帝国学生房产（esp ln）：初步观点：2025财年股息为3.7便士，租金同比增长4%-5%，配售所得款项已部署

First View: Trading FY25 DPS 3.7p, Rents+4%-5% yoy, placing proceeds deployed Conclusion AY25/26 bed sales are ahead of benchmark (Sturents), but lag behind ESP'sAY24/25 of 65% at this stage, with later booking meaning dynamic pricingis muted ytd. Rebookers are >60%, indicating brand loyalty & customersatisfaction, & guided to be filled out (>97%) & av rents guided to +4-5%yoy. LTV is 28% with £73.6m liquidity, kd 4.5% termed 4.5yrs, with the nextmaterial refi in 2028 & FY25 div of >3.7p. The equity placing is fully deployed with the acquisition of Selly OakApartments, Birmingham, with the roll-out of ESP's high-tariff Postgraduateconversion/refurb schemes in Bath, Sheffield & Southampton openingin Sept. College House, Bristol, is scheduled to open in 1h26, followingplanning for office to 57 studio PBSA conversion & planning for VictoriaPoint, Manchester into 310 beds. CEO Duncan Garrood “Like other PBSA operators, we are experiencing anormalisation in our sales pattern, with a later booking profile than thatwe’ve experienced in more recent post pandemic years.” Related Research Mike Prew * | Equity Analyst44 (0) 20 7029 8422 | mprew@jefferies.comSarim Chaudhry * | Equity Analyst+44 (0)20 7029 8423 | schaudhry1@jefferies.com Company Description Empiric Student Property Empiric Student Property is a student housing REIT. Company Valuation/Risks Empiric Student Property PT based on DCF valuation. Downside risks include lower dividend cover than expected and increased supply in ESP's key cities putting downwardpressure on rents. Analyst Certification: I, Mike Prew, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Sarim Chaudhry, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. Registration of non-US analysts:Mike Prew is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst. Registration of non-US analysts:Sarim Chaudhry is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst. As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement. Investment Recommendation Record (Article 3(1)e and Article 7 of MAR) Recommendation PublishedRecommendation Distributed June 4, 2025 2:20 A.M.June 4, 2025 2:20 A.M. Company Specific Disclosures Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Empiric Student Property. Jefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from EmpiricStudent Property within the next three months. Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services fromEmpiric Student Property. Within the past twelve months, Empiric Student Property has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investmentbanking services are being or have been provided. Jefferies International Limited acts as a corporate broker for Empiric Student Property. Jefferies Financial Group Inc., its affiliates or subsidiaries has acted as a manager or co-manager in the underwriting or placement of securities for EmpiricStudent Property or one of its affiliates within the past twelve months. Jef