Empiric Student Property Dividends - ESP

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Stock Name	Stock Symbol	Market	Stock Type	Stock ISIN	Stock Description
Empiric Student Property Plc	ESP	London	Ordinary Share	GB00BLWDVR75	ORD GBP0.01

	Price Change	Price Change %	Stock Price	High Price	Low Price	Open Price	Close Price	Last Trade
	-0.60	-0.6%	100.20	100.60	99.40	100.00	100.80	15:35:22

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Industry Sector
REAL ESTATE INVESTMENT & SERVICES

Empiric Student Property ESP Dividends History

Announcement Date	Type	Currency	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
20/08/2019	Interim	GBX	1.25	30/12/2018	30/06/2019	05/09/2019	06/09/2019	20/09/2019	0
29/05/2019	Interim	GBX	1.25	01/12/2018	31/03/2019	06/06/2019	07/06/2019	28/06/2019	0
20/02/2019	Interim	GBX	1.25	31/12/2017	31/12/2018	28/02/2019	01/03/2019	22/03/2019	5
14/11/2018	Interim	GBX	1.25	30/05/2018	30/09/2018	22/11/2018	23/11/2018	07/12/2018	0
21/08/2018	Interim	GBX	1.25	30/12/2017	30/06/2018	30/08/2018	31/08/2018	14/09/2018	0
23/05/2018	Interim	GBX	1.25	01/12/2017	31/03/2018	31/05/2018	01/06/2018	15/06/2018	0
27/02/2018	Interim	GBX	1.25	31/12/2016	31/12/2017	08/03/2018	09/03/2018	23/03/2018	5.55
23/11/2017	Interim	GBX	1.25	30/05/2017	30/09/2017	30/11/2017	01/12/2017	15/12/2017	0
04/07/2017	Interim	GBX	1.53	30/12/2016	30/06/2017	20/07/2017	21/07/2017	01/08/2017	0
10/05/2017	Interim	GBX	1.52	01/12/2016	31/03/2017	18/05/2017	19/05/2017	31/05/2017	0
11/01/2017	Interim	GBX	1.55	31/12/2015	31/12/2016	19/01/2017	20/01/2017	08/02/2017	3.05
17/10/2016	Interim	GBX	1.5	30/12/2015	30/06/2016	27/10/2016	28/10/2016	10/11/2016	0
26/07/2016	Final	GBX	1.5	30/06/2015	30/06/2016	04/08/2016	05/08/2016	17/08/2016	6
01/03/2016	Interim	GBX	1.5	01/07/2015	31/12/2015	10/03/2016	11/03/2016	23/03/2016	0
08/10/2015	Interim	GBX	1.5	30/05/2015	30/09/2015	15/10/2015	16/10/2015	04/11/2015	0
08/07/2015	Final	GBX	1	30/06/2014	30/06/2015	16/07/2015	17/07/2015	04/08/2015	4.5
25/05/2016	Interim	GBX	1.5	01/12/2014	31/03/2015	09/06/2016	10/06/2016	23/06/2016	0
28/05/2015	Interim	GBX	1	01/12/2014	31/03/2015	04/06/2015	05/06/2015	25/06/2015	0
25/02/2015	Interim	GBX	0.5	01/07/2014	31/12/2014	05/03/2015	06/03/2015	20/03/2015	0
30/10/2014	Interim	GBX	2	30/05/2014	30/09/2014	06/11/2014	07/11/2014	28/11/2014	0

Top Dividend Posts

Date	Subject
11/9/2019 12:34	chucko1: “Bone-headed” is an understatement. She was the only senior politician who thought it was a good idea. It was patently mad, but she paid the price of her madness in the end. Geoff Boycott being the only winner, it would seem, other than those hopeless advisors she saw fit to listen to. No effect on the share price, though. Market appears bored with ESP having been punished twice over the past three years or so. It’s not exactly growing. Read Full Thread Follow Reply
22/3/2019 14:35	jimmyb33: Listened to the results meeting on the company web site. The cfo did not sound so confident as in previous broadcasts. Lot of talk of not having control of the operations whilst still outsourced. Target 350/400 beds in a town so they have a few towns where they will have to sell up or add properties to bring the bed count up. Sale of three properties held over until brexit settled. 120 students did not show up having booked rooms which trimmed occupancy %. Share price falling reflects the hard work that lies ahead. Read Full Thread Follow Reply
20/3/2019 07:36	rimau1: Everything remains on track here, good progress being made across all metrics, i would expect the share price discount to NAV to close further this year. Read Full Thread Follow Reply
23/8/2018 13:55	stemis: Assuming they continue to pay a 5p per annum dividend for the three years, she'd only get full vesting if the NAV increased to 128.5p (on the current discount to NAV that'd mean a share price of 119p). That's no easy target as the dividend probably takes up all the profits of the company in the period so any net asset value increase will have to come from revaluation/development of property- about 15% increase in value is needed. If anyone deserves a bonus though it's Ms Fennah Read Full Thread Follow Reply
25/4/2018 11:43	jonwig: Will the growth of online degrees have an impact? Https://hub.birmingham.ac.uk/news/online-degree-programmes-growth-impact-on-education This isn't an immediate threat, but it might indicate that the property aspect is going ex-growth. DIGS (which I hold) hasn't made much share price progress for ages, though London's prestige value for rich overseas students is propping it up. ESP is probably due a short-term boost, but how will its estate value react to extra voids? Are its buildings adaptable for alternative use? Read Full Thread Follow Reply
24/3/2018 17:13	brwo349: The only surprise is the share price went up after the results. There are far more attractive REITS out there than this one. Read Full Thread Follow Reply
22/3/2018 19:58	speedsgh: Q&A session from the FY2017 Final Results webcast, part 4... Q (Michael Prew, Jefferies: 40m37s) Mike Prew, Jefferies. Just really following on from the student bed-ratio. Is that the criteria that you’re going to use to select which locations you’re going to start selling? Will there therefore be any margin enhancement affected by the sales programme? And if you are realising cash, surely a share buyback option would be a sensible option? A (Tim Attlee, Acting CEO: 41m00s) So, I think we’ve suggested that we’ve made a top-to-bottom analysis of the business in all its facets and among that has been an analysis of the performance of every single asset against a number of criteria. So student-bed ratio is a really interesting one and it is something where you can take into account the existing supply-and-demand ratio as well as the future supply-and-demand ratio. And it’s an interesting indicator for future rental growth. So there are cities which have got a relatively modest SBR ratio, so somewhere like for example Falmouth which is close to my heart in Cornwall where the SBR ratio is very high at 2.7 or nearly 3. And a city where you’ve got a lower ratio, such as Liverpool, where it’s a well provided city at 1.3. But interestingly from our perspective, what we’ve discovered is that there isn’t necessarily a straight line correlation between a performance or a margin and the SBR ratio, or indeed rental growth because in the end it’s all about the real estate, it’s all about the assets you’ve got in the city. A low SBR ratio, in other words where there is a lot of supply, will potentially constrain your ability to drive rental growth because you’ve got a lot of competition. But it’s not necessarily the only parameter that’s used either to select an asset for disposal or to select places where you might develop. Because if you have an exceptional location in a city, even a well-supplied city, there’s still a case for acquiring it. A (Stuart Beevor, Acting Chairman: 42m40s) And to answer your second question, Mike, in terms of buybacks and so on, as you can imagine the Board has considered all sorts of different matters but our main focus is delivering this improvement plan and, if we can do that, then we hope that the share price will get back to where we think it should be. And that’s our main focus. If I can just add very briefly, one of the challenges that we have at the moment is making sure that we deliver the right income to cover the dividend but at the same time use our capital, our balance sheet, to take advantage of development opportunities where we’ve got expertise and we can add extra value. And so that’s part of our consideration at the moment, it’s to get the right balance between all of those things. Read Full Thread Follow Reply
21/3/2018 09:56	stemis: The main thing is that they are making progress. Overheads cut by £1.8m in H2 and targets that they outlined around the interims remain in place, which hopefully suggests they are confident they are achievable. Although dividend won't be covered by rental profit until at best 2019, net asset value will also be driven by valuation of properties. Unless there is yield expansion I'm assuming valuations will effectively track rent rises. Even 2% would be enough to protect NAV from erosion by dividend. So I'm happy to collect a 5.8% yield (at current 86.5p Share price) and let them get on with it. Read Full Thread Follow Reply
22/2/2018 18:14	hannath: In tomorrow’s Moneyweek Tapping students for cash This student-property fund shocked investors with a dividend cut last year, but its shares now look better value EDINBURGH: A RESILIENT MARKET FOR THE LONG TERM This week I have a contrarian idea for the more adventurous fund investor. Empiric Student Property (LSE: ESP) has fallen out of favour in recent months and its shares are trading at around 84p versus a net asset value (NAV – the value of the assets in the underlying portfolio minus its liabilities) of about 103p. This reflects a number of problems that emerged at the end of last year, which prompted the hiring of a new CEO and a big strategic review. However, I’ve been tracking this specialist fund for some time now, and have a sense that it might have turned a corner and be back on the straight and narrow. Empiric is a classic example of looking in the wrong place for risk. Like many investors, I’ve been worried about a turning in the tide of foreign students filling up university accommodation. Higher-education funding is the subject of massive political debate and the prime minister is evidently vexed by the sheer number of foreign students coming into the UK. I’ve also been worried about the number of new operators entering the student-housing market. However, my worries about a competitive market and changing policy were misplaced. My real concern should have been how well Empiric could execute its business. In retrospect, this should not have been a complete surprise. Unite, the dominant player in the student-housing market, also had a sticky patch a few years back as it built up its student-housing brand and made the switch from a pure development focus to an outfit more like a cash-flow-focused real-estate investment trust. The firm has since performed very well. THE UNKINDEST CUT Still, the news of Empiric’s setback was understandably not well received by investors. In particular, few income investors would have liked the dividend cut, which took the target payout down to 5p per share. The shares tumbled from around 113p in September – a substantial premium to NAV – to stand almost 25% lower at the time of writing. The good news is that Empiric has reacted quickly to its problems. As well as replacing its CEO it has announced a number of measures to improve operational efficiencies and lower costs. However, this hasn’t stopped growing its pipeline of new units. Just a few weeks ago, the fund announced a new acquisition of a 240-bed student property in Southampton for £10.6m. GCP Student Living, a rival student-property fund, has focused more on prime London properties, but I think I prefer the more provincial approach favoured by Empiric – as long as it can hit its targets. London is a great market for foreign students, but it’s also heinously expensive and very dependent on those foreign students. Empiric has been happier to range widely into the second-tier cities such as Cardiff, Edinburgh and Southampton, which might be more resilient over the long term – and offer slightly better value. The current share price of 84p puts the fund on a sensible discount to NAV. The lowered dividend equates to a yield of 6%, which feels about right. Personally I’d prefer the share price to be closer to 80p and the yield at around 6.5% before I’d definitely jump back in. Market volatility might well deliver that price some time soon. Read Full Thread Follow Reply
03/11/2017 09:23	jonwig: The July circular says that the new shares will be eligible for all future dividends and that the company will pay dividends quarterly, including November (6.1p for the current year). The section Risk Factors says in more than one place that dividends are not guaranteed. Usually these things are skipped, but maybe shouldn't be, in this case. I'd expect them to declare one very soon, or state why not. If they pass one (unlikely?) the share price drop would probably make this a strong buy, as it would signal that their big investors, or bankers were on their case. EDIT: they haven't acquired an income-producing asset since the fundraise, so dividend payment to the new shares would come right from capital! Read Full Thread Follow Reply

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