Prospectus

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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ESP(ESP) Fundamentals

TRADING UPDATE AND DIRECTOR AND MANAGEMENT CHANGES

The Board of Empiric Student Property plc (ticker: ESP) (the "Board"), the owner and operator of student accommodation across the UK, is pleased to provide the following update on trading ahead of the Company's half year results for the six months ended 30 June 2018, which will be announced on Tuesday, 21 August 2018.

The Group continues to make good progress on delivering financial and operational improvements across the business and remains on track to meet its previously stated targets of:

· Full occupancy for the 2018/19 academic year*.

· Increasing the operating margin from 57% in FY 2017 to 70% over the next two years.

· Reducing administration expenses to £10m pa in 2018, a reduction of 26% on FY 2017.

· Improving dividend cover to approximately two thirds covered by adjusted earnings in FY 2018 and fully covered in FY 2019.

Bookings for the 2018/19 academic year are continuing to progress well and are currently at 76% compared to 63% at the same time last year, and up from 57% as announced by the Company on 25 April 2018.

The programme of bringing all facilities management in-house in stages by 1 April 2019 is on track, with 33% of the Group's properties expected to be transferred in-house by 1 September 2018. The management of all utilities has already been successfully transferred in-house from 1 July 2018. The first significant cost savings from this transfer in-house of facilties management are expected in Q4 2018 as third party costs begin to fall away.

The Board announces that Lynne Fennah has been appointed to the dual roles of Chief Operating Officer and Chief Financial Officer with effect from 1st July 2018. Since December 2017, Lynne has led and assumed responsibility for all day to day operating activities of the Company and, in recognition of the continued positive financial and operational progress of the Company, the Board has formalised Lynne's responsibilities.

Tim Attlee remains Acting Chief Executive Officer and Chief Investment Officer of the Company.

To help support and continue the Group's financial and operational progress as well as the significant work to implement successfully the programme of bringing in-house all facilities management and support services, a new Group Financial Controller and Head of Facilities Management were appointed in December 2017 and on 2 July 2018 respectively.

The Board is making good progress in its search for a new non-executive Chairman and expects to make a further announcement in the near term.

* In line with industry standards, student occupancy levels of 97% and above are considered as fully let.

Slowly recovering.

Appointment of Chairman

Interim Results

· Property portfolio valued at £945.2 million at 30 June 2018 (31 December 2017: £890.1 million), up 6.2%, including a 3.0% like-for-like valuation increase

· Net asset value ("NAV") per share growth of 1.1% to 105.54 pence (31 December 2017 104.37 pence)

· Adjusted earnings per share ("EPS") of 1.50 pence (H1 2017: 1.05 pence), resulting in dividend cover for the period of 60.0%

· Dividends declared of 2.5 pence per share, in line with 5.0 pence target for 2018

· Administration expenses reduced to £4.9 million (H1 2017: £7.6 million), on track to meet full-year target of £10 million

· Gross margin of 62.3% (H1 2017: 60.4%), reflecting good progress with reducing property costs

· Gross annualised rent on 87 operating properties of £66.6 million for the 2017/18 academic year (31 December 2017: £65.3 million for 85 operating properties)

· Net debt of £314.8 million at 30 June 2018 (31 December 2017: £298.1 million), resulting in a loan-to-value ratio ("LTV") of 34.2% (31 December 2017: 32.9%), in line with our long-term target of 35.0% and maximum of 40.0%. Aggregate cost of debt of 3.1% with a weighted average term to maturity of 5.8 years



Operational Performance

· Bookings of 87% at 14 August 20185, putting us on track for full occupancy of 97% for the 2018/19 academic year (Note: Bookings of 87% at 14 August 2018 is contained within the Interim Report. Bookings increased to 89% at 20 August 2018 as set out in the analyst presentation on 21 August).

· Like-for-like income growth of above 6.0% for the 2018/19 academic year, resulting from an average annualised student rental growth of 2.0% and increase in the weighted average lease term from 48.5 weeks to 50.5 weeks at the date of this report

· Facilities management for one third of our assets will be in-house for the start of the 2018/19 academic year, with all of our facilities management in-house from 1 April 2019

· 100% of our direct let properties will be let and maintained under the Hello Student® brand for the start of the 2018/19 academic year

· Wide range of other operational improvements, including rationalising staff numbers in Hello Student®, refocusing marketing spend and bringing administration of utilities in-house, helping to ensure our business is fit-for-purpose for the long term

· 95 assets with 9,398 beds contracted at 30 June 2018 (31 December 2017: 94 assets with 9,158 beds), in 29 prime university cities and towns

· 87 operating or revenue-generating assets at the period end (31 December 2017: 85 assets), with an average valuation yield of 5.7% and average yield on cost of 6.5%

· Acquired one standing asset with 240 beds, for £10.6 million

· All developments due to be completed for the 2018/19 academic year are progressing satisfactorily



Board and Management Changes

· Lynne Fennah appointed to dual roles of Chief Operating Officer and Chief Financial Officer from 1 July 2018, formalising her responsibility for our operations

· Mark Pain appointed as Non-Executive Chairman with effect from 1 September 2018



Post Period End Highlights

· On 21 August 2018, the Board declared a dividend of 1.25 pence per ordinary share in respect of the quarter ended 30 June 2018, which is to be paid on 14 September 2018 to shareholders on the register on 31 August 2018

· On 14 August 2018 the Group drew down the first £20 million of its £70 million three-year revolving credit facility.


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Dividend Declaration

The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, has declared a dividend of 1.25 pence per Ordinary Share in respect of the quarter ended 30 June 2018, payable on 14 September 2018 to all Ordinary Shareholders on the register on 31 August 2018. The ex-dividend date will be 30 August 2018.

0.16 pence of this dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business and 1.09 pence will be paid as an Ordinary UK dividend ("non-PID").

The Board is targeting a dividend of 5 pence per share for the year to 31 December 2018.1

Note:

(1 The target dividend is a target only and not a forecast. There can be no assurance that the target will be met and it should not be taken as an indication of the Company's expected or actual future results.

Somewhere along the line Numis have increased their TP.

23 Aug 18 Numis Hold 97.55 98.00 - Reiterates
21 Aug 18 Numis Hold 97.55 91.00 - Reiterates

Trading Update

TRADING UPDATE

The Board of Empiric Student Property plc (ticker: ESP) (the "Board"), the owner and operator of student accommodation across the UK, is pleased to provide the following update on trading.

Bookings for the 2018/19 Academic Year have reached 96% as at 3 October 2018, which is significantly ahead of last year. New reservations are continuing and the Company is on track to achieve the full occupancy target of 97%*. These later reservations relate to specific assets within the Company's portfolio where lettings to international and postgraduate students continue through October and into November.

On 1 September 2018 Hello Student® assumed the marketing and lettings management of the Company's entire portfolio and successfully took control of facilities management for 27 properties. The facilities management provision for the remaining 57 properties remains on schedule to be brought in-house by 31 March 2019. The wider programme is progressing well, with the call centre now live, the database established and contracts continuing to be rationalised.

The Group continues to make good progress on delivering financial and operational improvements across the business and remains on track to meet its previously stated targets.

* In line with industry standards, student occupancy levels of 97% and above are considered as fully let.

DIVIDEND DECLARATION

The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, has declared a dividend of 1.25 pence per Ordinary Share in respect of the quarter ended 30 September 2018, payable on 7 December 2018 to all Ordinary Shareholders on the register on 23 November 2018. The ex-dividend date will be 22 November 2018.

0.12 pence of this dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business and 1.13 pence will be paid as an Ordinary UK dividend ("non-PID").

The Board is targeting a dividend of 5.0 pence per share for the year to 31 December 20181.

Note:

(1) The target dividend is a target only and not a forecast. There can be no assurance that the target will be met and it should not be taken as an indication of the Company's expected or actual future results.

Refinancing of £86.1 Million of Debt

REFINANCING OF £86.1 MILLION OF DEBT WITH NEW 10 YEAR LOAN FACILITY WITH SCOTTISH WIDOWS

The Board of Empiric Student Property plc (ticker: ESP) (the "Board"), the owner and operator of premium student accommodation across the UK, is pleased to announce the successful refinancing of £86.1 million of the Group's existing debt with a new 10 year, fixed rate term loan facility with Scottish Widows Limited (the "New Facility"). The New Facility is secured against a portfolio of the Company's operating assets, held as a lending group, through a wholly owned subsidiary.

The New Facility is interest only and fixed at 3.196% per annum for 10 years. Upon drawdown of the New Facility, the Company's debt servicing costs on the refinanced debt will be reduced and the Company's average debt maturity profile across all facilities will extend to eight years.

£30.6 million of the New Facility will be drawn in the near term, with the remaining £55.5 million expected to be drawn towards the end of October 2019. Both drawdowns will be at the expiration of each term of the existing debt facilities so that the Company does not incur any break fees. The Company's loan to value remains unchanged and in line with the Company's long-term target of 35.0%.

Lynne Fennah, Chief Financial and Operating Officer of Empiric Student Property plc, commented:

"We are pleased to have agreed terms on our new long-term debt facility with Scottish Widows at an attractive rate. The benefits of our new £86.1 million facility include reducing the Company's debt servicing costs on the refinanced debt and the extension of the Company's average debt maturity profile across all facilities."

Commenting on the facility, Duncan Smith, Director of Scottish Widows Loan Investments said:

"As part of Scottish Widows' commitment to support all forms of UK housing, we are pleased to provide Empiric with a long-term debt facility, arranged through our partnership with Lloyds Bank Real Estate and Housing. The funding is secured against premium student accommodation in a range of key UK university cities and has been structured to meet the client's specific refinancing requirements."

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