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The investment objective of the Company is to provide Shareholders with regular, sustainable and growing long-term dividends (which it will seek to grow at least in line with the RPI inflation index) together with the potential for capital appreciation over the medium to long term.



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TRADING UPDATE
The Board of Empiric Student Property plc, the owner and operator of premium student accommodation across the UK, is pleased to provide the following update ahead of the publication of the Company's results for the year ended 31 December 2018, which are expected to be announced on 20 March 2019.

The Group continues to make good progress on delivering financial and operational improvements across the business. For the year ended 31 December 2018, the Board expects the Group will deliver significant improvements in the following key financial metrics in line with previously announced management expectations: a gross margin above 61% (2017: 57%); administration costs below £10 million (2017: £13.5 million); and the dividend to be at least 60% (2017: 33%) covered by adjusted earnings.

The unaudited like-for-like property portfolio valuation increase between 31 December 2017 and 31 December 2018 is expected to be in excess of 4.5%.

The Company remains on track to meet its aggregate dividend target of 5.0 pence per share for the year ended 31 December 2018, payable quarterly, of which 3.75 pence per share has been paid for the nine months ended 30 September 2018.

The programme of bringing all facilities management in-house in stages by 1 April 2019 remains on track and bookings for the 2019/20 academic year are progressing in line with expectations. The Board continues to be confident in the outlook for the business.

Trusting!! DIRECTOR/PDMR SHAREHOLDING