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Interim Results

Empiric optimistic about prospects

12 September 2017 08:00

Empiric Student Property's portfolio valuation rose to £817.9m in the six months to the end of June - up 13.4% from the end of December.

Operating profit was £20.2 million (H2 2016: £20.2 million).


- 3.05 pence dividend paid for the six months ended 30 June 2017 (3.05 pence for the six months ended 31 December 2016)

* Target dividend for the period to 31 December 2017 of 6.1 pence per share

- £13.0 million revaluation gain (H2 2016: £14.5 million) - NAV per share (basic) of 105.81 pence - 0.08% decrease from a NAV of 105.90 pence (basic) as at 31 December 2016 net of all property acquisition costs - Loan to value ratio at 30 June 2017 of 36.0%, with a weighted average term to maturity for the debt of 7.1 years and weighted average interest payable of 3.42% - Agreed a new £10 million three year unsecured loan, which has been drawn down - Total property portfolio valuation of £817.9 million as at 30 June 2017 (31 December 2016: £721.3 million) - Total valuation uplift of £96.6 million (13.4%) for the period compared to 31 December 2016

Chairman Baroness Dean of Thornton-le-Fylde said: "More students demanding a bed in purpose built accommodation coupled with pressures on local housing markets means that demand for PBSA remains strong.

"The details of the UK's exit from the European Union remain unclear but the UK Government recognises the importance of the continued success of the higher education sector.

"Around 23% of students in the UK are international, of which nearly 7% are from the EU.

"Many are postgraduates who come to the UK for 12 months or less, which means they should not be affected by post-Brexit limits on immigration, which would apply to those coming here for more than one year.

"The student accommodation market remains highly attractive and we have the strategy, pipeline, financial resources, management team and people to continue to grow the business successfully in the second half of the year and into the future.

"In summary, we are optimistic about Empiric's prospects in the remainder of 2017 and beyond."

At 8:00am: (LON:ESP) Empiric Student Property Plc share price was -0.62p at 113.13p

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