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
  -0.75p -0.83% 89.50p 89.50p 89.75p 90.25p 88.50p 90.00p 2,615,804 16:28:55
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 21.6 28.1 7.3 12.3 539.58

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Date Time Title Posts
26/4/201207:16Economics, Sentiment & Price2,939
11/9/200814:35Trading from Spain11
12/7/200214:55What is happening?20

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Empiric Student Property (ESP) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2017-11-24 17:07:5089.43201,847180,517.63O
2017-11-24 17:02:2889.3424,29021,701.20O
2017-11-24 16:58:2589.4772,76765,106.96O
2017-11-24 16:49:5190.2551,07746,097.04O
2017-11-24 16:49:4291.404,4344,052.62O
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Empiric Student Property (ESP) Top Chat Posts

Empiric Student Property Daily Update: Empiric Student Property is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker ESP. The last closing price for Empiric Student Property was 90.25p.
Empiric Student Property has a 4 week average price of 88.50p and a 12 week average price of 88.50p.
The 1 year high share price is 116p while the 1 year low share price is currently 88.50p.
There are currently 602,887,740 shares in issue and the average daily traded volume is 2,529,758 shares. The market capitalisation of Empiric Student Property is £539,584,527.30.
jonwig: SteMiS - yes, that's a bit that concerns me (said earlier). The fact that the board *expects* is not enough to convince. I think they should have dropped forward guidance and proposed a dividend for 2018 which they knew would be covered (viz. 4.5p PID). They could then have raised it, if anything. As it is, they are hostage to downward revisions as well as upward. Clearly the share price can't really go much lower, I think!
hannath: But fingers are crossed for the share price to get back above £1 tomorrow at the very least. They should be able to maintain the dividend until the next lot of beds come into play at the start of next term (Sept 2018).... I for one am sticking with them after picking up more stock in recent weeks.
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!
jombaston: I sold several months ago as I saw better opportunities elsewhere and it was pretty clear, despite what the directors were saying, that the dividend was not covered. I certainly didn't expect such a fall in the share price. The question now is have the directors tempered their expansion ambitions? Does the Scottish sale mark a watershed? I guess this is developing into a situation where you have to ask whether you trust the management. Unfortunately I have never had any contact with them although I would be interested in seeing them present should they reach out to a wider audience. So I would say the jury is still out - let's see what they do next...
bscuit: Awhile back Mr Bearbull concurrently reviewed ESP and PHP and preferred the former for its 1% more yield, but in the same timeframe ESP share price has much more significantly declined and the WJG has performed significantly better albeit with a sharply lower yield. Overall for me ESP has been a poor investment.
stemis: There's a company presentation on the interim results if anyone is interested hxxps:// Some interesting data. At 30 June 2017 they had 6,833 revenue generating beds (all of those wouldn't be generating during the full period though). The interims say that a further 758 beds are due to be operational for 2017/8 ( = total 7,591) and that this results in an annualised revenue of £66.8m. According to the presentation they have a current portfolio of 9,449 beds (not all operational) with a further 1,608 in assets under development. So eventually 11,057 beds. Assuming a prorata increase in annualised revenue to beds that gives £97.3m. Now let's assume future property operating costs increase by 29% of increased rent (see above), that gives total property operating costs of £30.8m. Assume admin costs increase by another, say, £2m per annum on the run rate in the interims - thats £17.2m. Interest charges stay at current level = £11.4m. Result is a net profit of £37.9m which is 6.3p a share. Boom, there's your dividend covered from rental income. Not sure what the timescale is on that. There's some assumptions in there but the point is that I think they have established a route to dividend cover. I'd rather they concentrated on delivering that plan than look over their shoulder at the share price and drive the business accordingly...
jonwig: SteMis - total return? And ESP's strategy looks rather like borrowing against future returns. EDIT: but this share price might be tempting!
a0002577: Rather less than brilliant interim results published this morning. Thus the significant price drop. Glad I sold last week.
tidcombe: 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.."
shawzie: 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?
Empiric Student Property share price data is direct from the London Stock Exchange
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