Empiric Student Property Share Chat (ESP)

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

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	+0.00p	+0.00%	111.25p	111.00p	111.50p	112.00p	111.00p	112.00p	628,812	16:29:00

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Real Estate Investment & Services	21.6	28.1	7.3	15.3	669.94

Empiric Student Property Share Discussion Threads

Showing 3551 to 3575 of 3575 messages

Chat Pages: 143 142 141 140 139 138 137 136 135 134 133 132 Older

Date	Subject	Author	Discuss
14/8/2017 10:27	Thanks Jonwig. just a gut feeling that it is not attractive enough for the price paid. Also it will not get any income until two years later if the cost is upfront and who knows what the market is like in two years with uncertainties of brexit and economy etc.	riskvsreward	Read Full Thread Reply
14/8/2017 10:16	riskvs - yes, £160,000. I think their earliest purchases were well below £100,000. OK, Edinburgh is a premium location, and the Scottish model for student finances is different from the RUK one, but even so. I'm not sure of the yield intricacies here: students pay rent up-front for 51 weeks, I beleive but the room is sub-let for conferences, etc. in the long summer break.	jonwig	Read Full Thread Reply
14/8/2017 10:06	This latest deal looks pretty expensive working out almost 200K a bed assuming no cost overrun. How much they can get for rent for each bed,assuming 8K a year it works out only 4% yield gross which is not looking attractive.	riskvsreward	Read Full Thread Reply
09/8/2017 12:10	This is quite interesting, the last two aquisitions are former hospitals. The one in Liverpool is listed so I presume it had to be converted rather than re-built. The one in Bristol is an historic building but not particularly pretty (imo). There was an attempt to demolish it last year & build sheltered accomodation, I believe. This proposal was refused planning. I assume Empiric are planning to convert rather than re-build, this will probably have a better chance of success but we will have to wait & see how it develops. Are Empiric taking on an element of property speculation here ? D.	aylingd	Read Full Thread Reply
03/8/2017 16:48	Doesn't sound particularly exciting until you get to the development potential, which is quite a kicker! However exciting that is, development won't help cover the divi in the near term. Maybe they should get planning, make a nice turn and sell all or part on to developers such as WJG - now there's a company that knows how to add value!	jombaston	Read Full Thread Reply
27/7/2017 07:51	This sounds like a great purchase.	riskvsreward	Read Full Thread Reply
27/7/2017 07:28	Empiric to acquire student accommodation scheme in Canterbury The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has exchanged contracts to acquire the freehold of the Franciscan International Study Centre (the "Property") in Canterbury for £5.8 million (excluding costs). The acquisition is expected to complete on or around 9 August 2017. The Property includes five standing townhouses for student accommodation with 50 beds (of which 27 are en-suite rooms) and a separate 16,200 sq. ft. building, all set in three acres of land with development potential. The Property is located at the edge of the main campus of the University of Kent which benefits from a 24-hour shuttle bus service between the university and the city centre. Hello Student® will manage the townhouse accommodation and will be marketing it for the 2017/18 academic year. The Group is currently in pre-application discussions with Canterbury County Council regarding planning permission for a student accommodation scheme in excess of 325 beds to be developed on the Property. The scheme will consist of a mix of studios, two and three bed apartments and six bed townhouses, with a generous amount of student amenity space including a central reception area, large common and games rooms, work and reading rooms, a gym and offices. The Company is currently targeting the commencement of development works in Q3 2018. Paul Hadaway, Chief Executive of Empiric Student Property plc, commented: "Canterbury represents a prime opportunity for the Group with a low level of private accommodation serving the student market. The Property is ideally located to target students from the University of Kent, which is well regarded and has demonstrated strong growth over the past five years, including a 58 per cent. rise in postgraduate students and a 41 per cent. rise in international students. As well as generating revenue for the forthcoming academic year, the acquisition of the Property should enable the Group to develop a significant student accommodation scheme adjacent to this vibrant university and close to Pavilion Court, the Group's first Canterbury acquisition. This acquisition is in line with Empiric's investment criteria and returns profile."	skinny	Read Full Thread Reply
20/7/2017 18:04	The management now has a big enough equity base compared to others in the sector. They now need to deliver as they have been lagging far behind others like wjg, digs, unite group etc.	riskvsreward	Read Full Thread Reply
20/7/2017 16:51	Also less shares to receive the dividend !	ptgint	Read Full Thread Reply
20/7/2017 09:24	Maybe that will curb their expansion plans. Pay a covered dividend and reduced debt then it might be worth investing in again. (Below 107.75p, though!)	jonwig	Read Full Thread Reply
20/7/2017 09:15	Fund raising fell short of its objectives - £110mill v £150mill target.	ptgint	Read Full Thread Reply
13/7/2017 09:09	"UK university applications fall by 4%, Ucas figures show" Http://www.bbc.co.uk/news/education-40581643	jonwig	Read Full Thread Reply
06/7/2017 14:41	Finding it hard to build up any enthusiasm for the open offer.	novision	Read Full Thread Reply
05/7/2017 14:31	Also in The Times today, Tempus column rating it a Buy, reason given "expansion will support that attractive dividend yield".	elgordo	Read Full Thread Reply
05/7/2017 12:24	IMO the FT article is a fair assessment of the student accommodation market. I think student accommodation is a safe investment with a reasonable return if you think interest rates will remain low. However, if interest rates rise more than currently expected, or student growth stalls, then there will be significant risks. And the sector is getting crowded, the best profit has already been made. I significantly reduced my holding of ESP earlier this year because I was concerned the company was prioritizing expansion, rather than maximizing dividend cover and NAV growth.	tidcombe	Read Full Thread Reply
05/7/2017 12:18	To see the FT article if you are not a subscriber just do a Google search for "Student property fund enrols new investors" "An investment trust that buys student accommodation has announced a new share issuance as yield-hungry investors continue to pile into the asset class. Empiric Student Property, which is the larger of two UK-listed student property funds with total assets of £635m, is aiming to raise £150m. The company plans to invest the cash into providing about 3,500 new beds, including 1,000 in London, following the purchase of a portfolio of sites and properties for about £112m. Investment in purpose-built student accommodation — which Empiric specialises in developing and leasing — hit its second-highest year on record in 2016, according to consultancy EY. Investors have been attracted by the promise of income and capital growth fuelled by a historic undersupply of student accommodation, but critics of the sector fear it could be hit by a harsher post-Brexit immigration policy. According to figures from Unite, the listed student property developer, there are 3.5 students for every purpose-built student bed, with a 60,000 increase in first year students predicted for the academic year beginning in 2017. Shares in Empiric are currently trading on a 5 per cent premium to net asset value, meaning investors are willing to pay more for shares than the value of the underlying assets. The company plans to issue its new shares at a discount of 2.6 per cent to the closing price on June 26. Other companies with exposure to student accommodation have also been sought-after investments in recent years. Shares in GCP Student Living, another investment trust, are trading at a 4.8 per cent premium, while shares in Unite Group, the largest listed developer of student accommodation, have almost trebled over the past five years. Launched in 2014, the Empiric’s current portfolio includes student accommodation in UK university towns ranging from Aberdeen to Southampton, with several new acquisitions in York and Portsmouth. Related article Buy-to-let investors target university cities Rise in student housing owned by private landlords, says report Despite its elevated price tag, Empiric has delivered a share price total return of 9.3 per cent over one year, and 26.2 per cent over three years, according to data from the Association of Investment Companies. Not everyone strikes an upbeat note about the investment prospects for student accommodation, however. Consultancy EY predicted last December that investors are likely to be hit by falling student numbers over the coming decade, while several university cities — including Coventry, Liverpool, Leicester and Durham — were already approaching “saturation point” for purpose-built student blocks. EY said government projections of growth in student numbers after 2013 have been too high, while concerns about the government’s proposed restrictions on student visa numbers remain. It also suggested the growth of apprenticeships would be an attractive alternative for teenagers uncomfortable with the idea of taking on large student debts. The Office for National Statistics also forecasts a decline in the total numbers of 18 and 19-year-olds in the UK, from 1.6m in 2016 to 1.4m in 2021. This article has been amended to clarify that the Empiric share issue will be at a 2.6 per cent discount to the closing price on June 26, not to net asset value.."	tidcombe	Read Full Thread Reply
05/7/2017 09:41	FT article on Empiric & student accom prospects. https://www.ft.com/content/898b5c5c-60c5-11e7-91a7-502f7ee26895	novision	Read Full Thread Reply
04/7/2017 16:46	Jom - OK. I presume the directors are also shareholders so on the one hand they are getting higher dividends, but on the other hand the dividend policy depletes NAV and hence their pay. The former is more lightly taxed though. I'm sure they've done the math.	jonwig	Read Full Thread Reply
04/7/2017 15:33	The Value Delivery Plan is explained in the 5 Dec 16 document (it is in the company docs archive on the web page. It has a date of 9 January 2017 against the downloadable copy). I'm not inferring that they would directly take a slice of the £150m but part of the remuneration package is based on 'Shareholder Value' creation and NAV growth. NAV growth is adjusted for fundraising but ultimately the larger the assets become, the more 'Shareholder Value' can be created. I was a shareholder but was discouraged by the focus on expansion ahead of paying a sustainable dividend. Whether or not this is driven by potential remuneration is a subjective view. I still look at ESP from time to time and I am interested to see how the unadjusted EPRA NAV and earnings evolve.	jombaston	Read Full Thread Reply
04/7/2017 14:50	Jomb - why would it affect directors' remuneration? Best practice is that any benefits are adjusted for new issues. I'm not a shareholder, but would check the terms before asserting anything. You are right about dividends. Their policy isn't consistent with health in a downturn for their assets.	jonwig	Read Full Thread Reply
04/7/2017 13:21	Another fundraising - should help the directors renumeration! A 6.1p uncovered dividend is targeted. Did I say uncovered? Sorry, I meant 'substantially covered by Adjusted EPRA Earnings per Share for 2017 and going forward'	jombaston	Read Full Thread Reply
29/6/2017 14:45	I have sold, may buy back once the cladding issue is resolved / clarified. Agree that the company should be pro-active and confirm the situation as Unite have done.	belgraviaboy	Read Full Thread Reply
27/6/2017 19:40	The Company should issue a circular stating that cladding on its student properties does not support combustion and that other safety issues have been dealt with. The share price will come under pressure if cash has to be found to cover safety issues and how much?	shawzie	Read Full Thread Reply
18/6/2017 08:06	Does anyone know if sprinkler systems are installed in ESP's student accommodation. I have tried to access the company website, but it isn't responding?	llados	Read Full Thread Reply
06/6/2017 07:05	Trading Statement Highlights · Unaudited basic eNAV per ordinary share as at 30 April 2017 is 107.75 pence compared to basic NAV per ordinary share of 105.9 pence as at 31 December 2016 (prior to adjusting for the dividends of 1.525 pence and 1.55 pence per share, respectively) · The Board is targeting a dividend of 6.1 pence per ordinary share for the year to 31 December 2017. It is anticipated the dividend will be substantially covered by adjusted EPRA earnings per share for 2017 and going forward1 · The Company's property portfolio has been independently valued by CBRE Ltd as at 30 April 2017 at £786.7 million (including forward funded commitments) (31 December 2016: £721.3 million), as confirmed in their valuation report dated 5 June 2017 for the purposes of this announcement · 81 assets (7,579 beds) expected to be operational for the 2017/18 academic year · The Group is targeting an annual rental uplift for the 2017/18 academic year of approximately 2.8%, with a gross annualised rent roll (including commercial) of approximately £63.6 million (31 December 2016: £52.1 million) · Excluding the benefit of developer rental guarantees, letting for the operating property portfolio is progressing ahead of this time last year · Significant progress with the transfer of assets onto the Hello Student® operating platform · Net operating margin has returned to historical levels of c. 70% · The Company is in advanced discussions in respect of a substantial new revolving credit facility · Strong near-term pipeline of attractive investment assets comprising a mix of operating and development properties representing, in aggregate, over 2,900 beds, including a significant London based portfolio of operating assets. more.....	skinny	Read Full Thread Reply

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