Empiric Student Property has published its interim results covering the six months ended 31 December 2015. The Group’s basic EPRA earnings per share for the period were 0.70p per share (31 December 2014: 0.11p per share). The basic EPRA NAV per share as at 31 December 2015 was 105.6p (30 June 2015: 103.4p). They have paid or declared two dividends in respect of the six month period ended 31 December 2015, equating in aggregate to 3p per share.
As at 31 December 2015, their portfolio was valued at £361.7m (30 June 2015: £251.3m) with much of the increase represented by the additions they have made to the portfolio over the year. The portfolio of operating assets had gross annualised income of £25.1m as at 31 December 2015 (31 December 2014: £8.4m).
They raised an additional £161.4m (gross) of equity and drew down an additional £19.1m of the RBS debt facility. Since the period end they have arranged a new secured debt facility of £40m agreed with Canada Life, and targeting an LTV of 35% in the near term.
The existing portfolio is “fully let” (in excess of 97.5% occupancy) for the 2015/16 academic year. They are marketing their accommodation to students through a new brand “Hello Student”.
Empiric have embarked on an effort to issue an additional 165m shares to help fund the build out of their portfolio to 10,000 beds (the target they set at the IPO) – initially they are looking for £90m.
ESP : Empiric Student Property looking to hit 10,000 bed target ahead of schedule