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Empiric Student Property says expectations topped in third quarter

2nd Nov 2023 10:42

(Alliance News) - Empiric Student Property PLC on Thursday said the booking cycle for the academic year 2023/2024 has "exceeded all expectations", having achieved 99% revenue occupancy and like-for-like growth in average weekly rents of 11%.

The London-based student accommodation operator also declared a 0.9375 pence per share dividend for the third quarter of the year, up 50% from 0.625 pence in the corresponding three-months in 2022. Meanwhile, it increased its annual dividend target to 3.5 pence per share from the prior target of 3.25p. This would represent a 27% increase from 2.75 pence a year ago.

Looking ahead, Empiric expects revenue occupancy to remain strong in the next academic year, and is targeting like-for-like weekly rental growth of at least 5%.

"With demand and supply imbalance expected to continue for the foreseeable future, our premium accommodation offering and high quality customer service, positions us well for growth within this resilient and growing market," said Chief Executive Officer Duncan Garrood.

Shares in Empiric Student Property were up 2.1% at 86.97 pence each in London on Thursday morning.

By Sabrina Penty, Alliance News reporter

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