Empiric announces operating profit of £20.2m
Empiric Student Property has announced an operating profit of £20.2m and a £19.2m rental income from its standing assets, alongside a 37.7% increase in the value of its portfolio.
In the six months to 31 December 2016, it recorded a £14.5m revaluation gain and £143.4m of new debt raised through two new facilities.
Empiric Student Property has announced an operating profit of £20.2m and a £19.2m rental income from its standing assets, alongside a 37.7% increase in the value of its portfolio.
In the six months to 31 December 2016, it recorded a £14.5m revaluation gain and £143.4m of new debt raised through two new facilities.
As at 31 December 2016
% change
Portfolio valuation
£721.3m
37.7% on 30 June 2016
NAV per share (basic)
105.9p
0.5% on 30 June 2016
Dividend declared per share
3.05p
1.67% based on 12-month target
Gross annualised rent 2
£52.1m
57.4% on 30 June 2016
Adjusted EPRA earnings per share
0.72p
Revenue
£19.2m
It bought 14 new assets totalling 1,142 beds over the period, and said it had 2,515 new beds generating revenue for the 2016/17 academic year, including 1,728 beds from 13 newly completed developments.
Its entire portfolio now consists of 89 assets totalling 8,504 beds in 30 UK cities and towns.
The Rt Hon Baroness Dean of Thornton-le-Fylde, chairman, said: “In addition, a key development was the approval by shareholders of a revised investment policy, which enables us to grow our existing studio portfolio, as well as diversifying the range of student accommodation formats, catering for a wider group of students.
“These changes have facilitated the implementation of our 2025 plan – our blueprint for the future growth of the group.”
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