Empiric Student Property posts an operating profit of £30.0 million for the year to the end of June (2015: £12.6 million). Revenues of £21.6m were up from £8.3m and gross annualised rent increased to £33.1m from £18.4m.
Basic net asset value per share rose to 105.4 pence - 2.1% up on a year ago and net of all property acquisition costs.
Total return of the group was 4.6% for the year, compared with -8.29% for the FTSE All Share REIT Index for the same period. The group's total return was negatively affected by the volatility in the market following the EU referendum which caused the share price to drop but it has since recovered.
Chairman Baroness Dean of Thornton-le-Fylde said: "At the time of this report, the country is still digesting the outcome of the EU referendum held in June 2016.
"While we cannot currently predict how the result of the referendum will impact on the country and the economy, we know that the UK Government remains committed to promoting UK higher education internationally, both in the EU (which represents only 6% of all full-time students in the UK) and further afield, in order to maintain the world-class reputation of our universities.
"With the supply/demand fundamentals of the sector persisting, Empiric continues to be well positioned with our diversified property portfolio delivering further rental growth and investors are also expected to benefit from the potential value to be added from our developments completing, our attractive investment pipeline and through our Hello Student® operating platform and brand.
"Empiric has grown substantially and the experience, knowledge and commitment of the whole team, with the support of the Board, provides a solid base for the future of the Company as we work towards our proposed 2025 Plan."
(LON:ESP) Empiric Student Property Plc share price was -2.12p at 114.88p