesday, 17 March 2021.
Duncan Garrood, Chief Executive Officer of Empiric Student
Property plc, commented:
"Our top priority remains the health, safety and welfare of our
residents, employees and wider stakeholders. We recognise that
these are again particularly challenging times for all students,
and we remain committed to supporting and doing the right thing by
each student on a case-by-case basis, whilst also protecting the
long-term value of the Group ."
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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