Empiric Student Property PLC on Wednesday said it is confident in its outlook for the next academic year.
The London-based owner and operator of studio-led student accommodation declared a dividend of 0.875 pence per share for the quarter that ended March 31. This represents a 7.7% increase from 0.8125p paid a year ago and is in line with its target to pay a full-year dividend of 3.5p for 2024, matching 2023.
Chief Executive Officer Duncan Garrood said: ‘The business is poised for growth. We’re progressing schemes through the planning process and continue to make good progress with potential joint venture discussions.’
Already, as at May 22, 80% of income for the 2024-25 academic year was contractually secured.
In addition, Empiric said it expects like-for-like growth in average weekly rent to exceed 6% in the academic year, while revenue occupancy will effectively remain full for the third year running.
Following the completion of a two tranche £124.9 million refinancing round, the company said it is 100% protected from interest rate volatility until 2028.
Empiric shares were down 0.8% to 91.30 pence each in London on Wednesday morning.
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