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EMPIRIC STUDENT PROPERTY PLC September 2016 AGENDA and PRESENTATION TEAM

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EMPIRIC STUDENT PROPERTY PLC September 2016 AGENDA and PRESENTATION TEAM EMPIRIC STUDENT PROPERTY PLC September 2016 AGENDA AND PRESENTATION TEAM Section Page Tim Attlee, MRICS – Founder and CIO Focus on student residential sector since 2009 The UK Student Jointly responsible for the acquisition, development 3 and investment management activities Accommodation Market Held senior roles at Knight Frank Qualified chartered surveyor Company Overview and 6 Highlights THE UK STUDENT ACCOMMODATION MARKET THE UK STUDENT ACCOMMODATION MARKET There are four key trends driving the growth in the purpose built student accommodation (“PBSA”) market The UK population is increasing, putting pressure on housing UK Population Projections (m) 75 70 65 60 55 2000 2004 2008 2012 2016 2020 2024 2028 2032 2036 2040 Source: ONS Local authorities are cutting back on HMOs Given the pressure on housing throughout the UK, local authorities have been attempting to move students out of the traditional “House in multiple occupation” (“HMO”) into PBSAs to provide more housing space for families and workers Source: Arcadis/EC Harris THE UK STUDENT ACCOMMODATION MARKET (CONT’D) Student numbers in the UK are growing at a strong rates Growth in student acceptances for Sept 2015 over Sept 2014 11.0% 3.9% 3.6% 1.9% All Students UK Students EU Students International Students Source: ONS (Non-EU) University owned housing stock is of poor quality "As New" Refurbishment Current university owned PBSA stock is of poor 57,122 quality. Of the 324,532 student beds owned by needed 267,410 universities, only 57,122 are “as new” with the remainder in need of refurbishment or replacement THE UK STUDENT ACCOMMODATION MARKET Demand for UK Higher Education to UK Higher Education keep rising Applicants vs. Acceptances Total accepted applicants for the academic year 2015/16 reached a new all time high of 532,265 applicants Government caps on student numbers in the UK have been removed all together in 2015/16 Students 800k Demand has remained robust throughout the introduction of increased tuition fees in 2012 700k and the weakened economic environment 600k Number of international students is expected 532,000 – all time high to double globally by 2025 500k In 2012 the UK was the second largest destination for international higher education 400k with a 13% global share, second only to the 300k USA with a 16% share The first six months of 2015 saw a record £3.8 200k billion in student housing transactions, with expected volumes to exceed £5.7 billion by end 100k of 2015, over three times the 2014 total of £1.7 0k billion 1991 1981 2011 1997 1979 1995 1987 1993 1985 1999 2015 1983 2013 1989 2001 2007 2005 2003 2009 Excess Applicants over Acceptances Acceptances Source: UCAS and JLL Source: UCAS THE UK STUDENT ACCOMMODATION MARKET (CONT’D) Student Accommodation Yields have Hardened 2015 UK Student Accommodation Yields Nomination Lease Direct Let Trend Agreement Prime London 3.75% 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% Growth In Global Student Mobility Source: Savills Number of students enrolled outside their country of citizenship (m) 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 1975 1980 1985 1990 1995 2000 2005 2010 2025E Source: Savills, UNESCO Institute for Statistics COMPANY OVERVIEW AND HIGHLIGHTS KEY HIGHLIGHTS Overview Portfolio development as at 31 December 2015 since 30 Internally managed UK student accommodation REIT June 2015 with 7,389 direct-let beds in operation or under (£mm)(3) development Assets at 30 June 2015 455.2 Portfolio Value New Standing Assets 1.9 Total property portfolio valuation of £455.2 million as at New Forward Commitment Assets 15.7 31 December 2015 with a further £100 million deployed New Forward Funded Assets since the Company’s fundraising in March 2016 80.1 New Development Assets Rent 59.4 Gross annualised rent on operating properties of £25.1 million as at 31 December 2015 with entire operating portfolio fully let(1) 298.1 298.1 Expected gross annualised rent of £46.5 million based on completion of developments and forward commitments in H1 '15 H2 '15 September 2016 (based on 61 operational assets, 5,749 beds in 26 cities) Funds Invested / Committed as at 31 December 2015 (£mm)(3) NAV NAV of 105.4 pence per share (basic) as at 31 December 600 2015, a 2.1% increase from a NAV of 103.2 pence (basic) as 500 at 30 June 2015 and net of all property acquisition costs 400 Financing 300 Gross equity proceeds raised of over £522 million and agreed debt financing with a diversified group of lenders of 200 c.£200 million(2) 100 New fixed rate term loans agreed with Canada Life (£40 - million) and Mass Mutual (£80 million + £40 million) in order to increase gearing levels towards 35% Share issuance programme in place (48.7 million shares outstanding) in order to achieve our 10,000 beds target Total funds invested / committed (1) The Company budgets and models on the basis of 97.5% occupancy. Occupancy or income of the operational portfolio to this level and in excess is considered fully let (2) Including the Group’s share of the debt relating to joint venture developments (3) Valuation based on CBRE valuation as of 31 December 2015 where available or where not, acquisition cost KEY HIGHLIGHTS Overview Number of Beds Dividends Beds as at H1 ‘15 6 pence dividend target for the year ending 30 June 2016; Operational now 57% of target thereafter dividend expected to grow by at least the RPI Operational from in 18 months inflation index(1) Sept 16 Market Cap and Indices Operational from 5,686 Sept 17 Current market capitalisation of £569 million and average 742 (2) 10,000 daily trading volume of £1.2 million 3,522 1,726 FTSE All Share index constituent. EPRA Index constituent since March 2016 Portfolio 3,218 The property portfolio currently comprises 75 assets in 27 top university cities and towns, 52 of which were operational and 23 were forward funded or development H1 '15 H2 '15 5yr Target assets 4,256 operational beds, a further 1,726 contracted to be Number of Cities operational during 2016 and a further 1,407 contracted to be operational during 2017 (or 2018) 74% of target in Yields 18 months The average net initial yield of the operating properties as at 31 December 2015 was 5.8% (6.1% as at 30 June 2015 and average acquisition net initial yield of 6.6%) Standing asset valuation uplift of 10.3% as at 31 December 35 2015 compared to acquisition price Rent 26 The average rent review increase for the 15/16 academic 20 year was 3.25%(3) Targeted rent review increase of 2.75% for the 16/17 academic year H1 '15 H2 '15 5yr Target (1) The target dividends stated above are targets only and not forecasts. There can be no assurance that these targets will be met and they should not be taken as an indication of the Company's expected or actual future results (2) Average daily trading volume in 2016 YTD (3) Represents the aggregate increase in gross rent on assets controlled by Empiric in November 2014 KEY DIFFERENTIATORS Our target market is what makes Empiric different: Focused on students from outside the UK and/or beyond their first year of study, at key universities Investing in mid-sized buildings in city centre clusters international students in postgraduate students in 437,000 the UK in 2014/15 538,000 the UK in 2014/15 of student population is of students beyond first year undergraduate level 84% outside London 91% have no access to purpose-built accommodation Student Population with Access to Purpose-built Accommodation(1) 100% Cities with Empiric presence 80% 60% Average proportion of first year 40% students 20% 0% Bath York Stoke Leeds Exeter Bristol Cardiff Oxford Stirling London Hatfield Durham Glasgow Sheffield Brighton Leicester Coventry Liverpool Aberdeen Falmouth Lancaster Newcastle Chichester Edinburgh Cambridge Canterbury St Andrews Manchester Portsmouth Nottingham Birmingham Huddersfield Southampton Bournemouth Kingston on Thames Source: Empiric, Savills, HESA for 2013/14 academic year List of key cities reflects focus of attention but does not preclude investments in other locations (1) Reflects the 35 top tier university towns and cities targeted by the Company OUR CUSTOMERS Customers by Year of Study as at 31 Customers by Nationality as at 31 December 2015 December 2015 4th Year and 1st Year 3% = UK Postgraduate 22% UK based first year 31% 33% students aged under 20, minimising overlap with other national student accommodation 2nd Year International 3rd Year companies 20% 25% 69% Age range of 17 – 63 Bed Count by City as at 31 May 2016 (Total: 7,389) Operational now Operational from Sept 16 Operational from Sept 17 900 771 800 700 440 600 519 354 400 424 500 337 277 382 400 323 283 304 207 280 219 300 179 183 159 109 83 241 204 116 151 200 86 79 120 115 100 44 0 Bath York Leeds Exeter Bristol Cardiff Oxford Stirling London Reading Durham Glasgow Sheffield Leicester Liverpool Aberdeen Falmouth Lancaster Newcastle St Andrew Edinburgh Manchester Portsmouth Nottingham Birmingham Huddersfield Southampton Stoke-on-Trent of Hertfordshire) of Hatfield (University (University Keele)of (1) Operational from June 2016 (2) Metrovick House operational from July 2016 OPERATIONAL PLATFORM: HELLO STUDENT On 24 February, Empiric launched its new operational platform and consumer brand, Hello Student, comprising: The Hello Student marketing, booking, billing and accounting platform, managed by a dedicated internal team in partnership with CRM, a leading outsourced manager of UK student accommodation Directly employed accommodation
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