Empiric Student Property, the owner and operator of premium, purpose-built student accommodation (PBSA) across the UK, has reported its interim results for the six months ended 30 June 2024.
Revenue increased 2.7% to £42.4m (30 June 2023 £41.3m), up 10.5% on a like-for-like basis.
The company is on track for their best-ever re-booker campaign, with continued strong demand for the academic year 2024/25. Revenue occupancy for the academic year 2024/25 is currently at 92%, with a continued expectation of exceeding 97%.
First half dividends is paid and payable of 1.75p, 7.7% ahead of H1 2023 and in line with financial targets.
“It has been an active first half of the year with good progress made across the board, including the growth of our portfolio through acquisitions, the submission of planning applications and our successful refurbishments programme. We continue to experience strong demand for our high-quality, well-located accommodation, with the booking cycle for the forthcoming 2024/25 academic year providing confidence in the delivery of strong occupancy and rental growth that surpasses inflation.
“Operationally, the business continues to perform very well with our net promoter score and customer satisfaction rate advancing year-on-year, underpinning improved re-booker rates, which are on track to be our best ever.”
Duncan Garrood, Chief Executive Officer, Empiric Student Property
For the second half of the year, revenue occupancy for the academic year 2024/25 underpins confidence that the owner-operator’s portfolio will again be effectively full for a third consecutive year.
Empiric Student Property is targeting a minimum dividend for the year to 31 December 2024 of 3.5 pence per share. This is reflected in an increased investment market activity, with continued strength in underlying fundamentals presenting compelling opportunities for growth.
The company completed two acquisitions in key top-tier cities, growing existing clusters in Bristol and Glasgow.
There is a full refurbishment of Brunswick Apartments, Southampton, to deliver 173 newly refurbished rooms and amenities on track for a September reopening, with strong rental growth secured.
Additionally, a planning application has been submitted to facilitate a 200+ bed extension of Victoria Point, Manchester.
