14th Sep 2015 06:41
LONDON (Alliance News) - Student accommodation investor Empiric Student Property PLC on Monday published its results from incorporation to the end of June, showing its net asset value per share has increased over the period.
The company, which was incorporated on February 11, 2014 and floated in London in June 2014, said its net asset value per share at the end of June 2015 was 103.2 pence per share, up 5.2% from its opening net asset value per share of 98.1 pence.
The group, which has been making a number of acquisitions of student accommodation projects in prominent university towns and cities across the UK since forming, said its portfolio is valued at GBP251.3 million, GBP218.8 million of which is attributable to operating assets, which have increased by 6.5% in value. It said that valuation has risen to GBP365.4M as of Monday.
Empiric has paid quarterly dividends amounting to 4.0 pence per share for the period to the end of June and said it is targeting an initial dividend yield of 6%, based on its initial public offering price of 100.00 pence per share.
Pretax profit for the period from February 11, 2014 to June 30, 2015 was GBP14.2 million, Empiric said. It said it annualised rent roll on June 30 was GBP18.4 million, rising to GBP23.3 million on Monday.
Over the course of the reporting period, the company has acquired or exchange contracts on 40 student accommodation investments, with the average purchase net initial yield of 6.6% on the operating assets in the portfolio.
"The board is committed to delivering on the stated objectives of providing shareholders with regular, sustainable and growing long-term dividends, together with the potential for capital appreciation over the medium to long term," said Brenda Dean, Empiric's chairman.
By Sam Unsted; [email protected]; @SamUAtAlliance
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