Empiric Student Property (ESP) Trading Update summary

Trading and operational performance

• Reservations for academic year 2025/26 are ahead of prior years, indicating likely full occupancy.

• Like-for-like average weekly rent growth for 2025/26 is expected to exceed inflation at 4%.

• Re-booker rate remains strong, with over 60% of residents choosing to stay, reflecting high customer satisfaction.

• Occupancy rate continues to outperform the market, with expectations to achieve 97% for 2025/26.

• Later booking patterns are observed, but dynamic pricing impact is muted compared to last year.

Portfolio and investment activity

• Proceeds from recent share placing have been fully deployed, including the acquisition of Selly Oak Apartments in Birmingham.

• Three newly converted postgraduate-exclusive schemes in Bath, Sheffield, and Bristol are set to open in September 2025.

• Planning consent achieved for Victoria Point redevelopment in Manchester, adding 310 beds, with work expected to start in late 2026.

• The last non-core property is under offer, with ongoing focus on disposing of non-aligned assets to maximize shareholder value.

Financial position and dividends

• Pro forma EPRA LTV as of 31 March 2025 stands at 27.7%, with £73.6 million in available facilities.

• Weighted average cost of drawn debt is 4.5%, with a weighted average term of 4.5 years; next major refinancing due in 2028.

• Targeting a minimum dividend of 3.7 pence per share for 2025; first quarter dividend of 0.93 pence declared.