Empiric Student Property has published results covering the year to the end of June 2015. At the end of June the NAV was 103.2 pence per share, a 5.2% increase from an opening NAV of 98.1 pence as at 30 June 2014 and net of all property acquisition costs. £218.8m of the portfolio valuation was attributable to operating assets, an increase of 6.5% in value compared to the aggregate purchase price of £205.4m (net of acquisition costs). The average holding period for the Group’s assets was 146 days.
Quarterly dividends were paid amounting to 4.0 pence per share for the period ended 30 June 2015, of which 2.32 pence per share was paid as a property income distribution (“PID”) under the REIT rules. Empiric Student Property is targeting an initial dividend yield of 6%, based on the IPO price of 100 pence per share, for the financial year commencing 1 July 2015.
The LTV ratio as at 30 June 2015 was 26.3% compared to target of 35% and a maximum limit of 40% but they have been busy raising and deploying additional capital, most recently with a £75m fund raise in July.
ESP : Empiric Student Property results