Empiric Student Property Share Discussion Threads

[stevegrass777] 23/10/2020 10:15

Im happy the dividend isn't back yet,esp needs to hold on to the dividend to keep the company going until the coronavirus risk dwindles. Don't forget that ESP are bound by REIT rules and will have to reinstate the dividend to satisfy these rules at some point. But at the moment its no use giving the money away until we know what the full effect of Covid is,I can see this being revisited once an effecteve treatment or vaccine is produced.

[epo001] 23/10/2020 08:01

1078: Confidence has nothing to do with it. Maintaining the integrity of the business during this pandemic is their highest priority, this requires building and maintaining reserves. Shame not enough business to put the divi back yet.

[stemis] 23/10/2020 07:48

They say they are trading profitability, but it can't be by much. In 2019 turnover was £70.9m and profit (before revaluation surplus) was £25.6m. 30% of turnover would be £21m. 40% would be £28m. Ok maybe they'll save some property expenses but you can see why they don't want to pay a dividend yet...

[irishmatt] 23/10/2020 07:08

Yes that's how I read it too. Not bad all things considered and may well sell more beds later, shame not enough confidence to put the div back yet

[spectoacc] 23/10/2020 06:37

70% occupancy, but 60% with the 10% yet to "check in"? Or have I read that wrong?

[panshanger1] 21/10/2020 11:19

Trading announcement on 31/10 last year Dividend announcement ( re -in statement?) expected with this years Still holding GLA

[stemis] 12/10/2020 08:22

Mmmm. If I was a holder here I think I'd prefer Fennah to be concentrating on her day job. Non exec director is one thing, Chairman another...

[panshanger1] 08/10/2020 07:04

Update due end of October with news on dividend

[irishmatt] 07/10/2020 07:34

So when do you think we can expect an update on occupancy, given term started it should all be known now

[spectoacc] 26/9/2020 07:40

Either that, or he kitchen-sinks ;) ;) Not been following closely, but surely this academic year is "done" now, subject to the possibility of another rent let-off if they're all sent home again? ie occupancy is what it is, now term has started?

[rambutan2] 25/9/2020 20:18

Well, the new boss starts on mon and should be keen not to start on a downer.

[chucko1] 25/9/2020 13:01

Buy here and likely sell some at around 68p when the mood changes. No other logic prevails for now - everyone in the REIT space seems to have developed an over-sized fear of uncertainty. But that's OK - take money off them.

[irishmatt] 25/9/2020 12:54

Just from looking at the queues outside student bars it seems like students are definitely going back and uni as freshers week is in full flow. Bodes well for next update in terms of booking %

[rambutan2] 24/9/2020 20:57

Frustrating sentiment. After all, assuming they've got enough students booked in, then it's looking like a fairly guaranteed year's rent as they won't be allowed to leave for the foreseeable future - even xmas!

[skinny] 07/9/2020 08:35

Thanks for the link. EXPECTED TIMETABLE Publication of the Prospectus Late September 2020 Publication of the results of the Issue Early October 2020 Admission of and dealings in Ordinary Shares Mid-October 2020

[chucko1] 07/9/2020 08:25

Nice diversifier in this area.

[jonwig] 07/9/2020 07:28

The CFO, Lynne Fennah, is to chair a new REIT floating shortly: https://www.investegate.co.uk/home-reit-plc/rns/intention-to-float/202009070700091522Y/ Will be open to the public. 5.5% yield on 100p open worth looking at.

[rambutan2] 04/9/2020 20:51

With a couple of interesting insights I thought: hTtps://www.bbc.co.uk/programmes/w3csz8n2

[its the oxman] 28/8/2020 12:16

Suspect this may step up into the 70p range fairly soon.

[chucko1] 26/8/2020 11:28

Since March, there have been 14 occasions on which the drawdown, or subsequent gain, have been between 7p and 12p or so. In a sense, it would be a shame for this to reach a more reasonable price, say 80p, as it has been great to trade. That said, it will reach 80p when it is clear a dividend is to be restarted soon, which is really the point of such an investment, I suppose. But it's been fun in the meantime - easy to trade from the long side as it has for such a time been notably too cheap, especially considering the lowish risk.

[skinny] 26/8/2020 11:18

Trying 70p again. free stock charts from uk.advfn.com

[maddox] 21/8/2020 15:00

Hi okosling, The 5% increase cap for this year has been removed and the Unis are complaining that they cannot 'accommodate' all the applicants. For 2020/21 you can also factor in that the demographic dip in UK 17/18 year olds reverses and the proportion of that cohort that opt to go to university has been rising. Add-in that the second and third years are also opting for PBSA rather than HMOs. This should be more than sufficient demand to replace the fewer foreign students and EU Nationals fee increase. Can only be fear of a second wave that is affecting sentiment.

[chucko1] 20/8/2020 12:00

Well, what is done is done, I suppose. Lots of UK students with little option but to fill university spots. But will they be happy to pay the higher rents for superior accommodation that was usually the preserve of foreign or post-grad? We will see, but I am sure ESP can see a flood of applications at some level of rent and now, having all the knowledge in-house, can look to minimise the necessary rent reductions to get a high occupancy level for 2020/1. That model would lead to a reasonable return and a likely resumption of dividend to underpin the stock at a higher level. I also bought a few at about the same price.

[okosling] 19/8/2020 15:58

Further to my earlier note, the recent results presentation shows that the property valuation assumed a 50% reduction in rental income for the first 9 months of academic year 2020/21, which made a £42m capital deduction. The news of the last few days makes it clear that this is far too pessimistic, so it is likely that a chunk of that write-down will be reversed at the next half-yearly valuation. One more interesting slide in that presentation: gross PBSA student bed ratio is 3:1 (meaning 3 students for every available bed in Purpose Built Student Accommodation). Excluding first year students and the beds they occupy, the ratio is 15:1. So first year students must represent a very high proportion of PBSA residents, and there will be record numbers of first year students this year, plus more than usual next year, as numbers will be increased by those who have deferred from this year. I have bought an additional 8000 @ 64.2p today. A lot of uncertainty & risk has gone away, compared with a month ago, but the share price has not responded to this at all. Price range over the last 5 weeks is 62-69p.