Empiric Student Property plc Annual Results Presentation
September 2016
Primary Colours
R 255
G 255
B 255
R 0
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R 229
G 117
B 23
R 247 G 148 B 30
R 202 G 109 B 84
R 255 G 203 B 5
R 241 G 90 B 41
R 190 G 30 B 45
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Premium Student Accommodation in the UK
Agenda and Presentation Team
Empiric Student Property 2
Paul Hadaway, RIBA – Founder and CEO
Property developer since 1997 and in student property since 2008;
founder of London Cornwall Property Partners Limited (“LCPP”)
Founded Empiric in 2014 and is responsible for management,
operations and communications
Jointly responsible for the acquisition, development and investment
management activities
Architect by training; has acted for clients such as BAA, Westfield,
Compass Group and Debenhams
Tim Attlee, MRICS – Founder and CIO
Focus on student residential sector since 2009
Jointly responsible for the acquisition, development and investment
management activities
Held senior roles at Knight Frank
Qualified chartered surveyor
Section Page
Highlights and Company Development 3
Financial Results 15
Outlook 18
Appendix 20
Michael Enright, FCA – CFO
Previously finance director for two listed companies
Focus on real estate since 1999, including investment in and
advising LCPP since its inception
Originally qualified as a chartered accountant with Arthur Andersen
HIGHLIGHTS AND COMPANY DEVELOPMENT
Buccleuch Street, Edinburgh – operational Jul 16
Beds as at FY 2015
Financial Highlights for the Year to 30 June 2016
4
Picturehouse apartments, cinema
Empiric Student Property
3,503
5,985
10,000
1,057 354
7,396
FY 2015 FY 2016 5 Year Target
Number of Beds
26 29
35
FY 2015 FY 2016 5 Year Target
Number of Cities
Operational for 2016/17
academic year
Operational from Sept 17
Operational from Sept 18
Financial Results
6.0 pence dividend paid for the year ended 30 June 2016
Operating profit of £30.0 million (2015: £12.6 million)
£21.7 million revaluation gain (2015: £11.3 million)
£21.6 million rental income from standing assets (2015: £8.3 million)
NAV per share (basic) of 105.4 pence
2.1% increase from a NAV of 103.2 pence (basic) as at 30 June 2015 and net of all
property acquisition costs
Total return for the year of 4.6% (share price plus dividends paid)
Financing
Total gross equity raised of £286.4 million in three separate fundraisings
significantly oversubscribed issue of £125.0 million in March 2016
£120.0 million of new debt financing during the period through two new facilities
LTV of 22.8% as at 30 June 2016
Market Cap and Indices
Current market capitalisation of £586.5 million and average daily trading volume of £1.2
million(1)
FTSE All Share index constituent. EPRA Index constituent since March 2016
(1) Average daily trading volume in 2016 YTD
335.2 335.2
153.2
78.1
46.4
FY 2015 FY 2016
Assets at 30 June 2015
New Standing Assets
New Forward Commitment Assets
New Forward Funded Assets
Operational Highlights for the Year to 30 June 2016
5
Picturehouse apartments, cinema
Empiric Student Property (1) Includes three assets that reached practical completion but were not operational as at 30 June 2016
(2) Valuation based on CBRE valuation as of 30 June 2016 where available or where not, acquisition cost
Portfolio development for the period since 30 June 2015 (£mm)(2)
613.0
Portfolio Activity
75 assets in 29 leading university cities and towns, 52 of which were
operational, 13 for academic year 2016/17 and 10 for later years
35 new assets contracted in the period comprising 3,879 beds in 19 towns
and cities
1,726 new beds developed in the period for the 2016/17 academic year
To date: 6,308 operational beds(1) for the 2016/17 academic year and a
further 1,596 contracted to be operational during 2017 (or 2018)
Portfolio Value
Total property portfolio valuation of £523.9 million as at 30 June 2016 (2015:
£251.3 million)
Standing asset valuation uplift of £11.2 million (2.6%) for the period
compared to 30 June 2015
Development asset valuation uplift of £10.5 million (48.4% of total portfolio
uplift)
Rent
Gross annualised rent on 52 operating properties of £33.1 million with entire
operating portfolio fully let
Average uplift in annualised rent of 2.8% targeted for the 2016/17
academic year
Yield
Average valuation yield of 5.9% (2015: 6.1%) and acquisition yield of 6.4%
(2015: 6.6%) for the operating properties
(2)
0
100
200
300
400
500
600
700
800
900
Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16
Total funds invested / committed Total funds raised (equity and debt)
At 30 June 2016 Post year end
Funds Invested / Committed (£mm)
80
90
100
110
120
Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16
Empiric Student Property FTSE 250 Index FTSE All-Share REIT
Strong Trading Performance
6
Strong share price performance in 2016 to date, despite significant market volatility following Brexit, outperforming the broader UK REIT universe
and UK equity markets
High-quality, income-focused nature of the Company’s real estate portfolio in an attractive, resilient sector continues to underpin performance
Picturehouse apartments, cinema
Empiric Student Property
(1) Source: Bloomberg, to 1 September 2016 respectively
(2) Rebased to ESP share price of 108p as of 1 July 2015
6.6% 13.6%
Price
Change
Total
Return
(p)
(5.8%) (2.1%)
0.8% 4.0%
Share Price and Total Return Since 1 July 2015(1)(2)
Operational Platform: Hello Student®
7
In February 2016, Empiric launched its integrated operations management platform and consumer brand, Hello Student®, comprising:
− The Hello Student® marketing, booking, billing and accounting platform with student-focusing branded website (hellostudent.co.uk),
managed by a dedicated internal team in partnership with CRM, a leading outsourced manager of UK student accommodation
− 30 buildings managed by Hello Student® for the start of academic year 2016/17
− Directly employed accommodation managers based across the UK
− 38 employees including one regional manager for academic year 2016/17
− Facilities management and maintenance services provided nationwide by Incentive FM
− The Hello Student app to be trialled in Nottingham from September 2016, accessing booking, rebooking and facilities management
resources, including secondary sales of services and products
− Targeting an improvement in net margin of 5% across assets managed through the Hello Student platform by the start of the 2018/19
academic year
− The brand is designed to target re-bookers, tenants moving within the city and tenants moving within the UK
− 71% of Empiric tenants were in the UK the previous year
− Our international tenants are targeted locally
Picturehouse apartments, cinema
Empiric Student Property
Picturehouse apartments, cinema
Our Customers
8
Hello Student® Reaches Students Across the Globe Hello Student® has the Strongest Social Media Presence
53,277
15,155 14,276
3,421 2,029 1,822 1,255
Hello Student UniteStudent
NidoCollection
FreshStudentLiving
SanctuaryStudentHousing
Liberty Living CRMStudents
Facebook Likes(1)
(1) As at 8 September 2016
Undergraduate 61%
Masters / PGCE 26%
PhD 9%
Other 4%
Customers by Level of Study as at 30 June 2016 Customers by Nationality as at 30 June 2016
UK 30%
International 70%
3% = UK based first year students aged
under 20, minimising overlap with
other national student
accommodation companies
Age range of 17 – 63
72%
engagement
from UK
7%
engagement
from UAE
7%
engagement
from India
Key Management Structure
9 Empiric Student Property
Paul Hadaway
CEO
Michael Enright
CFO
Tim Attlee
CIO
Board of Directors
Evolution of Management
At IPO As at 30 June 2015 Current
3 Executives
4 Non-Executive Directors
3 Head office employees
3 Executives
4 Non-Executive Directors
11 Head office employees
3 Nationwide employees
3 Executives
4 Non-Executive Directors
18 Head office employees
38 Nationwide employees
Financial Management and Reporting
Day-to-day reporting and monitoring of
the Group’s financial matters
Capital structuring including negotiations
with debt providers
Ensuring the Company meets all of its
compliance and regulatory obligations
Ensuring implementation of Board
strategy and delivery of stated goals
Joint responsibility for acquisitions and
developments in Empiric’s property
portfolio
Overseeing progress of assets under
development
Overseeing operational management of
the standing portfolio
Communication with shareholders and
potential investors
Acquisitions
Primary responsibility for acquisitions and
development of Empiric’s property
portfolio
Progression of investment opportunities
Communication with shareholders and
potential investors
Asset Development / Operations
Note: Head office employees headcount excludes executives
(1) Expenses ratio as a percentage of portfolio value
Expense Ratio: 1.9%(1) Expense Ratio: 1.4%(1)
1,726 beds developed for the 2016/17 academic year
3,879 new beds contracted in the period
508 beds acquired post period end
Portfolio Overview as at 30 June 2016
10 Empiric Student Property (1) Valuation based on CBRE valuation as of 30 June 2016 where available or where not, acquisition cost
Location Beds Value / Cost(1)
Location Beds Value / Cost(1)
Location Beds Value / Cost(1)
Aberdeen Falmouth Newcastle
Standing assets 179 22.8 Standing assets 138 11.9 Standing assets 63 7.5
Development assets 286 2.3 Development assets 88 11.0
Bath
Standing assets 107 10.7 Glasgow Nottingham
Development assets 247 32.7 Standing assets 173 20.0 Standing assets 98 9.9
Post-period 31 2.7 Development assets 267 11.5 Development assets 239 20.8
Birmingham Hatfield Oxford
Standing assets 183 24.1 Standing assets 116 10.5 Standing assets 44 4.6
Post-period 185 19.5
Huddersfield Portsmouth
Bristol Standing assets 98 9.4 Standing assets 41 4.7
Standing assets 84 11.5 Development assets 179 10.1 Development assets 242 7.2
Development assets 75 7.2
Lancaster Reading
Canterbury Standing assets 207 16.3 Standing assets 83 13.2
Post-period 79 9.2
Leeds Sheffield
Cardiff Standing assets 323 33.7 Development assets 304 12.8
Standing assets 205 21.4
Development assets 314 41.0 Leicester Southampton
Standing assets 280 20.3 Standing assets 219 25.0
Durham
Standing assets 109 5.7 Liverpool Stirling
Standing assets 382 34.5 Development assets 204 0.7
Edinburgh
Standing assets 88 11.9 London St Andrews
Standing assets 79 16.7 Standing assets 241 25.7
Exeter Post-period 142 16.8
Standing assets 193 25.7 Stock-on-Trent
Development assets 150 5.4 Manchester Standing assets 120 5.8
Development assets 68 1.5 Standing assets 678 40.4
Post period 71 4.7 Development assets 87 2.7 York
Development assets 115 2.7
Total as at 30 June 2016 7,396 613.0
Total as at 14 Sept 2016 7,904 665.9
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Standing assets as at 30 June 2016
Development assets as at 30 June 2016
Assets subject to planning for which conditions
or planning remained outstanding as at 30 June 2016
Post period acquisitions
1
27
30
7
10
19
6
13
29
14
12 18
16
28
24
20
15
4
2 5
8
3
21
11
17
23
22
25
9 26
52 operating assets as at 30 June 2016
70 operating assets for the 2016/17 academic year
81 assets including development assets as at 14 September 2016
Post Period End Acquisitions
11
A UNESCO World Heritage city
consisting of two key universities with
increasing student numbers and
applications
Strategically located in a popular
residential area with local bus routes
providing easy access to the city and
the University of Bath
Empiric Student Property
Strengthen presence in Exeter to 414
beds across five properties
Closely located to Empiric’s other
assets and the University of Exeter
campus, facilitating operating
economies of scale
Acquisition Date August 2016
Acquisition Price £6.2 million
Number of beds 72
Manager Hello Student®
Net Initial Yield 6.3%
A direct-let all inclusive student
accommodation asset consisting of
laundry facilities, storage and parking
Five minutes walk from Twickenham
Rail Station, giving fast access to
Central London
65 en-suite beds including a gym and
recreational facilities
Increase Empiric’s presence in
London to capture the increasing size
of full-time student population
Empiric’s first acquisition in
Canterbury, a city with over 25,000
full-time students and two large
universities
The city has easy access to both
London and continental Europe
Premium student accommodation
scheme including a mix of studios and
duplex apartments, and communal
facilities
Birmingham being the highest student
population outside of London with over
61,000 full-time higher education
students
Oolite Road, Bath – Standing Asset
Isca Lofts, Exeter – Standing Asset
Grosvenor Hall, London – Standing Asset
Acquisition Date August 2016
Acquisition Price £4.7 million
Number of beds 71
Manager Collegiate AC
Net Initial Yield 6.9%
Acquisition Date July 2016
Acquisition Price £2.7 million
Number of beds 31
Manager Hello Student®
Net Initial Yield 6.7%
Acquisition Date September 2016
Acquisition Price £19.5 million
Number of beds 185
Manager Hello Student®
Net Initial Yield N/A
Acquisition Date August 2016
Acquisition Price £9.2 million
Number of beds 79
Manager Hello Student®
Net Initial Yield 6.0%
Acquisition Date August 2016
Acquisition Price £10.6 million
Number of beds 70
Manager Hello Student®
Net Initial Yield 5.5%
Francis Gardner Hall, London – Standing Asset
Pavilion Court, Canterbury – Standing Asset
The Emporium, Birmingham – Development for September 2018
44 83
115
179
354
183 159
519
109 88
411 424 440
116
277
207
323
280
382
79
765
151
337
283 304
219 241
204
120
0
100
200
300
400
500
600
700
800
900
Aberd
een
Bath
Birm
ingh
am
Bristo
l
Ca
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Du
rham
Edin
burg
h
Exe
ter
Falm
outh
Gla
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Ha
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Univ
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York
Bed Count as at 30 June 2016
12 Empiric Student Property
Operational from Sept 17 onwards Operational for 2016/17 academic year Operational now
(1) Source: Empiric
Net Initial Yield Analysis
Empiric Student Property 13
5.8% 5.7% 6.1%
5.0%
5.7% 6.2% 6.2% 6.3%
5.9% 5.9% 6.0% 5.6%
6.0% 6.0% 5.8% 5.7%
6.4% 6.0% 5.9%
6.4%
6.0%
6.3%
5.1%
5.6%
6.2% 6.0% 6.1% 6.0%
7.2%
7.5%
8.1%
7.0%
8.2%
7.2% 7.0%
8.4%
7.4% 7.5%
4.5%
5.5%
6.5%
7.5%
8.5%
9.5%
10.5%
Sta
nd
ing
Asse
tsa
s a
t D
ece
mb
er
20
15
Rea
din
g(S
axo
n C
ou
rt)
Ma
nch
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r(L
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se)
Oxfo
rd(S
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ma
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Ho
use
)
Ma
nch
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r(V
icto
ria
Po
int)
Leic
este
r(B
ede
Pa
rk)
Leic
este
r(N
ew
Walk
)
Leic
este
r(U
pp
er
Ne
w W
alk
)
Lee
ds
(Pe
nn
ine H
ou
se
)
So
uth
am
pto
n(B
runsw
ick H
ou
se)
Hud
de
rsfie
ld(K
ing
sm
ill S
tud
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Ed
inb
urg
h(B
uccle
uch
Str
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Ab
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n(S
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Gla
sg
ow
(Will
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nk)
Nott
ing
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m(T
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Bri
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illia
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Hud
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he F
ronta
ge)
Valuation NIY Acquisition NIY
Note: Includes forward funded or development assets which became operational under Empiric’s ownership
(1) Weighted by value, standing operating assets only
(2) CBRE valuation of standing and forward funded assets as at 30 June 2016
(3) Weighted by value, development and forward-funded assets only
(4) Represents yield on cost of student element
Average Acquisition NIY: 6.4%(1)
Average Valuation NIY: 5.9%(2)
Running Yield: 6.5%(1)
Average Yield on Cost of Developments: 7.5%(3)
Average Yield on Cost of Portfolio: 6.6%
Yield on Cost
Standing asset acquisitions in H1 2016 Development and forward-funded assets now operational
(4)
Debt Financing
14 Empiric Student Property
Loan Provider Size Type Term Expiry Cost Security
Fully Drawn as at 30 June 2016
RBS £35.5m Term 2019 LIBOR + 190bps
Fully swapped at 1.78%
Eight standing assets, non-recourse to
other assets
Canada Life £31.1m Term 2030 3.97% Fixed Rate Eight further standing assets, non-
recourse to other assets
Mass Mutual £80.0m Term 2028 3.24% Fixed Rate 18 standing assets
Undrawn as at 14 September 2016
Canada Life £40.0m Term 2024 / 2031 3.52% Fixed Rate Four forward committed assets
Mass Mutual £40.0m Term 2028 3.24% Fixed Rate(1) Five standing assets
AIB £32.8m Development /
Forward Funded 2018 LIBOR + 280bps / 180bps Five forward funded assets
RBS £30.6m Development /
Forward Funded 2018 LIBOR + 300bps / 190bps Five forward funded assets
RBS Additional £20.0m Redrawable Loan Facility 2019 LIBOR + 190bps
Capped at 2.50%
Further standing assets, non-recourse
to other assets – provided prior to draw
Current LTV of 22.8%
Weighted average interest payable of 3.5%
Weighted average term to maturity of 9.7 years
Willowbank, Glasgow, in which Empiric has a 50% share, has arranged a development facility of £10.1 million at cost of LIBOR + 450bps
Brunswick House, Southampton has recently assumed full responsibility for the £10.0 million development facility at cost of LIBOR + 400bps
JV Development Loans with Close Brothers(2)
Source: Empiric
(1) Subject to credit approval
(2) These loans are non-recourse to the rest of the Group
FINANCIAL RESULTS
Algernon Firth, Leeds – operational Dec 14
Income Statement
Empiric Student Property 16
For the
year ended
30 June 2016
£’000
For the period from
11 February 2014
to June 2015
£’000
Revenue 21,600 8,303
Property Expenses (6,092) (2,170)
Gross Profit 15,508 6,133
Administrative and other expenses (7,262) (4,794)
Changes in fair value of investment properties 21,724 11,284
Operating profit 29,970 12,623
Net finance expense (3,642) (1,163)
Share of JV results 1,793 2,760
Profit before taxation 28,121 14,220
Dividends paid 20,181 4,354
Earnings per share – basic 7.29 9.67
Earnings per share – diluted 7.23 9.61
Statement of Financial Position
Empiric Student Property 17
As at 30 June 2016 £’000
Property, plant and equipment 297
Intangible assets 737
Investment property 514,194
Investment in joint ventures 4,197
Derivative financial assets 18
Trade and other receivables 18,197
Cash and equivalents 163,923
Total assets [702,081]
Deferred rental income (4,418)
Trade and other payables (14,974)
Bank borrowings (152,896)
Derivative financial liability (1,685)
Total liabilities (173,973)
Net assets 528,108
Net Asset Value per share – basic 105.4p
Net Asset Value per share – diluted 104.7p
For the
year ended
30 June 2016
£’000
For the period from
11 February 2014
to June 2015
£’000
Property, plant and equipment 297 79
Intangible assets 737 -
Investment property 514,194 239,775
Investment in joint ventures 4,197 8,378
Derivative financial assets 18 229
Trade and other receivables 18,716 4,175
Cash and equivalents 163,923 78,788
Total assets 702,082 331,424
Deferred rental income (4,418) (2,377)
Trade and other payables (14,974) (4,055)
Bank borrowings (152,896) (84,148)
Derivative financial liability (1,685) (449)
Total liabilities (173,973) (91,029)
Net assets 528,109 240,395
Net Asset Value per share – basic 105.4p 103.2p
Net Asset Value per share – diluted 104.7p 102.8p
OUTLOOK
Victoria Point, Manchester – operational Apr 16
Outlook
19
81 assets consisting of 7,904 beds in 30 cities versus IPO target of 10,000 beds
22.8% LTV as at 30 June 2016. Total debt facilities of c.£320.0 million at end of September, of which only half has been drawn
Expected annualised gross income of c.£51.3 million from end of September 2016
The supply / demand fundamentals of the UK student accommodation sector are persisting and our investment pipeline remains
strong
Whilst Brexit surprised financial markets, the UK Government remains committed to promoting the UK higher education sector
internationally both in the EU (which represents only 6% of all full-time students in the UK) and further afield
We achieved our dividend target for 2016 of 6.0 pence per share and have set a dividend target for 2017 of 6.1 pence, a 1.7%
increase and above the RPI rate for the 12 months to 30 June 2016
− Dividend cover is growing and we expect our dividend to be fully covered from adjusted earnings by the beginning of 2017, and
to increase thereafter
Our expenses as a percentage of portfolio value have fallen to 1.4% (2015: 1.9%) demonstrating the benefits of our internal structure
and are expected to reduce further as we grow
We are exploring opportunities to take fuller advantage of Empiric’s established position in the UK student housing market by
selectively consolidating, broadening and diversifying our property exposure across a broader spectrum of the sector – our 2025 Plan
– evolving from a niche operator to a multi-niche operator
− We are consulting with shareholders on our 2025 Plan with any material changes to our investment policy subject to shareholder
approval
We are also changing our accounting reference date to 31 December in order to better reflect the operational and development
activities of the Group around the start of the academic year in September – we will therefore report a further set of audited accounts
for the six month period ending 31 December 2016
Picturehouse apartments, cinema
Empiric Student Property
APPENDIX
Windsor House, Cardiff – Operational Aug 16
“Before I came to the UK I had heard that a lot of the British students
just wanted to party all the time, so I originally chose this site for a
bit of peace and quiet. Another student I knew told me about this
accommodation and said it was expensive but good.”
– 26 year old male from New Delhi (Rebooker, Birmingham)
The UK Student Accommodation Market
21
0k
100k
200k
300k
400k
500k
600k
700k
800k
Students
Excess Applicants over Acceptances Acceptances
Source: UCAS
Total accepted applicants for the academic year 2015/16 reached
a new all time high of 532,265 applicants
UK Higher Education Applicants vs. Acceptances Student Accommodation Yields have Hardened
Source: Savills, UNESCO Institute for Statistics
532,000 – all time high
Demand for UK Higher Education
to keep rising
Government caps on student
numbers in the UK have been
removed all together in 2015/16
Demand has remained robust
throughout the introduction of
increased tuition fees in 2012 and
the weakened economic
environment
Number of international students
is expected to double globally by
2025
In 2012 the UK was the second
largest destination for international
higher education with a 13%
global share, second only to the
USA with a 16% share
Source: UCAS and JLL
Source: Savills
2016 UK Student Accommodation Yields
Lease Nomination
Agreement
Direct
Let Trend
Prime London 4.00% 4.50% 4.75%
Super Prime Regional 4.25% 4.75% 5.50%
Prime Regional 4.50% 5.25% 6.00%
Secondary Regional 5.00% 5.75% 6.75%
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
1975 1980 1985 1990 1995 2000 2005 2010 2025E
Growth In Global Student Mobility
Number of students enrolled outside their country of citizenship
(m)
Source: Savills
Over half a million students accepted to UK higher education so far this year, the highest number recorded at this stage(1)
UCAS data indicates that EU student applicants placed in 2016/17 grew 8% compared to the 2015 cycle
Slight growth in international students for the two year period between 2014 and 2016 cycle
The UK Student Accommodation Market
22
3.9%
11.0%
1.9%
All Students EUStudents
InternationalStudents(Non-EU)
Growth in student acceptances for
Sept 2015 over Sept 2014
1.0%
8.0%
(1.0%)
All Students EU Students InternationalStudents(Non-EU)
Growth in first year undergraduate
applicants for Sept 2016 over Sept 2015(1)
1.68
1.70 1.70
2012/13 2013/14 2014/15
Total full time students evolution
Source: HESA Source: UCAS
Source: HESA Source: UCAS
(1) Clearing date as at 2 September 2016
(30.0%)
(20.0%)
(10.0%)
0.0%
10.0%
2012 2013 2014 2015 2016
EU International Students (Non-EU) All Students
Growth in placed applicants by domicile(1)
80.7%
5.5%
13.8%
Students in UK by domicile for the 2014/15 academic year
UK
EU
International Students(Non-EU)
Issuer Empiric Student Property plc, FCA registered as an AIFM
Structure UK REIT
Index Inclusion FTSE All-Share, FTSE SmallCap
Current market capitalisation £586.5 million as at 13th September 2016
Listing Main Market, London Stock Exchange; Premium Listing on the UKLA Official List
Target dividend 6.1 pence with RPI uplift
Target total shareholder
return 13% p.a.
Gearing LTV up to 40% of gross assets; Long-term LTV target of 35%
Investment Advisory Support RevCap, at a fee of 0.2% of NAV, subject to minimum £170,000 and maximum £300,000. Until June 2017
Valuation Half-yearly valuation by CBRE (June and December)
Discount control Share buy-back authority for up to 14.99% of issued share capital. Repurchased shares can be held in treasury.
Return of disposal proceeds from investments to shareholders if not re-invested within 12 months
Corporate Broker and Joint
Financial Adviser Jefferies International Limited
Joint Financial Adviser Akur Limited
Board Brenda Dean, Rt Hon Baroness Dean of Thornton-le-Fylde – Chair; Jim Prower – Senior Non Executive Director;
Stephen Alston – Non-Executive Director; Stuart Beevor – Non-Executive Director
Key Terms
Empiric Student Property 23
Investors should note that the figures in relation to targeted dividend, total shareholder return and target NAV growth rate set out above and in the rest of this presentation are
for illustrative purposes only and are not intended to be, and should not be taken as, a profit forecast or estimate. Actual returns cannot be predicted and may differ materially
from these illustrative figures. There can be no assurance that they will be met or that any dividend, NAV growth or total shareholder return will be achieved.
Important Information and Disclaimer
24
This document and any attachments (including any email that accompanies it) (together “this document”) is not for release, publication or
distribution, directly or indirectly, in whole or in part in any jurisdiction where would be unlawful or would impose any unfulfilled registration,
qualification, publication or approval requirements on Empiric Student Property plc (the "Company") or Jefferies International Limited
("Jefferies") or Akur Limited ("Akur"). Persons into whose possession this document comes must inform themselves about, and observe,
any such restrictions as any failure to comply with such restrictions may constitute a violation of the securities law of any such jurisdiction.
This document has been prepared by the Company for information purposes only and does not constitute an offer to sell, or the solicitation
of an offer to acquire or subscribe for any securities in any jurisdiction This document does not constitute any form of financial opinion or
recommendation on the part of the Company or any of its affiliates or advisers and is not intended to be an offer, or the solicitation of any
offer, to buy or sell any securities in any jurisdiction.
This document has not been approved (for the purposes of section 21 of the Financial Services and Markets Act 2000 ("FSMA").
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Order 2005 (the "Financial Promotion Order"); or (ii) persons who fall within Article 43 of the Financial Promotion Order (members and
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worth companies, unincorporated associations or partnerships and the trustees of high value trusts, or other respective directors, officers or
employees as described in Article 49 of the Financial Promotion Order); or (iv) any other persons to whom this presentation for the
purposes of Section 21 of FSMA can otherwise lawfully be made without further action; or (v) persons otherwise permitted by the laws of
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The condition of you receiving this document is that you fall within one of the categories of persons described above and by accepting this
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persons described above, (b) you have read, agree to and will comply with the terms of this disclaimer; and (c) you will conduct your own
analyses or other verification of the data set out in this document and will bear the responsibility for all or any costs incurred in doing so.
Persons who do not fall within one of the categories of persons described above should not rely on this document nor take any action upon
them, but should return them immediately to the Company at its registered office.
This document is confidential and is being supplied to you solely for your information and may not be reproduced, re-distributed or passed,
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purposes only for use in connection with preliminary confidential discussions relating to the Company, and in particular may not be used in
making any investment decision. This document is preliminary in nature, subject to updating, verification and amendments. Neither the
Company nor Jefferies nor Akur nor any of their respective affiliates is under any obligation to update or keep current the information
contained in this document and any opinions expressed in this presentation are subject to change without notice. This document contains
information from third party sources. This document contains only summary information and no representation or warranty, express or
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respective officers, agents or advisors as to the accuracy, sufficiency or completeness of any of the information or opinions, or for any
errors, omissions or misstatements, negligent or otherwise, contained in or excluded from this document (except to the extent that such
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Any views contained herein are based on financial, economic, market and other conditions prevailing as of the date of this document. The
information contained in this document does not purport to cover all matters that may be relevant for the purposes of considering whether or
not to make any prospective investment and is not intended to provide, and should not be relied upon, for accounting, legal or tax advice.
This presentation contains certain forward-looking statements. In some cases forward looking statements can be identified by the use of
terms such as "believes", "estimates", "anticipates", "projects", "expects", "intends", "may", "will", "seeks" or "should" or variations thereof,
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and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any
outcomes or results expressed or implied by such forward-thinking statements.
Jefferies, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting for the Company and no-
one else and will not be responsible to anyone other than the Company for providing the protections afforded to its customers or for
providing advice. Apart from the responsibilities and liabilities, if any, which may be imposed by FSMA or the regulatory regime established
thereunder, neither Jefferies nor any of its affiliates nor any of its agents accepts any responsibility or liability whatsoever for, or makes any
representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this document (or whether
any information has been omitted from this document) or any other information relating to the Company, whether written, oral or in a visual
or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this document or its
contents or otherwise arising in connection therewith.
Akur, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting for the Company and no-one
else and will not be responsible to anyone other than the Company for providing the protections afforded to its customers or for providing
advice. Apart from the responsibilities and liabilities, if any, which may be imposed by FSMA or the regulatory regime established
thereunder, neither Akur nor any of its affiliates nor any of its agents accepts any responsibility or liability whatsoever for, or makes any
representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this document (or whether
any information has been omitted from this document) or any other information relating to the Company, whether written, oral or in a visual
or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this document or its
contents or otherwise arising in connection therewith.
Dated: September 2016