View guides

Empiric Student Property Reports Annual Results

Posted by Calum Martin in

Image courtesy of Flickr, (View licence)

Owners and operators of premium student accommodation, Empiric Student Property plc, have reported its annual results for the past year (ending 31st December 2021).

The group reported a Net Asset Value of 107.36 pence, marking a 2.2% increase from the previous year. This drove the 4.6% total return, while this puts the shares on a -18% discount.

The Adjusted EPS in 2021 was reported at 1.65p, down 28.3% from 2020.

As of 2 March 2022, bookings for the 2022/23 academic year sit at 36%, this compares to 20% reported in March 2021. Empiric has commented that this is "broadly in line" with their pre-Covid bookings at this stage of the year.

Chief Executive Office of Empiric Student Property, Duncan Garrood commented on the results: "We are seeing improving trends in demand and occupancy for Academic Year 22/23 with bookings to date broadly returning to pre-Covid levels. We are increasingly encouraged by the outlook for our business and the wider sector.

"Our guidance for revenue occupancy for the 2022/23 academic year is 85% to 95% and we are targeting the top end of this range, assuming no further market disruption. We have resumed dividend payments and remain committed to our policy of a minimum of 2.5p in 2022 and to pay fully covered and progressive dividends going forward.

"We are progressing well with our strategy of further enhancing the quality of our portfolio and business. We have commenced two outstanding developments and remain on track with our refurbishments. We are continuing to make further non-core disposals. with nine assets sold to date for £44.6 million and above book value, and we recently made our first acquisition since 2018, all in line with our strategy of recycling capital, building clusters in key cities and driving operational performance and returns.

"With our continuing support given to our students, our establishment of clear and ambitious objectives to become a sustainable and net zero carbon business, we are protecting and enhancing the Group's long-term sustainable value and profitable growth for all our stakeholders."