REG - Empiric Student Prop - Interim Results for Six Months Ended 30 June 2025
Thu 07:30
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RNS Number : 2555V Empiric Student Property PLC 14 August 2025
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries, the "Group")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2025
Business Transformation and Delivery of Strategic Priorities Attracts Unique
Opportunity
Empiric Student Property plc (ticker: ESP), the owner and operator of premium,
studio-led student accommodation across the UK, is pleased to report its
interim results for the six months ended 30 June 2025.
Duncan Garrood, Chief Executive Officer of Empiric Student Property plc, said:
"We have made excellent progress in the period with the deployment of the
proceeds from October's capital raise, completing targeted acquisitions and
continuing the roll-out of the postgraduate refurbishment programme. Although
the sales cycle has normalised, the outlook for high quality PBSA remains
attractive.
Today we have also announced a firm and recommended offer from The Unite Group
PLC, which represents a unique opportunity to drive further value from the
distinctive Hello Student brand and recognises our strong footprint in the
premium returning undergraduate and postgraduate market."
Financial Highlights
30 June 30 June Change
2024
2025
Income statement
Revenue (£m) 42.4 43.8 +3.3%
Like-for-like rental growth (%) 10.5 7.0 -3.5% pts
EPRA earnings (£m) 13.6 14.3 +5.1%
EPRA earnings per share (p) 2.3 2.2 -4.3%
Gross margin (%) 72.2 68.5 -3.7% pts
Dividends paid/declared per share (p) 1.75 1.85 +5.7%
31 December 30 June
2024
2025
Change
Balance sheet
EPRA NTA per share (p) 119.6 120.2 +0.5%
Portfolio valuation (£m) 1,135.0 1,160.4 +0.8%(1)
Cash and undrawn committed facilities (£m) 75.4 73.4 -2.7%
EPRA loan-to-value (%) 27.2 30.0 +2.8% pts
(1) Calculated on a like-for-like basis.
Operational performance delivers 7% like-for-like rental growth and growth in dividend
· Revenue increased 3.3% to £43.8 million (30 June 2024: £42.4
million), up 7.0% on a like-for-like basis.
· EPRA earnings 2.2 pence per share (30 June 2024: 2.3 pence per share);
the decline follows an anticipated weakening in operating margin during this
period alongside the temporary effect of the equity raise in late 2024.
· Portfolio valuation increased to £1,160.4 million, reflecting a 0.8%
net like-for-like increase.
· Net initial yield of 5.7% (31 December 2024: 5.5%).
· EPRA NTA per share increased 0.5% to 120.2 pence (31 December 2024:
119.6 pence).
· First half dividends paid and payable of 1.85 pence, 5.7% ahead of
the first half of 2024 and in line with target.
Re-booker campaign continues to improve
· Eligible re-booker rate exceeds 60% for academic year 2025/26.
· Occupancy for academic year 2025/26 currently at 77% with continued
expectation of achieving 97% or better, in a later booking cycle.
· Like-for-like growth in average weekly rents to exceed 4% for
academic year 2025/26.
Deployment of equity raise and actively managing the property portfolio
· Two acquisitions completed to plan in top-tier cities, growing
existing clusters in Manchester (December 2024) and Birmingham (April 2025).
· Postgraduate roll-out continues with three postgraduate conversions on
track for September opening and a fourth due to open in early 2026.
· Planning consent achieved for 310-bed extension at Victoria Point,
Manchester and 57 beds at College House, Bristol.
· Completion of planned non-core disposals with an additional two
assets sold and further city exit achieved.
Robust balance sheet
· EPRA loan-to-value at 30.0%, comfortably below long-term target of
35%.
· No refinancing requirement until 2028.
· Weighted average cost of debt at 4.5%, with full interest rate
protection.
· Cash and undrawn committed facilities of £73.4 million.
Hello Student operating platform delivers market-leading service
· Continued outperformance in Global Student Living Index Net Promoter
Score, achieving +32 against PBSA average of +19 and University Halls average
of +11.
· Gold operator accreditation maintained.
Business and market outlook remains positive for second half of 2025
· Continued growth in both domestic and international student
applications.
· Four new postgraduate exclusive properties to open in AY2025/26,
securing significant rental uplift.
· Comprehensive redevelopment of Victoria Point, Manchester presents
compelling opportunity for value creation.
· Minimum dividend target for the year to 31 December 2025 of 3.7 pence
reconfirmed.
Offer from The Unite Group PLC
· On 14 August 2025, the boards of Empiric Student Property plc and The
Unite Group PLC confirmed that they had reached agreement for a firm and
recommended offer for the Company, the terms of which are set out in the
announcement released earlier today.
For further information on the Company, please contact:
Empiric Student Property plc (via FTI Consulting below)
Duncan Garrood (Chief Executive Officer)
Donald Grant (Chief Financial & Sustainability Officer)
Jefferies International Limited 020 7029 8000
Tom Yeadon
Andrew Morris
Peel Hunt LLP 020 7418 8900
Capel Irwin
Henry Nicholls
FTI Consulting 020 3727 1000
Dido Laurimore empiric@fticonsulting.com (mailto:empiric@fticonsulting.com)
Eve Kirmatzis
The Company's LEI is 213800FPF38IBPRFPU87.
Further information on Empiric can be found on the Company's website at
www.empiric.co.uk (http://www.empiric.co.uk/) .
Notes:
Empiric Student Property plc is a leading provider and operator of modern,
predominantly direct-let, premium student accommodation serving key UK
universities. Investing in both operating and development assets in a multi
building cluster operational model, Empiric is a fully integrated operational
student property business focused on premium studio-led accommodation managed
through its Hello Student operating platform, which is attractive to affluent
growing student segments.
The Company, an internally managed real estate investment trust ("REIT")
incorporated in England and Wales, listed under the Equity Shares segment of
the Official List of the Financial Conduct Authority and was admitted to
trading on the main market for listed securities of the London Stock Exchange
in June 2014. The Company is classified as a commercial company listed under
the UK Listing Rules and as such is not an alternative investment fund ("AIF")
for the purposes of the Alternative Investment Fund Managers Directive
("AIFMD") and is not required to provide investors with a Key Information
Document ("KID") in accordance with the Packaged Retail and Insurance-based
Investment Products ("PRIIPs") regulations.
Disclaimer
This release includes statements that are forward-looking in nature.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of Empiric Student Property plc to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Any information contained in this release on the
price at which shares or other securities in Empiric Student Property plc have
been bought or sold in the past, or on the yield on such shares or other
securities, should not be relied upon as a guide to future performance.
Operating Review
In the first half of 2025, the PBSA market has experienced a divergence
between a continued growth in student applications from both domestic and
international applicants, underpinning the ongoing attractiveness of the UK's
higher education sector, and a shift in the booking behaviours, which have
reverted back to a pre-Covid-19 pattern. A noticeably slower reservation
pattern, experienced by most student accommodation providers, has precipitated
a change in sales strategy for both our business and other PBSA operators that
we monitor.
Our revenue occupancy for academic year 2025/26 is currently at 77 per cent
compared to 92 per cent in the prior year. Whilst a later booking cycle
presents additional challenges, the Group's pre-pandemic experience supports
the Board's continued belief that revenue occupancy of 97 per cent or better
will be achieved for the next academic year.
Ongoing macroeconomic uncertainty has also significantly influenced the
operational landscape these past six months. Global conflicts, disruption in
world order, governmental rhetoric and policy change have resulted in
significant market volatility, changing perceptions and continuing
inflationary pressures. REIT equity markets have demonstrated ongoing
weakness, linked largely to interest rates which have continued to remain
higher for longer than originally anticipated.
Unite Offer
Following press speculation, on 5 June 2025 we announced that the Board had
received a non-binding offer from The Unite Group PLC ("Unite") to acquire the
entire issued share capital of the Company. The terms of the offer, were set
out in the announcement and the Board confirmed that it had granted an initial
period of 28 days for due diligence. This initial period was then extended on
two further occasions, most recently to 14 August 2025, to allow further time
to complete due diligence and documentation.
On 14 August, the Company and Unite confirmed that a firm and recommended
offer would be made to the Company's shareholders. Under the terms of the
Acquisition, for each Empiric Share held, the Scheme Shareholders will be
entitled to receive 0.085 New Unite Shares and 32 pence in cash.
Based on Unite's closing share price of 732.0 pence as at the Latest
Practicable Date, and excluding the residual Empiric 2025 dividends which are
expected to be declared and paid to Empiric Shareholders prior to the
Effective Date, the Acquisition values each Empiric Share at approximately
94.2 pence and Empiric's entire issued and to be issued share capital at
approximately £634 million. The terms of the Acquisition imply an EPRA NTA
discount of 3.7 per cent based on each of Unite's and Empiric's EPRA NTAs per
share as at 30 June 2025 (excluding the Empiric 2025 Dividends).
Based on Unite's closing share price of 855.5 pence as at 4 June 2025 (being
the last Business Day prior to the commencement of the Offer Period) (the
"Last Undisturbed Trading Date"), and, in addition, the Empiric residual 2025
Dividends of 2.775p, the Acquisition values each Empiric Share at
approximately 107.5 pence and Empiric's entire issued and to be issued share
capital at approximately £723 million, and the terms of the Acquisition
represent:
· a premium of approximately 10 per cent to Empiric's closing share
price of 97.3 pence as at the Last Undisturbed Trading Date;
· a premium of approximately 22 per cent to Empiric's three-month
volume-weighted average price of 88.3 pence as at the Last Undisturbed Trading
Date;
· a premium of approximately 24 per cent to Empiric's six-month
volume-weighted average price of 86.6 pence as at the Last Undisturbed Trading
Date; and
Following the Group's transformation, the Board notes the complementary nature
of the Unite and Empiric strategies, whilst acknowledging the value inherent
in the Group's focus on the premium returning undergraduate and postgraduate
market. Empiric therefore provides a broader customer base for Unite to draw
from, whilst Empiric shareholders will benefit from access to greater
liquidity, a lower cost of capital and substantial cost synergies, which are
expected to deliver earnings and dividend accretion and enhanced returns,
should shareholders wish to remain invested in the enlarged group.
In reaching its decision to recommend the offer to shareholders, the Board
considered inter alia; the ongoing headwinds impacting the UK listed REIT
market; our shareholders' desire for higher returns, particularly in the face
of higher risk-free rates; and the Company's persistent share price discount
to net asset value impacting its ability to access the capital needed to grow
significantly in scale.
The scheme document is expected to be available on the Company's website and
sent to shareholders by 11 September 2025.
UK PBSA Market Continues to Remain Highly Attractive
UK student accommodation remains a sought after sector by both domestic and
international investors in 2025, underwritten by its long-term demand growth
with a limited supply side response. Despite macroeconomic headwinds,
transaction volumes have been strong, with investment volumes for the first
six months totalling circa £1.6 billion, above the long run six-month average
of £1.1 billion. Investors' focus has shifted to operational stock, with
several challenges restricting developments and the typical forward fund
market. Prime assets in Russell Group cities have remained attractive, in
addition to well-located stock with value add refurbishment opportunities.
Notable deals include the Rosethorn/Barings £101.1 million acquisition of
Spring Mews in Vauxhall (378 beds), reflecting a 4.8 per cent NIY, and L&G
IM's £45.0 million purchase of The Place in Nottingham (409 beds), reflecting
5.5 per cent NIY. An active investment market is anticipated throughout the
second half of the year, with a number of large portfolios currently being
marketed or under offer, totalling nearly £2 billion.
Recent UCAS data as of the June deadline indicates continued growth in
undergraduate student demand for academic year 2025/26. Applicant numbers are
up 1.3 per cent year-on-year, with further growth from non-EU domiciled
candidates, which are up 3 per cent. Notably, applications from China and the
US have risen 10 per cent and 14 per cent year-on-year respectively. The data
shows rising international interest in higher-tariff institutions, which
reported a 7 per cent increase in non-EU applications. Applications to higher
tariff universities now account for 44 per cent of all applications, up from
35 per cent in 2016. International student enrolment has become more
uncertain, impacted by policy proposals such as reducing the graduate visa
route from 24 to 18 months. Despite this, the UK's general geopolitical
stance and prestigious higher education institutions remain attractive, with
the UK hosting 17 of the top 100 universities in the QS World Rankings, second
only to the United States.
Despite some yield expansion, PBSA has outperformed other property sub-sectors
over the past five years to 2024, driven by a shortage of available stock and
continued positive rental growth. Forecasts suggest rental increases will
moderate but remain above the UK average, driven by the particularly
supply-constrained markets.
Portfolio Overview
A summary of the Group's property portfolio is set out below, segmented to
illustrate university alignment with 87 per cent of the portfolio aligned to
top-tier universities, being those which are Russell Group members and a
select few others which consistently perform well in global rankings, such as
The University of Bath.
Since 31 December 2024, the portfolio has grown in value by 0.8 per cent,
like-for-like. This is a result of continued income growth achieved for the
2025/26 academic year offset by a 20 basis point softening in the average
yields applied to the operational portfolio.
University alignment Properties Operational beds Market value (£m) Market value (%)
Top-tier 63 6,158 983.9 87
Secondary 11 1,559 152.9 13
Total operational portfolio 74 7,717 1,136.8 100
Properties Market value NIY
(£m) (%)
Strategic segmentation
Operational portfolio 74 1,136.8 5.7
Commercial portfolio 17.3 8.0
Development portfolio 1 6.3
Total portfolio 75 1,160.4
Portfolio Management
The first six months of 2025 has seen a continuation in focus on the
deployment of proceeds from the Company's October 2024 capital raise.
In April, the Group completed the acquisition of Selly Oak Apartments in
Birmingham for £9.0 million. This 63-bed mixed studio and shared apartment
scheme is strategically located opposite our existing Selly Oak cluster and
less than five minutes' walk to the University of Birmingham, a strong and
growing top-tier Russell Group University.
The acquisition allowed us to immediately unlock operational efficiencies and
improve the low amenity offer currently available to residents of Selly Oak
Apartments. Acquired fully let for the 2024/25 academic year, the property has
continued to sell very well for the forthcoming academic year starting in
September and is on track to deliver a yield in excess of our targeted 6 per
cent.
Good progress has continued on the deployment of proceeds allocated to the
roll-out of our postgraduate exclusive product. Over £13 million will be
invested in 2025 to convert and refurbish schemes
in Bath, Sheffield and Southampton, which will open in September 2025. A
further scheme, College House in Bristol, is scheduled to open in early
2026, following planning consent achieved earlier this year for the conversion
of this former office block into a 57-bed, all-studio student accommodation
scheme exclusively for postgraduates.
College House is a great addition to this city cluster. Located moments from
the University of Bristol campus and adjacent to our existing College Green
site, it provides access to extensive amenity provision within our existing
offer in the city.
Earlier in the year we were pleased to announce that Manchester City Council
had granted detailed planning permission for the comprehensive redevelopment
and reconfiguration of our Victoria Point site. The permission allows the
redevelopment of two of the existing buildings and extensions of the remaining
four. In aggregate, consent was given to
increase the current provision of beds by 310 to 876. All retained rooms will
benefit from refurbishment or reconfiguration with further investment planned
to improve the scheme's sustainability credentials and the amenities available
to students in our wider Manchester cluster. Implementation is anticipated to
begin in late 2026 and to be completed in a multi-phased manner.
In January, we completed the disposal of Radway House, a 31-bed, non-cluster
aligned property in Bath for £2.8 million. The last of the Group's non-core
properties, The Pavillion, Canterbury was sold in August for £7.5 million.
Collectively, the non-core disposal programme generated £156.7 million,
reduced the number of cities in which we operate from 29 to 22, and improved
our alignment to top-tier universities by over 10 per cent. In aggregate, the
disposal programme was completed at a modest 0.4 per cent discount to book
values.
Although no longer a strategic imperative, we will continue to dispose of
properties that are non-aligned to top-tier universities as market
opportunities and pricing allow, ensuring shareholder value is maximised at
all times.
The Group is currently under offer on a further opportunity in a high
performing Russell Group university city in which we have an existing
operational presence. If concluded, the opportunity could unlock further
operational efficiencies with future refurbishment and development potential.
Commercial Portfolio
Progress across our commercial estate leasing programme resulted in a number
of completed transactions, supporting occupancy and enhancing income quality.
In Bristol, a lease re-gear was completed with a national supermarket chain
with a ten year term certain. The agreement secures a blue-chip tenant within
the estate, providing stable income, whilst maintaining a complementary retail
offer for our customers. Elsewhere in the city, a new 15-year lease was
completed with a well-established local Asian restaurant operator specialising
in Japanese cuisine. This letting brings a previously vacant unit back into
use and reflects a shift in tenant mix towards a complementary experience-led
proposition with independent operators.
In Cardiff, we have secured a 20-year lease with a local bakery business
launching its supermarket concept store in the city centre. The letting is
aligned with customer demand and contributes positively to the vibrancy of the
surrounding area.
Since the end of June, we have achieved a further portfolio re-gear with
another national supermarket chain, increasing the term certain of all three
existing tenancies to 7-10 years while retaining favourable income profiles
with minimal landlord incentives.
Several further transactions are at an advanced stage, with active estate
management continuing to drive rental growth, enhance income security and
support long-term portfolio performance.
Capital Expenditure Programme
Our five-year programme of refurbishment, fire safety works and green
initiatives has continued. A summary of the position at 30 June 2025 is set
out below.
Undergraduate refurbishments Fire safety works Green initiatives
(£m)
(£m)
(£m)
Five year plan (2021 - 2025) 36.1 46.0 12.0
Invested to 31 December 2024 32.5 30.5 4.1
Invested during H1 2025 0.7 1.6 0.3
Forecast investment for H2 2025 0.8 3.5 3.2
In addition to the above, ongoing capital life cycling works require around
£4.0 million per annum.
From the original programme of works above, there remains £16.9 million
forecast for investment in 2026 and beyond; most notably in respect to Fire
Safety works, which have been delayed due to Gateway 2, and Building Safety
Act related approvals, which are now required prior to remediation. In
respect of our programme of external fire safety works, all properties have
been surveyed with the portfolio certification rate now standing at 75 per
cent. The residual cost of fire safety works remains fully provided for within
the portfolio's market value and therefore future investment is expected to be
NTA neutral.
Delivering High-quality, Consistent Customer Service
Our key performance indicator for the delivery of this strategic priority is
Global Student Living's Net Promoter Score ("NPS").
In the first of two surveys to be conducted during 2025, our operating brand,
Hello Student, achieved an NPS score of +32, (H2 2024: +32), whilst
maintaining our "Gold" operator accreditation. Our NPS score continues to
significantly outperform the benchmark All Private Halls score of +19 and
University Halls score of +11. Of all respondents, 83 per cent rated their
accommodation as either good or very good, and 92 per cent considered the
location of our properties either good or very good, with 75 per cent saying
their accommodation had a positive impact on their wellbeing.
The delivery of high-quality service requires a high performing and engaged
team, and we were particularly pleased to see that our customers rated our
teams well ahead of benchmarks for friendliness and approachability,
responsiveness and issue resolution.
Hello Student is a proud finalist for Best Individual Property and Best
Learning Environment at this year's Global Student Living awards, to be held
in October 2025.
Creating a Sustainable Business
During the first half of 2025, we have further improved the portfolio's
overall EPC ratings, with 66 per cent of the portfolio now rated EPC B or
better. We have installed over 2,000 smart heating controls with a further
1,000 planned for the second half of 2025. Energy efficiency and
decarbonisation works are under way at seven sites. By the end of 2025, we
expect the decarbonised portfolio to represent 30 per cent of the portfolio by
area.
We will again host our annual energy awareness week in the autumn, once our
new cohort of students has checked in. Last year's programme was well received
and created a level of lasting behavioural change from a number of customers
and employees alike. As in 2024, everyone in the business has been encouraged
to invest one day during the year toward charitable events or in support of
their local community.
Outlook
The Unite offer presents a unique opportunity to drive further value from the
distinctive Hello Student brand. With the portfolio remaining in public hands,
for those shareholders who wish to remain invested in the enlarged group, the
transaction offers compelling immediate and longer-term financial benefits
with enhanced returns. These include substantial cost synergies, greater
access to debt and capital markets, and the chance for operational
improvements arising from the combination of two complementary portfolios
which will focus collectively on a broader segment of the student population.
Student demand for high-quality accommodation aligned to the UK's best
universities remains strong, with further rental growth having been captured
for the 2025/26 lettings cycle. The Group expects to deliver like-for-like
rental growth above 4 per cent, in line with guidance.
Although reservations have been slower for the coming academic year than has
been the case in recent cycles, student application data remains strong and
the Group's sales pattern remains comfortably ahead of the wider
market. Further, with a significant proportion of our beds booked by
postgraduates, our reservation period typically extends through the autumn
until the start of the January term. As a result, we continue to anticipate
occupancy rates of 97 per cent or better will be achieved for the year.
Another strong re-booker performance has been achieved, with over 60 per cent
of those eligible to re-book choosing to do so. We see this as a tangible
endorsement of customer satisfaction and the value inherent in the Hello
Student offer and service proposition, and provides confidence that the
outlook for the business continues to remain robust.
Financial Review
EPRA earnings for the period were £14.3 million, or 2.2 pence per share. The
decrease in EPRA earnings on a per share basis is attributable to a lower
overall gross margin coupled with the additional shares allotted in October
2024, following the Company's capital raise. The reduction in gross margin was
largely anticipated following the expiry of an energy hedge contract in
September 2024 and the subsequent rebasing of this material operational cost
item.
In line with EPRA's Best Practice Recommendations, EPRA earnings for the
period are arrived at after adjusting for non-recurring items, which total
£4.1 million for the first half of 2025. These comprise a £3.1 million
write-off of intangible assets following a technology upgrade, £0.8 million
of restructuring costs including related severance payments and £0.2 million
in legal costs incurred in respect of the offer received from The Unite Group
PLC.
Income Statement
30 June 30 June
2025
2024
£m £m
Revenue 43.8 42.4
Property expenses (13.8) (11.8)
Gross profit 30.0 30.6
Gross margin 68.5% 72.2%
Administrative expenses - recurring (7.3) (7.1)
Operating profit 22.7 23.5
Net finance costs (8.4) (9.9)
EPRA earnings 14.3 13.6
Administrative expenses - non-recurring (4.1) -
Revaluation 9.6 13.7
Loss on disposals (0.1) (1.9)
Derivative mark to market (0.4) (0.6)
IFRS profit 19.3 24.8
Weighted average ordinary shares (m) 664.0 603.4
IFRS EPS (pence) 2.9 4.1
EPRA EPS (pence) 2.2 2.3
EPRA earnings 14.3 13.6
Add back accelerated arrangement fees and other costs related to refinancing - 0.9
Company adjusted earnings 14.3 14.5
Company adjusted EPS (pence) 2.2 2.4
Relative to the same period last year, revenue in the first half of 2025
increased 7 per cent on a like-for-like basis, when adjusted for acquisitions,
disposals and properties under refurbishment. Overall revenue growth was 3.3
per cent.
The evolution of revenue across the period is set out below.
£m
Revenue for the six months to 30 June 2024 42.4
Like-for-like growth 2.4
Net impact of refurbishments 1.1
Net impact of disposals and acquisitions (2.1)
Revenue for the six months to 30 June 2025 43.8
Property expenses increased by £2.0 million in the first half relative to the
same period in 2024. As anticipated, utility costs recorded a marked increase
of £1.1 million, following the expiry of a longstanding hedging contract in
October 2024. The residual increase was largely attributed to an earlier
investment of the annual marketing budget, in response to changing consumer
behaviour, and a higher than usual occurrence of no-shows, leading to an
increase in bad debts. As a result, gross margin has declined 3.7 percentage
points to 68.5 per cent, relative to 72.2 per cent for the first half of the
prior year.
Recurring administrative costs have increased by 2.8 per cent, in line with
guidance. Non-recurring costs of £4.1 million include accelerated
amortisation of intangibles, the result of a technology upgrade completed in
the first six months of 2025, restructuring related costs associated with the
restructuring process concluded in March 2025 ahead of the government's
planned increase in National Insurance and the National Minimum Wage and legal
costs associated with the Unite offer.
Net finance costs reduced by £1.5 million. There was a non-recurring charge
of £0.9 million incurred in the first half of 2024 related to refinancing
activity concluded in that period. The residual decline in net finance costs
is attributed to lower average drawn debt for the period and interest income
related to cash generated from the Company's equity raise held prior to its
deployment.
A small £0.1 million loss on sale was recorded on the disposal of Radway
House, Bath in January 2025.
Balance Sheet
30 June 31 Dec
2025
2024
£m £m
Property (market value) 1,160.4 1,135.0
Bank borrowings drawn (374.3) (374.3)
Cash on hand 38.4 75.4
Net debt (335.9) (298.9)
Other net liabilities (17.1) (34.8)
Net assets 807.4 801.3
Diluted number of shares 671.7 669.6
EPRA NTA per share (pence) 120.2 119.6
EPRA NTA has increased 0.5 per cent in the first half of 2025, primarily due
to the revaluation gain, offset by non-recurring expenses. EPRA earnings were
again largely paid away to shareholders as dividends.
Evolution of net asset value £m
31 December 2024 801.3
EPRA earnings 14.3
Portfolio revaluation gain 9.6
Dividends (13.3)
Non-recurring charges (4.1)
Other (0.4)
30 June 2025 807.4
Portfolio Valuation
The portfolio was valued at £1,160.4 million, up from £1,135.0 million at 31
December 2024. In line with RICS guidelines, a rotation of valuers has taken
place, with June 2025 being the first valuation conducted by Cushman &
Wakefield. Although only a modest overall change in valuation, the valuer took
a narrower view on the yield spread between prime and secondary locations.
A like-for-like valuation gain of £8.6 million, 0.8 per cent, was recorded
for the period. Continued rental growth assumptions have been partly offset by
the operational portfolio's net initial yield moving outward 20 basis points,
to 5.7 per cent. The portfolio's reversionary yield at 30 June 2025 was 5.8
per cent.
The April acquisition of Selly Oak Apartments in Birmingham for £9.0 million
(excluding purchaser's costs) completed the deployment of funds which had been
earmarked for acquisition opportunities from the Company's October 2024
capital raise. The property recorded a small net valuation loss of £0.3
million in the period due to acquisition costs.
The Group's development property, College House in Bristol, recorded a
valuation gain of £1.3 million in the first half of 2025. Acquired in
February 2024, the property achieved planning consent from Bristol City
Council for the conversion of this former office building to a 57-bed,
all-studio scheme for postgraduate students.
30 June 31 Dec
2025
2024 Gain/(loss)(1) Change
£m £m £m %
Like-for-like property portfolio 1,143.5 1,126.6 8.6 0.8
Acquisitions 9.2 - (0.3) (3.6)
Disposals - 2.7 -
Development 7.7 5.7 1.3
Portfolio valuation 1,160.4 1,135.0 9.6
(1) Net of capital expenditure and head lease amortisation.
Total accounting return for the period was 2.2 per cent relative to 3.2 per
cent for the period to 30 June 2024, the result of a more modest valuation
gain, the quantum of non-recurring charges and the earnings drag anticipated
from the capital raise proceeds held pending their deployment.
Debt
In June 2025, a new three-year £35.0 million revolving credit facility was
signed with HSBC, providing a degree of flexibility in working capital,
enhancing liquidity and supplementing the effective management of the Group's
non-cyclical cash flows.
All drawn debt at 30 June 2025 was subject to interest rate protection. The
weighted average cost of debt was unchanged at 4.5 per cent and the weighted
term to maturity was 4.2 years, with the first debt maturity scheduled for
2028.
EPRA loan to value stood at 30.0 per cent, having increased from 27.2 per cent
at 31 December 2024, following deployment of proceeds from the capital raise
(30 June 2024: 33.8 per cent).
Cash Flow
30 June 30 June
2025
2024
£m £m
Operating cash flow (0.7) 0.9
Property acquisitions and capital expenditure (18.8) (29.0)
Property disposals 2.6 12.4
Finance income 0.5 0.3
Investing cash flows (15.7) (16.3)
Dividends paid (12.7) (9.9)
Net borrowings drawn - 41.8
Derivative premium paid (1.7)
-
Finance related costs (7.9) (10.6)
Financing cash flows (20.6) 19.6
Net cash flow (37.0) 4.2
Operating cash flows in the first half of the financial year are typically
weaker than the second half, with the majority of our annual cash flows
receipted in August and September.
Capital expenditure has continued in line with plan, focused on the
postgraduate roll-out funded by residual capital raise proceeds, together with
the ongoing undergraduate refurbishment, fire safety and ESG programmes. The
disposal of Radway House in Bath generated £2.6 million, net of disposal
costs.
Dividends of £12.7 million were paid during the period. Finance related cash
outflows were lower due to lower average drawn debt and the absence of
refinancing requirements, relative to the first half of 2024.
Outlook
The outlook for the sector remains strong with demand continuing to outpace
supply, underpinned by continued growth in applications. Operational cost
challenges have been significantly mitigated through the restructuring
completed in March 2025 with further efficiencies anticipated from the
technology upgrade completed during the period. The balance sheet remains
robust with almost three years until the first loan expiry in 2028 and modest
gearing maintained.
Deployment of the proceeds from October's capital raise have progressed to
plan from an acquisition perspective and the business is on track to complete
the postgrad refurbishment programme, which is anticipated to be a key
component of revenue into 2026.
Going Concern
The Board continues to place particular focus on the appropriateness of
adopting the going concern assumption when preparing the Group's interim
condensed consolidated financial statements.
At 30 June 2025, the Group had £38.4 million in cash and a further £35.0
million in undrawn committed facilities. Within the going concern period to 31
December 2026, the Group has no debt maturities falling due, with the next
material refinancing not until 2028.
The Directors do note and acknowledge the firm offer for the Company received
from The Unite Group PLC earlier today. Although the timing of completion is
yet uncertain, if the transaction is completed, decisions on the future
direction of the Company and the Group will be taken by Directors representing
the Unite Group, who are not yet appointed at the date of approval of these
interim results.
The Directors confirm that it remains appropriate to prepare these interim
results on a going concern basis, however as a result of the firm offer
received, there does exist a material uncertainty which may cast significant
doubt on the Group's ability to continue as a going concern as the assumptions
and forecasts underpinning the assessment may not be achieved.
Attention is drawn to Note 1.3 of the condensed consolidated interim financial
statements for further details surrounding the conclusions reached.
Principal Risks
An interim review of the risk environment has been completed, and the Board
has concluded that there has been no significant change in the Group's
principal risks or uncertainties. Attention is drawn to the principal risks
and uncertainties faced by the Group which are set out in full on pages 38 to
42 of the Annual Report and Accounts 2024.
Dividend
An interim dividend of 0.925 pence per share has been declared for the
second quarter of 2025, bringing total dividends paid and payable in respect
of the first half of 2025 to 1.85 pence per share. This is in line with the
full year target dividend of 3.7 pence per share announced alongside our
full year results in March 2025.
The dividend will be paid as a Property Income Distribution on 19 September
2025 to shareholders on the register at 5 September 2025.
Donald Grant
14 August 2025
Statement of Directors' Responsibilities
Responsibility Statement of the Directors in Respect of the Interim Report and
Accounts
The Directors confirm that to the best of their knowledge this unaudited
condensed set of financial statements has been prepared in accordance
with UK adopted International Accounting Standard 34 and that the Operating
Review and Financial Review herein give a true and fair view of the assets,
liabilities, financial position and profit or loss of the issuer, or the
undertakings included in the consolidation as a whole as required by DTR
4.2.4R.The interim management report includes a fair review of the information
required by:
· DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being
an indication of important events that have occurred during the first six
months of the financial period and their impact on the condensed financial
statements and a description of the principal risks and uncertainties for the
remaining six months of the financial period; and
· DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
material related-party transactions in the first six months and that have
materially affected the financial position or performance of the entity during
that period; and any material changes in the related-party transactions
described in the last annual report.
The Directors of Empiric Student Property plc are listed in the Empiric
Student Property plc Annual Report and Accounts for the year ended 31 December
2024. A list of current Directors is also maintained on the Empiric Student
Property plc website: www.empiric.co.uk (http://www.empiric.co.uk) .
By order of the Board
Donald Grant
Director
14 August 2025
Independent Review Report to Empiric Student Property plc
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 June 2025 is not prepared, in all
material respects, in accordance with UK adopted International Accounting
Standard 34 and the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
June 2025, which comprises the condensed consolidated statement of
comprehensive income, the condensed consolidated statement of financial
position, the condensed consolidated statement of changes in equity, the
condensed consolidated statement of cash flows and related notes.
Basis for Conclusion
We conducted our review in accordance with the International Standard on
Review Engagements (UK) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" ("ISRE (UK) 2410"). A
review of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with International
Standards on Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.
As disclosed in Note 1.2, the annual financial statements of the Group are
prepared in accordance with UK adopted international accounting standards. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
Conclusions Relating to Going Concern
We draw attention to Note 1.3 of the condensed set of financial statements
which acknowledges the firm offer for the Group received from The Unite Group
PLC ("Unite") on 14 August 2025. Although the timing of completion is
uncertain, in the event of completion, decisions on the future direction of
the Group will be taken by Directors representing Unite, who are not yet
appointed at the date of approval of these interim results. As stated in Note
1.3, these events or conditions indicate that a material uncertainty exists
that may cast significant doubt over the ability of the Group to continue as a
going concern. Our conclusion is not modified in respect of this matter.
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that the Directors have
inappropriately adopted the going concern basis of accounting. No adjustments
have been made that would be required were the condensed financial statements
prepared on a basis other than going concern.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410, however future events or conditions may cause the Group to
cease to continue as a going concern.
Responsibilities of Directors
The Directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the Directors are responsible
for assessing the Group's ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the going concern
basis of
accounting unless the Directors either intend to liquidate the Company or to
cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Review of the Financial Information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statement in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
Our report has been prepared in accordance with the terms of our engagement to
assist the Company in meeting the requirements of the Disclosure Guidance and
Transparency Rules of the United Kingdom's Financial Conduct Authority and for
no other purpose. No person is entitled to rely on this report unless such a
person is a person entitled to rely upon this report by virtue of and for the
purpose of our terms of engagement or has been expressly authorised to do so
by our prior written consent. Save as above, we do not accept responsibility
for this report to any other person or for any other purpose and we hereby
expressly disclaim any and all such liability.
BDO LLP
Chartered Accountants
London, UK
BDO LLP is a limited liability partnership registered in England and Wales
(with registered number OC305127).
Condensed Consolidated Statement of Comprehensive Income (unaudited)
Six months to 30 June 2025 (Unaudited) Six months to 30 June 2024 (re-presented(1), unaudited) Full year to
31 December 2024 (Audited)
Notes £m £m £m
Continuing operations
Revenue 43.8 42.4 84.2
Property expenses 3 (13.8) (11.8) (25.6)
Gross profit 30.0 30.6 58.6
Administrative expenses (11.4) (7.1) (15.4)
Change in fair value of investment property 8,9 9.6 13.7 15.4
Loss on disposal of investment property (0.1) (1.9) (4.2)
Operating profit 28.1 35.3 54.4
Finance costs 2 (8.9) (10.2) (19.5)
Finance income 2 0.5 0.3 0.8
Derivative fair value movement (0.4) (0.6) (1.3)
Profit before tax 19.3 24.8 34.4
Corporation tax 4 - - -
Profit for the period and total comprehensive income 19.3 24.8 34.4
Earnings per share expressed in pence per share
Basic 5 2.9 4.1 5.6
Diluted 5 2.9 4.1 5.5
(1)Re-presented to reflect Loss on disposal of investment property within
Operating profit.
Condensed Consolidated Statement of Financial Position (unaudited)
30 June 30 June 31 December 2024 (Audited)
2025 (Unaudited)
2024 (Unaudited)
Notes £m £m £m
Non-current assets
Investment property - Operational Assets 8 1,145.1 1,110.9 1,118.9
Investment property - Development Assets 8 8.1 8.2 6.0
Property, plant and equipment 0.7 1.0 0.8
Intangible assets 10 2.9 4.3 5.5
Right of use asset 1.0 1.1 1.0
Derivative fair value - 1.2 -
1,157.8 1,126.7 1,132.2
Current assets
Trade and other receivables 5.4 4.2 7.9
Assets classified as held for sale 9 7.9 16.5 10.7
Cash and cash equivalents 11 38.4 44.7 75.4
Derivative fair value - - 0.5
51.7 65.4 94.5
Total assets 1,209.5 1,192.1 1,226.7
Current liabilities
Trade and other payables 18.0 32.7 19.2
Lease liability 0.1 0.1 0.2
Deferred rental income 12.9 12.3 34.8
31.0 45.1 54.2
Non-current liabilities
Borrowings 12 370.2 397.7 370.4
Lease liability 0.9 0.9 0.8
371.1 398.6 371.2
Total liabilities 402.1 443.7 425.4
Net assets 807.4 748.4 801.3
Equity
Called up share capital 6.6 6.0 6.6
Share premium 54.1 0.3 54.1
Capital reduction reserve 388.8 413.2 402.1
Retained earnings 357.9 328.9 338.5
Total equity 807.4 748.4 801.3
NAV per share basic (pence) 6 121.6 124.0 120.7
NAV per share diluted (pence) 6 120.2 122.9 119.7
EPRA NTA per share (pence) 6 120.2 122.8 119.6
Condensed Consolidated Statement of Changes in Equity (unaudited)
Six months ended 30 June 2025 (unaudited)
Called up share capital Share premium Capital reduction reserve Retained earnings Total
equity
£m £m £m £m £m
Balance at 1 January 2025 6.6 54.1 402.1 338.5 801.3
Profit for the period - - - 19.3 19.3
Total comprehensive income for the period - - - 19.3 19.3
Share-based payment - - - 0.1 0.1
Dividends - - (13.3) - (13.3)
Amounts recognised directly in equity - - (13.3) 0.1 (13.2)
Balance at 30 June 2025 6.6 54.1 388.8 357.9 807.4
Six months ended 30 June 2024 (unaudited)
Called up share capital Share premium Capital reduction reserve Retained earnings Total
equity
£m £m £m £m £m
Balance at 1 January 2024 6.0 0.3 424.1 303.8 734.2
Profit for the period - - - 24.8 24.8
Total comprehensive income for the period - - - 24.8 24.8
Share-based payment - - - 0.3 0.3
Dividends - - (10.9) - (10.9)
Amounts recognised directly in equity - - (10.9) 0.3 (10.6)
Balance at 30 June 2024 6.0 0.3 413.2 328.9 748.4
Full year ended 31 December 2024 (audited)
Called up share capital Share premium Capital reduction reserve Retained earnings Total
equity
£m £m £m £m £m
Balance at 1 January 2024 6.0 0.3 424.1 303.8 734.2
Profit for the year - - - 34.4 34.4
Total comprehensive income for the period - - - 34.4 34.4
Share-based payment - 0.1 - 0.3 0.4
Issue of shares net of fund raising costs 0.6 53.7 - - 54.3
Dividends - - (22.0) - (22.0)
Amounts recognised directly in equity 0.6 53.8 (22.0) 0.3 32.7
Balance at 31 December 2024 6.6 54.1 402.1 338.5 801.3
Condensed Consolidated Statement of Cash Flows (unaudited)
Six months to 30 June 2025 (Unaudited) Six months to 30 June 2024 (Unaudited) Full year to 31 December 2024 (Audited)
£m £m £m
Cash flows from operating activities
Profit before income tax 19.3 24.8 34.4
Share-based payments expense 0.1 0.4 0.4
Depreciation and amortisation 0.5 0.1 0.6
Finance costs 8.9 10.2 19.5
Finance income (0.5) (0.3) (0.8)
Loss on disposal of investment property 0.1 1.9 4.2
Accelerated amortisation following technology upgrade 3.1 - -
Change in fair value of derivative 0.4 0.6 1.3
Change in fair value of investment property (9.6) (13.7) (15.4)
22.3 24.0 44.2
Decrease/(increase) in trade and other receivables 1.5 1.0 (1.5)
Decrease in trade and other payables (2.6) (1.5) (1.0)
(Decrease)/increase in deferred rental income (21.9) (22.6) 1.3
(23.0) (23.1) (1.2)
Net cash flows (used in)/generated from operations (0.7) 0.9 43.0
Cash flows from investing activities
Purchase of tangible fixed assets - - (0.1)
Purchase of intangible assets (0.8) (1.4) (2.7)
Purchase and development of investment property (18.0) (27.6) (72.1)
Proceeds on disposal of asset held for sale, net of selling costs 2.6 3.3 11.5
Proceeds on disposal of investment property, net of selling costs - 9.1 31.1
Finance income 0.5 0.3 0.8
Net cash flows deployed to investing activities (15.7) (16.3) (31.5)
Cash flows from financing activities
Dividends paid (12.7) (9.9) (22.5)
Proceeds from equity raise - - 54.3
Bank borrowings drawn - 164.9 164.9
Bank borrowings repaid - (123.1) (150.8)
Loan arrangement fee paid (0.4) (2.2) (2.2)
Derivative premium paid - (1.7) (1.7)
Interest rate cap termination receipt - 0.1 0.1
Finance costs (7.4) (8.4) (18.5)
Lease liability paid (0.1) (0.1) (0.2)
Net cash (used in)/generated from financing activities (20.6) 19.6 23.4
(Decrease)/increase in cash and cash equivalents (37.0) 4.2 34.9
Cash and cash equivalents at beginning of period 75.4 40.5 40.5
Cash and cash equivalents at end of period 38.4 44.7 75.4
Unaudited Notes to the Financial Statements
1. Accounting Policies
1.1 Period of Account
The reporting period of the unaudited condensed consolidated interim financial
statements of the Group is the six-month period from 1 January 2025 to 30 June
2025.
1.2 Basis of Preparation
This unaudited condensed consolidated interim financial report for the
six-month reporting period ended 30 June 2025 ("Interim Report") has been
prepared in accordance with the UK adopted International Accounting Standard
34, "Interim Financial Reporting" and the Disclosure Guidance and Transparency
Rules sourcebook of the United Kingdom's Financial Conduct Authority.
The Interim Report does not include all of the notes of the type normally
included in an annual financial report. Accordingly, this Report is to be read
in conjunction with the Annual Report for the year ended 31 December 2024,
which has been prepared in accordance with the UK-adopted international
accounting standards.
The comparative financial information for the year ended 31 December 2024 in
this Interim Report does not comprise statutory accounts within the meaning of
section 434 of the Companies Act 2006. Statutory accounts for the year ended
31 December 2024 were approved by the Board of Directors on 12 March 2025 and
delivered to the Registrar of Companies. The report of the auditors on those
accounts was unqualified, did not contain an emphasis of matter paragraph and
did not contain any statement under section 498 of the Companies Act 2006.
These financial statements have been reviewed, not audited.
The Group's financial statements have been prepared on a historical cost
basis, except for investment property and derivative financial instruments
which have been measured at fair value. The Interim Report is presented in
Pound Sterling, which is also the Group's functional currency.
The accounting policies adopted in this Report are consistent with those
applied in the Group's statutory accounts for the year ended 31 December 2024
and are expected to be consistently applied during the year ending 31 December
2025.
1.3 Going Concern
At 30 June 2025, the Group's cash position was £38.4 million with capital
commitments of £7.3 million.
Occupancy is a key driver of profitability and cash flows, and at 14 August
2025, based on forward reservations for the upcoming 2025/26 academic year, 77
per cent had been secured which, although behind that of previous years,
continues to provide sufficient comfort in respect to forward reservations for
the forthcoming academic year.
No facilities fall due for repayment during the going concern period to 31
December 2026. Good relationships are maintained with all lenders and
indications suggest that a favourable lender appetite remains in respect to
the sector.
All of the Group's covenants are currently compliant and we envisage
compliance to continue to be achieved in reasonably severe downside scenarios,
or that sufficient mitigants are available where there is a risk to covenant
headroom. The Group's portfolio could currently withstand a 31 per cent
decline in property valuations before the first breach in a loan-to-value
covenant is triggered.
The Group's average interest cover covenant across all facilities is 1.9
times, whereas gross profit is currently over three times total finance costs,
providing a good degree of comfort. Following refinancing completed during
2024, exposure to interest rate volatility has been fully mitigated and
refinancing risk removed until 2028.
Bank borrowings would be renegotiated in advance of any potential covenant
breaches, insofar as factors are within the control of the Group. Facility
agreements typically contain cure provisions providing for prepayment, cash
deposits or security enhancement as may be required to mitigate any potential
breach. The Group has access to over £25.0 million in unencumbered properties
that could be used to enhance lender security. Borrowings remain appropriately
spread across a range of lenders and maturities so as to minimise any
potential concentration of risk.
As part of the Group's going concern review, certain scenarios have been
considered to model the impact on available liquidity. The Directors have
reassessed the Group's principal risks and considered severe but plausible
downside scenarios in assessing going concern for the period to 31 December
2026.
The Directors have considered, in particular:
· a reduction in revenue, both in terms of occupancy and growth rate;
· an increase in unhedged utility costs assumptions by 1.5 times
current market expectations; and
· an immediate valuation shock of minus 10 per cent in property
valuations.
In addition, the Directors considered potential mitigants to the downside
scenario which include, but are not limited to, drawing upon the £35.0
million committed credit facility, asset disposals, suspending non-committed
capital expenditure and temporary reduction in dividends.
The Directors note and acknowledge the firm offer for the Company received
from The Unite Group PLC earlier today. Although the timing of completion is
yet uncertain, if the transaction is completed, decisions on the future
direction of the Company and the Group will be taken by Directors representing
the Unite Group, who are not yet appointed at the date of approval of these
interim results.
As such, there exists a material uncertainty which may cast significant doubt
on the Group's ability to continue as a going concern as the assumptions and
forecasts underpinning the assessment may not be achieved.
Notwithstanding this uncertainty, the Directors confirm that it remains
appropriate to prepare these interim results on a going concern basis. The
condensed consolidated financial statements included within, do not include
any adjustments that would otherwise be required were they to be prepared on a
basis other than going concern.
1.4 Significant Accounting Judgements, Estimates and Assumptions
The preparation of the Group's interim financial statements requires
management to make judgements, estimates and assumptions that affect the
reported amounts of revenues, expenses, assets and liabilities, and the
disclosure of contingent liabilities, at the reporting date. However,
uncertainty about these assumptions and estimates could result in outcomes
that require a material adjustment to the carrying amount of the asset or
liability affected in future periods.
Estimates
In the process of applying the Group's accounting policies, management has
made the following estimates, which have the most significant effect on the
amounts recognised in the Interim Report:
(a) Fair Valuation of Investment Property and Assets Classified as Held For Sale
The market value of investment property is determined, by an independent
external real estate valuation expert, to be the estimated amount for which a
property should exchange on the date of the valuation in an arm's length
transaction. Properties have been valued on an individual basis. The valuation
experts use recognised valuation techniques and the principles of IFRS 13.
The valuations have been prepared in accordance with the RICS Valuation -
Global Standards (incorporating the International Valuation Standards) and the
UK national supplement (the "Red Book"). Factors reflected include current
market conditions, net underlying operational income, periodic rentals, lease
lengths and location as well as estimated costs to be incurred as part of the
Group's external wall systems ("EWS") programme. The significant methods and
assumptions used by valuers in estimating the fair value of investment
property and assets classified as held for sale are set out in Notes 8 and 9.
For properties under development, the fair value is calculated by estimating
the fair value of the completed property using the income capitalisation
technique less estimated costs to completion and an appropriate developer's
margin.
Properties that meet the conditions of IFRS 5 are classified as held for sale
in the consolidated statement of financial position.
(b) Expected Credit Loss
Impairment provisions for trade receivables are recognised based on the
simplified approach within IFRS 9 using the lifetime expected credit losses.
During this process the probability of the non-payment of the trade receivable
is assessed. This probability is then multiplied by the amount of the expected
loss arising from default to determine the lifetime expected credit loss for
the trade receivables. For trade receivables, which are reported net of
impairment provisions, such provisions are recorded in a separate provision
account with the loss being recognised within cost of sales in the statement
of comprehensive income.
Judgements
In the process of applying the Group's accounting policies, management has
made the following judgements, which have the most significant effect on the
amounts recognised in the Interim Report:
Operating Lease Contracts - the Group as Lessor
The Group has investment properties which have various categories of leases in
place with tenants. This includes commercial leases. The Group has determined,
based on an evaluation of the terms and conditions of the arrangements,
particularly the lease terms, insurance requirements and minimum lease
payments, that it retains all the significant risks and rewards of ownership
of these properties and so accounts for commercial leases as operating leases.
1.5 Segmental Information
The Directors are of the opinion that the Group is engaged in a single segment
business, being the investment in student and associated commercial lettings,
within the United Kingdom.
2. Finance Costs
Six months to Six months to Full year to 31 December 2024 (audited)
30 June 2025
30 June 2024
(unaudited)
(unaudited)
£m £m £m
Finance costs
Interest expense on bank borrowings 8.5 8.9 17.8
Amortisation of loan transaction costs:
Ongoing 0.4 0.4 0.8
Accelerated charges on refinancing - 0.9 0.9
8.9 10.2 19.5
Finance income
Interest received on bank deposits 0.5 0.3 0.8
Net finance costs 8.4 9.9 18.7
3. Property Expenses
Six months to Six months to Full year to 31 December 2024 (audited)
30 June 2025
30 June 2024
(unaudited)
(unaudited)
£m £m £m
Direct site costs (income generating properties) 2.4 2.0 4.9
Technology services 0.3 0.3 0.6
Site office and utilities 7.9 7.3 14.3
Cleaning and service contracts 1.2 1.0 3.2
Repairs and maintenance 1.0 0.9 1.7
Bad debts expense 1.0 0.3 0.9
13.8 11.8 25.6
4. Corporation Tax
Taxation on the profit or loss for the period not exempt under UK REIT
regulations comprises current and deferred tax. Taxation is recognised within
the condensed consolidated statement of comprehensive income except to the
extent that it relates to items recognised as direct movement in equity, in
which case it is also recognised as a direct movement in equity.
Current tax represents tax payable on any non-REIT taxable income for the
period, using tax rates enacted or substantively enacted at the balance sheet
date, and any adjustment to tax payable in respect of previous years.
5. Earnings Per Share
The number of ordinary shares is based on the time-weighted average number of
shares throughout the period.
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period.
Diluted earnings per share is calculated using the weighted average number of
shares adjusted to assume the conversion of all dilutive potential ordinary
shares.
EPRA EPS, reported on the basis recommended for real estate companies by EPRA,
is a key measure of the Group's operating results, and used by the Board to
assess the Group's dividend payments.
The calculation of each of the measures is set out below:
Six months to 30 June 2025 (unaudited) Calculation of basic EPS Calculation of diluted EPS Calculation of EPRA basic EPS Calculation of EPRA diluted EPS
£m £m £m £m
IFRS Earnings 19.3 19.3 19.3 19.3
Changes in fair value of investment - - (9.6) (9.6)
property (Note 8 and Note 9)
Non-recurring items:
- Accelerated amortisation following technology upgrade - - 3.1 3.1
- Associated costs of restructuring - - 0.8 0.8
- Costs associated with takeover offer - - 0.2 0.2
Derivative fair value movement - - 0.4 0.4
Loss on disposal of investment property - - 0.1 0.1
Earnings/adjusted earnings 19.3 19.3 14.3 14.3
Weighted average number of shares (m) 664.0 664.0 664.0 664.0
Adjustment for employee share options (m) - 7.6 - 7.6
Total number of shares (m) 664.0 671.6 664.0 671.6
Earnings per share (pence) 2.9 2.9 2.2 2.1
Six months to 30 June 2024 (unaudited) Calculation of basic EPS Calculation of diluted EPS Calculation of EPRA basic EPS Calculation of EPRA diluted EPS
£m £m £m £m
IFRS Earnings 24.8 24.8 24.8 24.8
Changes in fair value of investment - - (13.7) (13.7)
property (Note 8)
Derivative fair value movement - - 0.6 0.6
Loss on disposal of investment property - - 1.9 1.9
Earnings/adjusted earnings 24.8 24.8 13.6 13.6
Weighted average number of shares (m) 603.4 603.4 603.4 603.4
Adjustment for employee share options (m) - 5.3 - 5.3
Total number of shares (m) 603.4 608.7 603.4 608.7
Earnings per share (pence) 4.1 4.1 2.3 2.2
Calculation of basic EPS Calculation of diluted EPS Calculation of EPRA basic EPS Calculation of EPRA diluted EPS
Full year to 31 December 2024 (audited) £m £m £m £m
IFRS Earnings 34.4 34.4 34.4 34.4
Changes in fair value of investment property (Note 8) - - (15.4) (15.4)
Loss on disposal of investment property - - 4.2 4.2
Derivative fair value movement - - 1.3 1.3
Accelerated debt issue cost amortisation on refinancing - non-recurring - - 0.9 0.9
Abortive costs in relation to prospective Joint Venture - non-recurring - - 0.5 0.5
Earnings/adjusted earnings 34.4 34.4 25.9 25.9
Weighted average number of shares (m) 616.2 616.2 616.2 616.2
Adjustment for employee share options (m) - 5.6 - 5.6
Total number of shares (m) 616.2 621.8 616.2 621.8
Earnings per share (pence) 5.6 5.5 4.2 4.2
6. NAV Per Share
The principles of the three measures per EPRA are below:
EPRA Net Reinstatement Value ("NRV"): Assumes that entities never sell assets
and aims to represent the value required to rebuild the entity.
EPRA Net Tangible Assets ("NTA"): Assumes that entities buy and sell assets,
thereby crystallising certain levels of unavoidable deferred tax. As the Group
is a REIT, no adjustment is made for deferred tax.
EPRA Net Disposal Value ("NDV"): Represents the shareholders' value under a
disposal scenario, where deferred tax, financial instruments and certain other
adjustments are calculated to the full extent of their liability, net of any
resulting tax. As the Group is a REIT, no adjustment is made for deferred tax.
The Group considers EPRA NTA to be the most relevant measure and this is used
as the Group's primary NAV measure.
A reconciliation of the three EPRA NAV metrics from IFRS NAV is shown in the
table below.
NAV EPRA NAV measures
Six months to 30 June 2025 (unaudited) IFRS EPRA EPRA EPRA
NRV
NTA
NDV
£m £m £m £m
Net assets per Statement of Financial Position 807.4 807.4 807.4 807.4
Adjustments:
Fair value of fixed rate debt - - - 17.9
Derivative fair value - - - -
Purchaser's costs(1) - 68.4 - -
Net assets used in per share calculation 807.4 875.8 807.4 825.3
Number of shares in issue
Issued share capital (m) 664.1 664.1 664.1 664.1
Issued share capital plus employee options (m) 671.7 671.7 671.7 671.7
Net asset value per share (pence)
Basic Net Asset Value per share (pence) 121.6
Diluted Net Asset Value per share (pence) 120.2 130.4 120.2 122.9
NAV EPRA NAV measures
Six months to 30 June 2024 (unaudited) IFRS EPRA EPRA EPRA
NRV
NTA
NDV
£m £m £m £m
Net assets per Statement of Financial Position 748.4 748.4 748.4 748.4
Adjustments:
Fair value of fixed rate debt(2) - - - 21.2
Derivative fair value - (1.2) (1.2) -
Purchaser's costs(1) - 67.0 - -
Net assets used in per share calculation 748.4 814.2 747.2 769.6
Number of shares in issue
Issued share capital (m) 603.4 603.4 603.4 603.4
Issued share capital plus employee options (m) 608.7 608.7 608.7 608.7
Net asset value per share (pence)
Basic Net Asset Value per share (pence) 124.0
Diluted Net Asset Value per share (pence) 122.9 133.8 122.8 126.4
NAV EPRA NAV measures
Year ended 31 December 2024 (audited) IFRS EPRA EPRA EPRA
NDV
NRV NTA
£m £m £m £m
Net assets per Statement of Financial Position 801.3 801.3 801.3 801.3
Adjustments:
Fair value of fixed rate debt(2) - - - 20.7
Derivative fair value - (0.5) (0.5) -
Purchaser's costs(1) - 67.3 - -
Net assets used in per share calculation 801.3 868.1 800.8 822.0
Number of shares in issue
Issued share capital (m) 664.0 664.0 664.0 664.0
Issued share capital plus employee options (m) 669.6 669.6 669.6 669.6
Net asset value per share
Basic Net Asset Value per share (pence) 120.7
Diluted Net Asset Value per share (pence) 119.7 129.6 119.6 122.8
(1) EPRA NTA and EPRA NDV reflect IFRS values which are net of purchaser's
costs. Any purchaser's costs deducted from the market value are added back
when calculating EPRA NRV.
(2) Restated to reflect full application of the equity method.
7. Dividends Paid
Six months to 30 June 2025 (unaudited) Six months to 30 June 2024 (unaudited) Full year to 31 December 2024 (audited)
£m £m £m
Interim dividend of 0.9375 pence per ordinary share in respect of the quarter 5.7
ended 31 December 2023
Interim dividend of 0.875 pence per ordinary share in respect of the quarter 5.3
ended 31 March 2024
Interim dividend of 0.875 pence per ordinary share in respect of the quarter 5.3
ended 30 June 2024
Interim dividend of 0.875 pence per ordinary share in respect of the quarter 5.7
ended 30 September 2024
Interim dividend of 0.9375 pence per ordinary share in respect of the quarter 5.6
ended 31 December 2023
Interim dividend of 0.875 pence per ordinary share in respect of the quarter 5.3
ended 31 March 2024
Interim dividend of 1.075 pence per ordinary share in respect of the quarter 7.1
ended 31 December 2024
Interim dividend of 0.925 pence per ordinary share in respect of the quarter 6.2
ended 31 March 2025
13.3 10.9 22.0
8. Investment Property
Investment property freehold Investment Total operational assets Property Total
property long leasehold under development investment property
£m £m £m £m £m
As at 1 January 2025 973.6 145.3 1,118.9 6.0 1,124.9
Capital expenditure 4.4 3.8 8.2 0.8 9.0
Property acquisitions 9.6 - 9.6 - 9.6
Change in fair value during the period 7.2 1.2 8.4 1.3 9.7
As at 30 June 2025 (unaudited) 994.8 150.3 1,145.1 8.1 1,153.2
As at 1 January 2024 940.0 132.7 1,072.7 3.0 1,075.7
Capital expenditure 18.0 3.1 21.1 0.3 21.4
Property acquisitions 10.5 - 10.5 5.9 16.4
Sale of investment property (10.4) - (10.4) - (10.4)
Change in fair value during the period 13.0 4.0 17.0 (1.0) 16.0
As at 30 June 2024 (unaudited) 971.1 139.8 1,110.9 8.2 1,119.1
As at 1 January 2024 940.0 132.7 1,072.7 3.0 1,075.7
Capital expenditure 25.4 6.1 31.5 1.3 32.8
Property acquisitions 31.3 - 31.3 5.9 37.2
Sale of investment property (32.7) - (32.7) (3.0) (35.7)
Transfer to held for sale asset (2.7) - (2.7) - (2.7)
Change in fair value during the year 12.3 6.5 18.8 (1.2) 17.6
As at 31 December 2024 (audited) 973.6 145.3 1,118.9 6.0 1,124.9
During the period £8.2 million (30 June 2024: £21.3 million) of additions
related to capital expenditure were recognised in the carrying value of the
operational portfolio.
In accordance with IAS 40, the carrying value of investment property is its
fair value as determined by independent external valuers. This valuation has
been conducted by Cushman & Wakefield, as external valuer, and has been
prepared as at 30 June 2025, in accordance with the Appraisal and Valuation
Standards of the RICS, on the basis of market value. This value has been
incorporated into the financial statements.
The valuation of all property assets uses market evidence and includes
assumptions regarding income expectations and yields that investors would
expect to achieve on those assets over time. Many external economic and market
factors, such as interest rate expectations, bond yields, the availability and
cost of finance, and the relative attraction of property against other asset
classes, could lead to a reappraisal of the assumptions used to arrive at
current valuations. In adverse conditions, this reappraisal can lead to a
reduction in property values and a loss in net asset value.
The table below reconciles between the fair value of the investment property
as per the consolidated Group statement of financial position and the market
value of the investment property as per the independent valuation performed in
respect of each period end.
Six months to Six months to Full year to 31 December 2024 (audited)
30 June 2025 (unaudited)
30 June 2024 (unaudited)
£m £m £m
Value per independent valuation report 1,160.4 1,134.9 1,135.0
Plus: Head lease 0.7 0.7 0.6
Deduct: Assets classified as held for sale (7.9) (16.5) (10.7)
Fair value per Group statement of financial position 1,153.2 1,119.1 1,124.9
The following descriptions and definitions relate to valuation techniques and
key unobservable inputs made in determining fair values. The valuation
techniques for student properties use a discounted cash flow with the
following inputs:
a) Unobservable input: Rental income
The rent at which space could be let in the market conditions prevailing at
the date of valuation. The rent ranges per week are as follows:
30 June 2025 30 June 2024 31 December 2024
£121-£533 per week (weighted average rent of £236 per week) £88-£542 per week (weighted average rent of £229 per week) £116-£549 per week (weighted average rent of £235 per week)
b) Unobservable input: Rental growth
The estimated average annual increase in rent based on both market estimations
and contractual arrangements. The assumed rental growth used in valuations is
as follows:
30 June 2025 30 June 2024 31 December 2024
4.4% 4.7% 3.5%
c) Unobservable input: Net initial yield
The net initial yield is defined as the initial net income as a percentage of
the market value (or purchase price as appropriate) plus standard costs of
purchase. The ranges in net initial yields are as follows:
30 June 2025 30 June 2024 31 December 2024
5.0%-8.5% (weighted average of 5.7%) 4.6%-8.8% 4.8%-8.9%
(weighted average of 5.4%)
(weighted average of 5.5%)
d) Unobservable input: Physical condition of the property
The valuer's assumption in relation to fire safety works that should be
reflected as a deduction within its valuation are as follows:
30 June 2025 30 June 2024 31 December 2024
£29.1 million £29.6 million £31.0 million
e) Sensitivities of measurement of significant unobservable inputs
The Group's portfolio valuation is subject to judgement and is inherently
subjective by nature. As a result, the following sensitivity analysis for the
student properties has been prepared by the valuer, net of any capital
expenditure deductions. For the purposes of the sensitivity analysis, the
Group considers its property portfolio to be one homogeneous group of
properties.
15% increase in cost of EWS works -3% change +3% change -0.25% change +0.25% change
in rental income
in rental income
in yield
in yield
£m £m £m £m £m
(Decrease)/increase in the fair value of investment property
As at 30 June 2025 (4.4) (47.6) 49.3 58.1 (52.8)
As at 30 June 2024 (4.4) (45.5) 45.5 55.9 (50.9)
As at 31 December 2024 (4.4) (45.8) 45.6 57.2 (52.1)
f) Commercial properties
The key assumptions for the commercial properties are net initial yield,
current rent and rental growth. A 3% movement in commercial rental income
would not materially impact the commercial property valuation of £17.4
million (31 December 2024: £16.5 million).
9. Assets Classified as Held for Sale
Management considers that one property (December 2024: two properties) met the
conditions relating to assets held for sale under IFRS 5: Non-current Assets
Held for Sale. During the period the Group completed the sale of Bath Radway
House for £2.6 million, net of sales costs. The fair value of assets held for
sale in these financial statements is £7.9 million (December 2024: £10.7
million). With this asset being under offer, management expects the sale to be
completed in 2025.
Six months to 30 June 2025 (unaudited) Investment properties freehold
£m
As at 1 January 2025 10.7
Property disposals (2.7)
Additions: subsequent expenditure -
Change in fair value of assets classified as held for sale (0.1)
As at 30 June 2025 (unaudited) 7.9
Six months to 30 June 2024 (unaudited) Investment properties freehold
£m
As at 1 January 2024 22.4
Property disposals (3.9)
Additions: subsequent expenditure 0.3
Change in fair value of assets classified as held for sale (2.3)
As at 30 June 2024 (unaudited) 16.5
Year ended 31 December 2024 (audited) Investment properties freehold
£ m
As at 1 January 2024 22.4
Property disposals (12.6)
Transfer to held for sale assets 2.7
Additions: subsequent expenditure 0.4
Change in fair value of assets classified as held for sale (2.2)
As at 31 December 2024 (audited) 10.7
10. Intangible Assets
Six months to Six months to Full year to 31 December 2024 (audited)
30 June 2025
30 June 2024
(unaudited)
(unaudited)
External software development £m £m £m
Costs
Balance brought forward 7.3 4.6 4.6
Additions 0.8 1.4 2.7
Write-off on upgrade(1) (5.4) - -
2.7 6.0 7.3
Amortisation
Balance brought forward (1.8) (1.5) (1.5)
Charge for the period (0.3) (0.2) (0.3)
Accelerated amortisation on upgrade(1) (3.1) - -
Write-off on upgrade(1) 5.4 - -
0.2 (1.7) (1.8)
Net book value 2.9 4.3 5.5
(1)A Group-wide ERP upgrade was completed during the period with legacy
systems to be decommissioned. With no future value likely, the residual
carrying value has been fully written off following an acceleration in
amortisation.
11. Cash and Cash Equivalents
Six months to Six months to Full year to 31 December 2024 (audited)
30 June 2025
30 June 2024
(unaudited)
(unaudited)
£m £m £m
Unrestricted cash and cash equivalents 4.6 5.4 36.0
Restricted cash and cash equivalents(1) 33.8 39.3 39.4
Cash and cash equivalents 38.4 44.7 75.4
(1)Restricted cash relates to certain bank accounts held by the Group where
funds are not immediately available but may be utilised to settle contractual
obligations.
12. Borrowings
The existing facilities are secured by charges over individual investment
properties and/or shares of certain asset-holding subsidiaries. These assets
have a fair value of £1,132.9 million at 30 June 2025 (31 December 2024:
£1,021.7 million).
On 18 June 2025, the Group entered into a revolving credit facility with HSBC
Bank Plc for £35.0 million. The facility has a ratcheted margin based on loan
to value between 1.8 and 2.5 per cent. The facility has a maximum loan to
value covenant of 45.0 per cent and an interest cover covenant of 200 per
cent. The facility has a three-year term. There is a commitment fee payable on
undrawn amounts, linked to the ratcheted margin, ranging from 0.81 per cent to
1.13 per cent. No amounts were drawn as at 30 June 2025.
A summary of the drawn and undrawn bank borrowings in the period is shown
below:
Bank Bank Total
borrowings
borrowings
drawn
undrawn
£m £m £m
At 1 January 2025 (audited) 374.3 - 374.3
New facility - 35.0 35.0
At 30 June 2025 (unaudited) 374.3 35.0 409.3
At 1 January 2024 (audited) 360.3 42.0 402.3
Part cancellation of revolving credit facility - (2.0) (2.0)
Facilities repaid and cancelled in the period (123.1) - (123.1)
Bank borrowings drawn in the period 40.0 (40.0) -
New facility drawn 124.9 - 124.9
At 30 June 2024 (unaudited) 402.1 - 402.1
At 1 January 2024 (audited) 360.3 42.0 402.3
Bank borrowings repaid (150.9) - (150.9)
Part cancellation of revolving credit facility - (2.0) (2.0)
Unsecured facility refinanced - - -
Bank borrowings drawn in the year 40.0 (40.0) -
New facility drawn 124.9 - 124.9
At 31 December 2024 (audited) 374.3 - 374.3
Any associated fees in arranging the bank borrowings unamortised as at the
period end are offset against amounts drawn on the facilities as shown in the
table below:
30 June 2025 (unaudited) 30 June 2024 (unaudited) 31 December 2024 (audited)
Current borrowings £m £m £m
Balance brought forward - 57.7 57.7
Less: Bank borrowings repaid during the period - (57.7) (57.7)
Bank borrowings: Due in less than one year - - -
Less: Unamortised costs - - -
Current liabilities: Bank borrowings - - -
30 June 2025 (unaudited) 30 June 2024 (unaudited) 31 December 2024 (audited)
Non-current borrowings £m £m £m
Balance brought forward 374.3 302.6 302.6
Total bank borrowings in the period - 164.9 164.9
Less: Bank borrowings repaid during the period - (65.4) (93.2)
Bank borrowings: Due in more than one year 374.3 402.1 374.3
Less: Unamortised costs (4.1) (4.4) (3.9)
Non-current liabilities: Bank borrowings 370.2 397.7 370.4
30 June 2025 (unaudited) 30 June 2024 (unaudited) 31 December 2024 (audited)
Maturity of bank borrowings £m £m £m
Repayable between one and two years - 20.0 -
Repayable between two and five years 237.2 206.1 206.1
Repayable in over five years 137.1 176.0 168.2
Bank borrowings 374.3 402.1 374.3
13. Contingent Liabilities
There were no contingent liabilities at 30 June 2025 (31 December 2024:
£nil).
14. Capital Commitments
As at 30 June 2025, the Group had total capital commitments of £7.3 million
(31 December 2024: £2.8 million) for the future development and enhancement
of investment property.
15. Related Party Disclosures
Key Management Personnel
Key management personnel are considered to comprise the Board of Directors.
Share-Based Payments
On 21 March 2025, the Company granted Duncan Garrood, Chief Executive Officer,
nil-cost options over 29,404 ordinary shares, and Donald Grant, Chief
Financial & Sustainability Officer, nil-cost options over 19,071 ordinary
shares in the Company ("ordinary shares") relating to the deferred shares
element of the annual bonus award for the financial year to 31 December 2024.
Also on 21 March 2025, Duncan Garrood was granted nil-cost options over
722,039 ordinary shares, and Donald Grant, Chief Financial &
Sustainability Officer, was granted nil-cost options over 510,710 ordinary
shares pursuant to the Empiric Long Term Incentive Plan for the 2025 financial
year.
16. Subsequent Events
On 1 August 2025, the Group exchanged contracts for the sale of Pavilion
Court, Canterbury for consideration of £7.5 million. The transaction is
expected to complete on 15 August 2025.
On 22 July 2025, the Group settled a dispute with a contractor in relation to
remedial fire safety works, resulting in a settlement of £3.2 million in the
Group's favour.
The boards of Empiric Student Property plc and The Unite Group PLC confirmed
that a firm and recommended offer would be made to the Company's shareholders
on terms set out in the announcement made earlier today and available on the
Company's website.
Glossary
Basic EPS - The earnings attributed to ordinary shareholders divided by the
weighted average number of ordinary shares outstanding during the period.
Company - Empiric Student Property plc.
EPRA - European Public Real Estate Association.
EPRA EPS - EPRA Earnings divided by the weighted average number of ordinary
shares outstanding during the period.
EPRA Net Disposal Value ("NDV") - Represents the shareholders' value under a
disposal scenario, the value of the company assuming assets are sold and the
liabilities are settled and not held to maturity.
EPRA Net Reinvestment Value ("NRV") - The value of the assets on a long-term
basis, assets and liabilities are not expected to crystallise under normal
circumstances.
EPRA Net Tangible Assets ("NTA") - Assumes the underlying value of the Company
assuming it buys and sells assets.
Gross margin - Gross profit expressed as a percentage of revenue.
Group - Empiric Student Property plc and its subsidiaries.
Hello Student - Our customer-facing brand and operating platform.
IFRS - International Financial Reporting Standards.
Like-for-like rental growth - Compares the growth in rental income for
operational assets throughout both the current and comparative period,
excluding acquisitions, developments and disposals.
Like-for-like valuation - Compares the change in capital values of the Group's
portfolio at the balance sheet dates, compared to the prior balance sheet
date. The calculation excludes acquisitions, developments and disposals, and
adjusts for capital expenditure.
Net Asset Value or NAV - Net Asset Value is the net assets in the statement of
financial position.
PBSA - Purpose-built Student Accommodation.
Postgrad - Postgraduate students who have successfully completed an
undergraduate course and are undertaking further studies at a more advanced
level.
Re-booker rate - A KPI and non-IFRS measure - calculated as the percentage of
students staying with us in the previous year who chose to stay living with us
for another academic year.
REIT - Real estate investment trust.
Revenue Occupancy - A KPI and non-IFRS measure - calculated as the percentage
of our gross annualised revenue we have achieved for an academic year.
RICS - Royal Institution of Chartered Surveyors.
SONIA - Sterling Over Night Index Average is the effective reference for
overnight indexed swaps for unsecured transactions in the Sterling market. The
SONIA itself is a risk-free rate.
Total Accounting Return - The growth in EPRA NTA over the period plus
dividends paid in the period expressed as a percentage of opening EPRA NTA.
Weighted average cost of debt - The weighted rate of interest applied to all
drawn debt balances at the balance sheet date.
Weighted average debt maturity - The weighted average term remaining until
expiry of our drawn debt facilities at the balance sheet date.
Company Information and Corporate Advisers
Directors and Advisers
Directors Registrar
Mark Pain (Chairman)
Computershare Investor Services PLC
Duncan Garrood (Chief Executive Officer)
The Pavilions
Donald Grant (Chief Financial & Sustainability Officer)
Bridgwater Road
Alice Avis (Non-Executive Director, Senior Independent Director)
Bristol, BS99 6ZZ
Martin Ratchford (Non-Executive Director)
Clair Preston-Beer (Non-Executive Director)
External Auditor
BDO LLP
Broker and Joint Financial Adviser
55 Baker Street
Jefferies International Ltd
London, W1U 7EU
100 Bishopsgate
London, EC2N 4JL
Valuer
Cushman & Wakefield
Broker and Joint Financial Adviser
125 Old Broad Street
Peel Hunt LLP
London, C2N 1AR
7(th) Floor
100 Liverpool Street Tax Adviser
London EC2M 2AT
KPMG
15 Canada Square
Legal Adviser to the Company
London, E14 5GL
Gowling WLG (UK) LLP
4 More London Riverside
Company Secretary
London, SE1 2AU
Lisa Hibberd
Communications Adviser
1(st) Floor Hop Yard Studios
FTI Consulting LLP
72 Borough High Street
200 Aldersgate
London, SE1 1XF
Aldersgate Street
London, EC1A 4HD
Company Registration Number: 08886906 Registered Office
Incorporated in the UK (Registered in England)
1st Floor Hop Yard Studios
72 Borough High Street
Empiric Student Property plc is a public
London, SE1 1XF
company limited by shares
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