Empiric Student Property reported strong earnings growth in 2023 as the number of full-time students in the UK reached over 2.2m.
The group reported that in 2023, 22 per cent of rooms were sold to students who were already staying with them, the highest level on record.
While China remained the most popular country for international students, Empiric reported a growing number from other international markets, particularly India.
In its annual results, the company revealed that operating profit and income from rents had grown from £35.6m in 2022 to £41.3m.
However, the group’s profit dipped to £53.4m, down from £67.7m the year before, primarily due to a slowdown in property price growth. The value of its portfolio grew by £30.1m, compared to £45.6m the year before.
Nevertheless, the group still pointed to near double-digit valuation growth in key Russell Group university cities, such as Manchester, York, Newcastle, Bristol, and Edinburgh.
The company declared a dividend per share for the full year of 2.75p, up 27.3 per cent.
The group said its net asset value is now £734.2m, while its total property portfolio was on the edge of £1.1bn. Its EPRA net tangible asset value per share increased 4.6 per cent to 120.7p.
Duncan Garrood, CEO of Empiric Student Property, said: “During what has been another record year for the company, we have delivered strong rental growth and filled our rooms earlier than ever before.
“Customer satisfaction improved further and continues to be amongst the highest in the sector with our Hello Student brand awarded Platinum Operator certification by the industry-recognised Global Student Living.
“Combined with ongoing undersupply of high quality, well located student accommodation in prime cities, this dynamic continues to drive increased re-bookings and greater demand for our rooms. This momentum has continued into the new sales year, and positions us well for growth”.